Whale Transfers 28 Billion FLOkI Tokens From Binance

Floki inu gained massive attention in the crypto market due to a large withdrawal of 28.19B FLOKI token from Binance by a crypto whale.

The Floki Inu cryptocurrency, which is a well-known dog-based meme coin, garnered a large amount of attention among crypto market enthusiasts all around the world today, March 5, as notable whale activity was hovering over the cryptocurrency horizon.

A stunning 28.19 billion FLOKI token on the move grabbed the attention of the broader cryptocurrency market as the token climbed tremendously this month, according to insights revealed by the tracker Lookonchain.

As of this writing, FLOKI token was trading with a significant amount of volatility, which gave rise to speculations on the potential impact that the whale transaction could have on FLOKI’s tokenomics.

On the other hand, derivatives data suggested that a bearish mood was prevalent within the market, which sparked more interpretations among traders and investors participating in the cryptocurrency market worldwide.

An unknown address, 0x15FD, withdrew 28.19 billion FLOKI, equivalent to $4.29 million, from Binance, the world’s most prominent cryptocurrency exchange, today, as revealed by LookonChain.

This transaction quickly took traction on a global scale, as the price of the meme coin increased by approximately 200 percent over the previous week.

Several variables, including the growing popularity of TVL and the enormous accumulation of FLOKI token, amongst many others, brought about this increase.

It is interesting to note that even today’s whale action sparked feelings of accumulation, which resulted in traders developing an optimistic outlook for FLOKI.

FLOKI Token Price Declines

At the time of this publication, the slight decrease in FLOKI contrasted with the typical market sentiment of a price pump with restricted supply, driven by the accumulation of whales.

The meme currency is currently trading in the red. The accumulation described above has reduced its supply, which is further linked with the derivatives data provided by FLOKI.

This has resulted in a flood of conflicting feelings surrounding the meme coin. Within the past 24 hours, Floki’s price dropped by 1.88% to reach $0.0001426 in current trading.

The decline Floki displayed contrasts with the tremendous buildup of the whale. Despite this, the 24-hour trading volume of the meme coin increased by 11.74%, hitting a total of $1,21 billion.

When FLOKI’s price behavior aligned with Coinglass’s disclosed data on derivatives, it further indicated a downward movement in the market. The volume significantly decreased by 20.83%, while the open interest experienced a decline of 4.97%.

It is also worth noting that the OI-weighted funding rate decreased, reaching 0.0780%, contributing to the gloomy ideas regarding the meme coin.

As a result of the whale’s massive accumulation, however, participants in the cryptocurrency market anticipate that prices will experience a boost soon.

The whale’s faith in the asset aligns with this, as demonstrated by the earlier described accumulation.