FLOKI Price Jumps As Whale Buys 19 Bln Coins, Rally To Continue?

The soaring price of the leading meme coin, FLOKI, has caught the attention of market participants today, with a remarkable surge of over 2%. Besides, this surge is particularly noteworthy as it occurs amid a bearish sentiment noted in the broader crypto market, sparking discussions among investors about the driving forces behind FLOKI’s sudden rally. In addition, the meme coin sector has also retreated reflecting the broader market trend.

Whale Accumulates 19 Billion FLOKI

In a surprising turn of events, a whale identified by the wallet address “0x864….9e814” has made significant moves in the FLOKI market, accumulating a staggering 19 billion coins. This acquisition, detected by the renowned on-chain transaction tracker Scopescan, has sent shockwaves through the crypto community, driving up FLOKI’s price amid a bearish market sentiment.

Meanwhile, the FLOKI whale’s strategic accumulation involved withdrawals totaling 18.76 billion coins, valued at approximately $3.28 million, from three prominent crypto exchanges- KuCoin, OKX, and Gate.io. Notably, this substantial movement of coins has fueled speculation about the whale’s intentions and the potential implications for FLOKI’s future price trajectory.

In addition, the data provided by Scopescan showed that the withdrawal versus deposit ratio for FLOKI over the past 24 hours stands at 86% and 14%, respectively. This imbalance suggests a significant outflow of the meme coin from exchanges, indicating a strong bullish sentiment among holders and potentially contributing to the coin’s price surge.

Also Read: Elon Musk’s xAI Targets $18B Valuation This Week Rivaling OpenAI

Will The Rally Sustain?

Questions loom over the sustainability of FLOKI’s rally in the face of broader cryptocurrency market dynamics and the whale’s actions. While the whale’s accumulation initially propelled the coin’s price upward, concerns arise about potential sell-offs and their impact on FLOKI’s stability moving forward. However, considering the deposit vs withdrawal ratio, it indicates a bullish sentiment in the broader market.

As investors closely monitor market developments, including further movements by the whale and overall market sentiment, the fate of FLOKI’s price rally hangs in the balance. Notably, the relative strength index (RSI) of the crypto was at 49.17 as of writing, suggesting a neutral or balanced sentiment in the market.

On the other hand, the CoinGlass Derivatives data showed that the FLOKI’s Open Interest (OI) soared 3.37% to $10.84 million. The soaring OI indicates a bullish momentum for the meme coin. During writing, the FLOKI price was up 2.04% and traded at $0.0001733, while its trading volume over the last 24 hours rose 38.13% to $163.93 million.

Also Read: Bitwise Bitcoin ETF (BITB) Outshines Others With $11M Inflows, What’s Next?