In the past 24 hours, Floki has shown strong growth on the price chart and reached its highest level in two months. Specifically, FLOKI touched a high of $0.000084, which last occurred on March 3, 2024.
On the weekly chart, this meme coin increased by 40%, while rising 14% in the past 30 days. Additionally, trading volume increased by 104.98%, reaching $213.5 million, while open interest (OI) rose by 28.3%, to $35 million.
FLOKI's market capitalization also reflected this trend, reaching a two-month high of $792 million.
So, what drove this surge? According to analysis, an important factor driving the increase was whale activity.
Data from IntoTheBlock shows that FLOKI whales are returning to the market. Specifically, the number of whale transactions increased by 185.7%, reaching a two-month high of 20 transactions.
This increasing trend demonstrates strong network participation, possibly through accumulation or profit-taking.
In terms of large holder inflow, FLOKI whales bought 61.22 billion tokens, indicating strong buying activity.
However, while whales are buying, they are also selling more. Specifically, they sold 71.62 billion tokens in the past 24 hours.
Therefore, the whales' net cash flow turned negative, reaching -10.4 billion tokens.
We can see an increasingly negative imbalance not only from whales but also appearing in the spot market. The spot net cash flow remained positive in the past 24 hours, reaching $2.1 million.
This indicates that the amount of money flowing into exchanges is higher than the amount being withdrawn.
Although whales are actively trading, they seem to be more inclined towards selling rather than buying. This trend is even more apparent in the spot market, where sellers outnumber buyers.
The pattern suggests that investors are concerned about the sustainability of the rally and are taking profits instead of continuing to bet on a prolonged increase.
In reality, the recent strong surge seems to be primarily speculative, not based on a solid fundamental foundation. Therefore, the meme coin fever spreading across the market over the past week has positively contributed to pushing FLOKI's price higher.
If current market conditions continue, FLOKI could rise to $0.00009 and then attempt to touch the $0.0001 mark before a correction occurs.
However, the issue is that this surge is not sustainable, and a correction is inevitable. If a retreat happens right here, FLOKI's price could slip to $0.000072.
Disclaimer: The article is for informational purposes only and is not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment choices.
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Minh Anh
