FLOKI Price Soars on 19 Billion Coin Whale Purchase

FLOKI Price Soars on 19 Billion Coin Whale Purchase

FLOKI Price Soars on 19 Billion Coin Whale Purchase

FLOKI, the leading meme currency experienced a notable price increase despite a gloomy cryptocurrency market.

A stunning increase of more than two percent has captured the attention of market players today, as the price of FLOKI, the leading meme currency has been significantly increasing.

Furthermore, this spike holds particular significance as it occurs amidst a general sense of gloom in the cryptocurrency market. This has sparked discussions among investors about the factors driving it’s rapid advance.

Whale Accumulates 19 Billion FLOKI

In addition, the meme coin sector has also experienced a decline, which is reflective of the general trend in the industry.In an unexpected turn of events, a whale with the wallet address “0x864…9e814” has been accumulating an astounding 19 billion coins in the memecoin market.

This whale has made huge changes in the market. The well-known on-chain transaction tracker Scopescan discovered this acquisition, sending shockwaves across the cryptocurrency community and leading to an increase in the memecoin’s price despite the market’s gloom.

KuCoin, OKX, and Gate.io were the three significant cryptocurrency exchanges from which the FLOKI whale made withdrawals totaling 18.76 billion coins, which had a value of around $3.28 million.

This withdrawal was part of the memecoin whale’s strategic accumulation. Notably, this significant coin movement has spurred speculation regarding the whale’s motives as well as the potential consequences for FLOKI’s future price trajectory.

Furthermore, Scopescan’s data indicates that FLOKI’s withdrawal to deposit ratio for the past 24 hours stands at 86% and 14% respectively. This imbalance indicates that there has been a significant outflow of meme currency from exchanges.

This indicates that holders have a strong bullish attitude, which may have contributed to the price spike of the sentiment coin. In light of the broader dynamics of the cryptocurrency market and the whale’s actions, there are concerns over the viability of the rally that FLOKI has been experiencing.

In the beginning, the accumulation of the whale was responsible for driving the currency’s price upward. However, there are now concerns about potential sell-offs and the influence they will have on FLOKI’s future stability.

However, considering the ratio of deposits to withdrawals reveals a bullish sentiment in the overall market. Investors are closely monitoring market developments during this period, especially the ongoing movements of the whale and the overall market sentiment.

The outcome of the price surge for FLOKI is extremely uncertain. It is important to note that the relative strength index (RSI) of the cryptocurrency was 49.17 at the time of this writing, which indicates that the market is either neutral or balanced.

FLOKI Price Soars on 19 Billion Coin Whale Purchase
FLOKI Price Chart

However, according to the statistics provided by CoinGlass Derivatives, the open interest (OI) of the FLOKI increased by 3.37% reaching a total of $10.84 million.

An indication of a bullish trend for the meme currency is the enormous increase in the OI. FLOKI’s price was up 2.04% and was trading at $0.0001733 as of this writing.

Additionally, its trading volume over the previous 24 hours increased by 38.13% to reach $163.93 million.

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