A famous meme coin Floki Inu (FLOKI) has taken important steps in its cryptographic journey. Showing promising growth, the token became one of the highest-earning cryptos with a 7% increase today. In the midst of this price increase of FLOKI, a smart trader shifted a huge amount of tokens to Gate.io and stated that significant profits would be made if sold at current prices. This has led to speculation among crypto market participants as to whether FLOKI’s price could potentially reach a top.
Here’s the smart trader’s trade and what sparked a frenzy among crypto investors meme coinA deeper analysis of ‘s current market data.
Smart Trader Trades with FLOKI to Achieve 10x ROI
Interestingly, according to information shared by on-chain transaction tracker ‘The Data Nerd’, a trader deposited 3.72 billion FLOKI worth $1.03 million on the Gate crypto exchange. What is even more interesting is that this trader purchased these tokens from the same exchange for only 101 thousand dollars. If the trader decides to sell at the current price, the realized profit will be $900k, resulting in a notable 10x ROI (Return on Investment).
Regarding this situation, speculations dominate the market that the smart trader has lost confidence in the asset’s potential to deliver future profits.
It is worth noting that FLOKI’s latest price increase comes against the background of a number of optimistic news. These developmental events, including the launch of trading bots, Coinbase expanding support for the meme coin, and token burn offerings, created a snowball effect on the token’s price.
Floki Inu Price Rising
At the time of writing, FLOKI’s price is currently trading at $0.0002736, up 3.86% in the last 24 hours. The token’s 24-hour lowest and highest values were recorded as $0.000257 and $0.0002886, respectively.
Coinglass data aligned with the price rally, underscoring a strong market uptrend for the meme coin. FLOKI’s Futures Open Interest (OI) chart increased significantly today, rising 13.64% to $30.41 million, with derivatives volume increasing 158.40% to $393.29 million. This data points to increased trading activity and investor interest in the asset.
Additionally, the RSI stalled at 72, further rationalizing the coin’s upward momentum. The RSI indicates that Floki Inu has entered the overbought zone and crypto- It implies that investors are expecting a potential price correction in the future. However, the uptrend in the market could push prices higher in the short term before it finally corrects itself.
