Fans of the Shiba Inu community created the well-known dog-themed meme coin Floki Inu (FLOKI), and it has come a long way in its cryptography adventure. The coin has demonstrated encouraging growth and surged about 7% today to rank among the top cryptocurrency gainers. During FLOKI’s recent price surge, a shrewd trader moved massive quantities of tokens to Gate.io, indicating significant gains if sold at the present rates. Participants in the cryptocurrency market are now speculating about a possible price peak that FLOKI may have hit.
This is a more thorough examination of the deal made by the astute trader and the meme coin’s current market data, which has caused a frenzy among cryptocurrency investors.
Floki Trades Smart Money To Get A 10x ROI
Interestingly, an astute trader unstacked and deposited an astounding 3.72 billion FLOKI, valued at $1.03 million, to the Gate cryptocurrency exchange, according to the insights provided by “The Data Nerd” on-chain transaction tracker. This trader bought these tokens from the same exchange for just $101K, which makes it even more enjoyable. The trader will achieve a massive $900 K profit if they sell at the current price, demonstrating an incredible 10x return on investment.
Consequently, the market is rife with conjecture about the astute trader’s diminished faith in the asset’s capacity to yield future profits.
Notably, a wealth of positive news has coincided with recent price spike. The token’s price has increased due to these developmental milestones, including the addition of trading bots, Coinbase’s decision to support the meme currency, and suggestions for token burn.
FLOKI’s Cost Rises
By the time this is written, FLOKI’s price is trading at $0.0002736, up 3.86% over the last 24 hours. The token’s 24-hour high and low values were $0.0002886 and $0.000257, respectively.
Coinglass data matched the price increase and further highlighted the dog-themed meme coin’s robust market rise. The Futures OI chart for showed a significant increase today, rising 13.64% to $30.41 million and a 158.40% increase in derivatives volume to $393.29 million. This data suggested rising trading activity and investor interest in the asset.
Additionally, the coin’s upward momentum was further supported by the RSI, which rested at 72. Cryptocurrency investors anticipate a possible price correction shortly as the RSI suggests Floki Inu has entered the overbought area. However, until the market corrects itself, the rally may drive prices higher soon.
