Floki Bounces Back: A 14% Surge in 24 Hours!
Dogecoin's mascot, FLOKI, reaches a two-month high, yet orca investors are withdrawing their support for the surge.
In a surprising twist, the memecoin Floki [FLOKI] has made a splash by skyrocketing by a whopping 14% over the past day, reaching levels not seen since early March.
On a weekly basis, FLOKI has seen an astounding 44.27% increase, and a gigantic 14.77% uptick in the past month. This surge hasn't gone unnoticed, with trading volume surging by 104.98%, reaching a staggering $213.5 million, and Open Interest jumping by 28.3% to hit $35 million.
overnight rush, the memecoin's market cap has also seen a two-month high of $792 million.
But let's delve into what sparked this unexpected rally. Our analysis suggests one primary factor could be the reemergence of whale activity.
Whales in Action: Buying and Selling Frenzy
According to IntoTheBlock data, it appears that FLOKI whales have returned to the scene, causing a 185.7% spike in Whale Transactions to hit a 2-month high of 20 transactions. The increased activity suggests either accumulation or profit-taking, as FLOKI whales bought 61.22 billion tokens and sold an eye-popping 71.62 billion tokens.
While the buy-side appears active, it seems the sell-side is being more aggressively tapped. This imbalance is evident in the rising negative net whale inflow, which stands at -10.4 billion tokens.
It's worth noting that this selling pressure is also present in the spot market, with more sellers than buyers. Such patterns indicate that investors might be more inclined to cash in on profits instead of betting on further price increases.
Is the Rally Sustainable?
The sharp upswing seems to be speculation-driven rather than rooted in strong fundamentals. As a result, the rally may prove unsustainable, and a correction could be on the horizon. If this correction occurs, we could see a drop to $0.000072.
However, if market conditions persist, FLOKI is predicted to rise to $0.000090 and potentially attempt another push toward $0.00010.
While specific details about whale activity are not explicitly mentioned, several factors likely contributed to Floki Inu's recent 14% increase, such as market sentiment and technical indicators, momentum in memecoins, price predictions, and volatility. To get a clearer picture of whale impact, additional metrics like exchange inflows, large wallet transactions, or order book liquidity changes would be required.
Regardless, the memecoin frenzy appears to be positively affecting FLOKI prices for now. So buckle up, folks, because the cryptoverse ain't over yet!
- The surge in Floki [FLOKI]'s price, reaching levels not seen since early March, was attributed to a 185.7% spike in Whale Transactions, as suggested by IntoTheBlock data.
- The increase in whale activity led to a net whale inflow of -10.4 billion tokens, indicating a selling pressure prevalent in the spot market.
- Despite this selling pressure, FLOKI is predicted to rise to $0.000090 if market conditions persist, with a potential push toward $0.00010.
- However, the rally could prove unsustainable, and a correction might drop the price to $0.000072 if a correction occurs.
- factors like market sentiment, technical indicators, momentum in memecoins, price predictions, and volatility likely contributed to Floki Inu's recent 14% increase.
- To gain a clearer picture of whale impact, additional metrics like exchange inflows, large wallet transactions, or order book liquidity changes would be required.
