Popular meme coin FLOKI The rising price of has attracted the attention of investors with a significant increase of over 2% today. Additionally, this surge is particularly notable as it occurs amidst a broader downturn in the crypto market, sparking debate among investors about the driving forces behind FLOKI’s sudden rally. Additionally, the meme coin sector also pulled back, reflecting the broader market trend.
Whale Collected 19 Billion FLOKI
In a surprising turn of events, a whale identified with the wallet address “0x864….9e814” took important steps in the FLOKI market and unexpectedly accumulated 19 billion coins. This purchase, identified by renowned on-chain transaction tracker Scopescan, sent shockwaves through the crypto community, sending FLOKI’s price soaring during the market downtrend.
Meanwhile, FLOKI whale’s strategic accumulation is based on three leading cryptocurrencies such as KuCoin, OKX and Gate.io. crypto- It involved withdrawing a total of 18.76 billion coins from the exchange, worth approximately $3.28 million. In particular, this significant coin movement has fueled speculation about the whale’s intentions and their potential impact on FLOKI’s future price trajectory.
In addition, data provided by Scopescan showed that the withdrawal and deposit rate for FLOKI in the last 24 hours was 86% and 14% respectively. This imbalance meme coin‘s significant exit from exchanges, indicating a strong bullish sentiment among holders and potentially contributing to the coin’s price increase.
Will the Rally Continue?
Questions loom over the sustainability of the meme coin’s rally in the face of broader cryptocurrency market dynamics and the whale’s actions. While the whale’s accumulation initially pushed the price of the meme coin upwards, concerns arise about potential sell-offs and their impact on FLOKI’s stability going forward. However, considering the deposit and withdrawal rate, it signals a bullish trend in the broader market.
The fate of FLOKI’s price rise hangs in the balance as investors closely monitor market developments, including the whale’s further movements and overall market sentiment. Notably, the crypto’s relative strength index (RSI) stood at 49.17 at the time of writing, indicating neutral or balanced sentiment in the market.
On the other hand, CoinGlass Derivatives data showed that FLOKI’s Open Interest (OI) increased by 3.37% to $10.84 million. Rising OI indicates bullish momentum for meme coin. As we reported as Koinfinans.com, at the time of writing the news, FLOKI price increased by 2.04% and was traded at $0.0001733, while the transaction volume in the last 24 hours increased by 38.13% to $163.93 million.
