Whale Investor’s 19 Billion Purchase of Floki Inu (FLOKI) Ignites Market Enthusiasm
Floki Inu, a meme coin that has gained popularity in the crypto space, has experienced a significant increase in price despite the overall downturn in the market. This surge, which amounts to a 2% rise, has caught the attention of investors and analysts, especially during a bearish market.
The recent surge in FLOKI’s price can be attributed to a whale investor who purchased a massive amount of FLOKI coins, totaling an impressive 19 billion. This whale, known by the wallet address “0x864….9e814”, was tracked by Scopescan. The large acquisition has sparked discussions about the whale’s intentions and how it may impact FLOKI’s future in the coming days.
The strategy of the whale included withdrawing a significant number of FLOKI coins from three major crypto exchanges: KuCoin, OKX, and Gate.io. The total amount withdrawn was 18.76 billion coins, valued at approximately $3.28 million.
This incident has raised concerns about potential sell-offs and their immediate impact on FLOKI’s stability. The withdrawal versus deposit ratio for FLOKI in the past 24 hours indicates a substantial outflow of the meme coin from exchanges.
With withdrawals accounting for 86% of total transactions compared to deposits, it suggests a strong bullish sentiment among FLOKI holders, contributing to the coin’s price surge. While many are optimistic about FLOKI’s future, there may be fluctuations due to the possibility of the whale taking profits.
Despite recent fluctuations, FLOKI has demonstrated resilience and maintained a strong position in the market. The coin’s Open Interest (OI) has increased, indicating a bullish momentum, and its trading volume has also significantly risen. Smart money traders continue to show interest in FLOKI, as well as its competitor PEPE, indicating ongoing confidence and investment activity in the meme coin sector.
Currently, FLOKI’s indicators have been on a downward trend, but they appear to be reaching a bottom, suggesting a potential rebound. The RSI has touched 30, indicating that the coin is oversold and available at a discount. While FLOKI’s averages indicate a possible recovery after a sell-off, its support level at $0.0001690 is crucial. If it holds, we may witness stability; otherwise, further decline is possible due to low volume.
Despite the challenges, there is still interest in FLOKI, with notable purchases by whales and traders. Recent data also indicates positive momentum for meme tokens, suggesting a potential price increase for FLOKI in the near future, possibly reaching $0.00020 by the end of summer and around $0.00030 by the end of the year.