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Bitcoin and the world of cryptocurrencies are showing signs of a bull season, with new details emerging. The cryptocurrency named FLOKI experienced a notable increase following the announcement of a $10 million FLOKI purchase by DWF Labs. Especially in the last 24 hours, it has seen a 30% increase, trading at $0.00005801. FLOKI’s market cap is currently at $472 million, making it the 135th largest cryptocurrency.
Rising Trend for Meme Coin FLOKI
Today, FLOKI reached a new high of $0.00005890, with its daily trading volume increasing by 142% to around $343 million at the time of writing. This momentum comes after the Floki Ecosystem’s partner DWF Labs purchased $10 million worth of FLOKI tokens. The investment firm joined forces with Floki in May 2023 and acquired $5 million worth of FLOKI following the announcement.
The most recent purchase occurred last December, buying $1.25 million worth of the meme coin, which helped the asset gain 18% in value within just 24 hours. However, the total open interest (OI) of the cryptocurrency FLOKI recently increased by $1 billion, rising from $2.2 billion to $3.2 billion.
Meme Coin Faces High Volatility
Altcoin FLOKI’s total funding rate is currently at 0.02%, indicating that investors with long positions slightly dominate those with short positions. However, the Relative Strength Index (RSI) rose from 84 to 87 in the last 24 hours. This suggests that the asset could be susceptible to manipulation by large whales, indicating that the meme coin is currently facing high volatility.
According to Santiment data, more than 89.5% of the total altcoin FLOKI supply is currently in profit at this price point. This suggests that whales are likely to take some profits, which could increase the possibility of a price drop.
At this stage, it is clear that the altcoin FLOKI is on an upward trend. However, investors must proceed with caution due to factors such as the asset’s volatility and potential whale manipulation. I believe that the cryptocurrency will further reinforce the narrative that we are entering the highest levels ever in a bull phase.
