Cryptocurrency

FLOKI Price Soars 5% As 7 Bln Coins Accumulated, Price To Uphold Momentum? – Crypto News

Published

2 years ago

May 31, 2024

Dripp

Floki Inu (FLOKI), a renowned dog-themed meme token, has recently raised eyebrows across the broader crypto landscape. Embarking on a bull run amid this year’s bull cycle, the meme-based token’s price has continued to defy market expectations, surging to unprecedented levels.

Notably, in the midst of this ongoing upward trend, a trader has made headlines by accumulating nearly 7 billion coins, fueling the belief that the token could potentially surge even higher. This development has further solidified Floki Inu’s position as a top pick among crypto investors, instilling a sense of optimism for the meme-based investment product in the market.

Wallet “darkdemon.eth” Accumulates Over 7 Bln Coins

According to the on-chain data highlighted by the platform ‘The Data Nerd,’ the wallet going by the name “darkdemon.eth” was noted to have been withdrawing FLOKI from OKX, a well-known crypto exchange. Over the past 24 hours, this wallet withdrew 7.56 billion FLOKI, worth $1.89 million, through a series of transactions. The wallet address is 0xaf81.

Upon further plowing into the transaction, it was found that the wallet’s token holdings consisted of only two cryptos. One was FLOKI, equivalent to the amount mentioned above. The other one was the Maverick token (MAV), which was worth negligible amounts.

Intriguingly, FLOKI’s price appears to have witnessed an increased buying pressure effect with the large transactions, as it traded in the green today following yesterday’s remarkable dip. A ‘buy-the-dip’ sentiment might have prompted the trader to accumulate such massive amounts, underscoring confidence in the asset’s future price pumps in the pipeline.

Also Read: XRP Price: Whales Shuffle 320M Coins Amid Price Turbulency, What’s Next?

FLOKI Price Rally To Continue?

As of writing, Floki Inu’s price has surged 5.84% in the past 24 hours and is currently trading at $0.000255. The meme coin’s 24-hour lows and highs are $0.0002405 and $0.0002601, respectively. As mentioned above, this price rally comes on the back of massive accumulations.

A market chart by Coinglass reveals that FLOKI’s futures OI has surged to phenomenal levels recently, nearing the $35 million mark, further underlining increased investor enthusiasm for the dog-themed meme coin. This paints a bullish scenario for FLOKI ahead.

FLOKI Futures OI

Besides, even the RSI rested around 60, signaling a bullish momentum for the token as it is far away from an overbought territory with upside pressure prevailing. Crypto investors and traders eye these statistics as bullish, expecting further gains ahead.

Meanwhile, it’s also worth noting that the coin helped a smart trader earn 10x ROI on an investment in the meme coin.

Also Read: Cardano’s Charles Hoskinson Draws Interest From Argentina President Amid Crypto Talks

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