FLOKI, the meme-inspired cryptocurrency, has experienced a meteoric rise over the past week, with its price surging by an impressive 110%. Today’s pump, which saw FLOKI’s value spike by 40%, was fueled by its recent listing on Coinhako, a leading crypto exchange based in Singapore. At the time of writing, FLOKI is trading around $0.00026.
However, amidst the euphoria surrounding FLOKI’s rally, two prominent on-chain analytics platforms, LookOnChain and SpotOnChain, have reported signs of profit-taking by some traders. According to LookOnChain, six wallets have unstaked a combined 30 billion FLOKI tokens, worth approximately $7.14 million, within the past six hours (before their report), suggesting that these holders are cashing in on their gains.
SpotOnChain’s data revealed an even more important development. A single whale, identified by the address 0xf633cdd2f07d11f8d6fe04043ae7e32f3493bbac, has deposited 200.84 billion FLOKI tokens, worth $51.82 million, to the Gate.io exchange.
Notably, this whale had previously withdrawn these tokens from Gate.io and Binance at a much lower price of $0.00003013 on January 18, 2024, indicating a potential profit of $44.25 million, or a remarkable 731% gain, if the tokens are sold at the current market price.
The whale movements reported by LookOnChain and SpotOnChain are events that could potentially impact the price trajectory of FLOKI in the near term. The data indicates that some large holders, commonly referred to as whales, are taking profits after the recent rally that saw FLOKI surge over 110% this week.
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Show more +The fact that six wallets have unstaked a combined 30 billion FLOKI tokens (worth around $7.14 million) within the last six hours and are selling their holdings is a clear sign of profit-taking. Additionally, the movement of a single whale, depositing a massive 200.84 billion FLOKI tokens (worth $51.82 million) to Gate.io exchange is a strong indication of an impending sell-off. If this whale decides to offload their FLOKI holdings, it could potentially create significant selling pressure and trigger a price correction.
While whale movements do not necessarily dictate the long-term trajectory of a cryptocurrency, they can often influence short-term price dynamics. Consequently, FLOKI holders and potential investors should closely monitor these developments, as substantial sell-offs by whales could lead to a retracement of the recent gains. However, it is also important to note that profit-taking is a natural phenomenon in any market, and a healthy consolidation phase may ensue, presenting potential buying opportunities for those with a longer-term investment horizon.
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