Investors have been drawn to FLOKI, the leading meme currency, due to its impressive rise of more than 2% in value. Furthermore, this spike is especially notable because it comes during a broader decline in the cryptocurrency market, with investors discussing what factors led to FLOKI’s unexpected rise. In addition, the meme coin industry has shrunk, following the general trend in the market.
Whale Accumulates 19 Billion FLOKI
Unexpectedly, a whale with the wallet address “0x864….9e814” has been active in the FLOKI market and has amassed an impressive 19 billion coins. The well-known on-chain transaction tracker Scopescan discovered this acquisition, which shocked the cryptocurrency community and raised FLOKI’s price despite a pessimistic market mood.
Meanwhile, three well-known cryptocurrency exchanges—KuCoin, OKX, and Gate. Io—saw withdrawals totaling 18.76 billion coins, or around $3.28 million, as part of the FLOKI whale’s calculated accumulation. Notably, this significant coin movement has stoked conjecture on the whale’s motivations and possible effects on FLOKI’s future price trajectory.
Furthermore, according to Scopescan’s data, FLOKI’s withdrawal to deposit ratio for the previous 24 hours is 86% and 14%, respectively. This disparity points to a notable withdrawal of meme coins from exchanges, which may have contributed to the coin’s recent price increase and revealed a strong positive attitude among holders.
Is This Rally Going to Last?
The durability of FLOKI’s surge is in doubt, given the characteristics of the larger cryptocurrency market and the whale’s activities. Although the whale’s collection initially drove up the coin’s price, there are now worries about possible sell-offs and how they would affect FLOKI’s stability in the future. On the other hand, the ratio of deposits to withdrawals suggests that the market as a whole is optimistic.
The fate of FLOKI’s price surge is in doubt as investors keep a tight eye on market developments, especially any more movements by the whale and general market sentiment. Notably, as of this writing, the cryptocurrency’s relative strength index (RSI) was 49.17, indicating a neutral or balanced attitude in the market.
However, according to statistics from CoinGlass Derivatives, the FLOKI’s Open Interest (OI) increased dramatically, rising 3.37% to $10.84 million. The increasing OI suggests that the meme coin is moving in a bullish direction. The FLOKI price was up 2.04% when writing, trading at $0.0001733. Over the previous day, trading volume increased 38.13% to $163.93 million.
