Whale Moved 28 Billion FLOKI Tokens from Binance, Will the Rally Continue?
Floki Inu, a famous dog-based meme coin, gained a lot of attention among crypto market enthusiasts worldwide on March 5, when significant whale activity was spotted on the crypto horizon. According to information disclosed by tracker Lookonchain, the 28.19 billion FLOKI in motion has risen spectacularly this month, drawing the attention of the broader crypto market.
Meanwhile, FLOKI has traded with considerable volatility as of press time, raising speculation about the potential impact of the whale transaction on FLOKI’s tokenomics. However, derivatives data pointed to a bearish sentiment prevailing in the market, prompting further inferences among crypto market traders and investors globally.
A Closer Look at the Report
According to data released by LookonChain, 28.19 billion FLOKI worth $4.29 million was withdrawn from binance, the world’s leading cryptocurrency exchange, by 0x15FD, an unknown address today. This transaction attracted global attention, with the price of the meme coin rising by almost 200% last week; this increase was due to many factors, including increased TVL and massive FLOKI accumulations, among many others.
Interestingly, even today’s whale activity has evoked a sense of accumulation and generated optimism among FLOKI traders. However, FLOKI’s marginal decline recorded at the time of news was at odds with the usual market sentiment of price growth with supply decreasing as a result of whale accumulation. Despite its supply taking a hit due to the aforementioned accumulation, which further aligns with FLOKI’s derivative data, the meme coin is trading in the red, creating a flood of mixed emotions around the meme coin.
Also Read: Shiba Inu Price Maintains 51% Rise Amid Shib Name Service Update
FLOKI Price Summaries
As of this writing, Floki’s price has dropped 1.88% in the last 24 hours and is currently trading at $0.0001426. This decline exhibited by Floki contrasts with the whale’s massive accumulation, as mentioned above. However, the 24-hour trading volume of the meme coin increased by 11.74%, reaching $1.21 billion.
Derivatives data released by Coinglass, when aligned with FLOKI’s price action, signaled a bearish trend in the market. Volume recorded a significant decline of 20.83%, while open interest fell by 4.97%. The OI weighted funding rate also decreased, reaching 0.0780%, which increased the bearish sentiments of the meme coin.
However, with the weight of the whale’s massive accumulation, crypto market participants expect to see an increasing impact on prices soon, in line with the whale’s confidence in the asset, as evidenced by the aforementioned accumulation.
Also Read: Bitcoin (BTC) Price Nears All-Time High $68,600, Is Further Rise Expected?
✓ Share:
parofix consists of an experienced team of local content writers and editors who work around the clock to cover the news globally and present the news as a fact rather than an opinion. parofix writers and reporters contributed to this article.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Whale #Moved #Billion #FLOKI #Tokens #Binance #Rally #Continue
