Meme coins have been on a wild ride lately, with FLOKI being one of the standout performers. The token, which started as a parody of Dogecoin, has seen an incredible 515% price pump in the past month, drawing attention from investors and traders alike. However, as the saying goes, what goes up must come down, and FLOKI is currently experiencing a 13% pullback, trading around $0.00021.
While such a correction might concern some investors, it’s important to note that the crypto market is known for its volatility, and dips are often followed by rallies. However, one notable development is that a big meme coin whale, identified as 0x15f, has started to take profits from their FLOKI holdings (reports SpotOnChain).
According to reports from SpotOnChain, the whale deposited 14.1 billion FLOKI tokens, worth approximately $3.09 million at the time of deposit, to Binance at an average price of $0.0002192. This transaction can be traced to the hash 0xfe61f02f4725fbf04acc0eb712a32b3930a1db130b59bf49476dbf8700ffd125.
Interestingly, the same whale had withdrawn 28.2 billion FLOKI tokens from Binance on March 5, 2024, at an average price of $0.0001545. By selling their current holdings, the whale stands to realize a profit of $912,000, representing a 41.92% gain in just 12 days.
While this profit-taking move by the whale may raise concerns among some investors, it’s important to remember that whales often take profits at various stages to manage their risk and exposure. Additionally, the whale still holds 14.1 billion FLOKI tokens, worth approximately $2.94 million, with an unrealized profit of $765,000.
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Show more +Conclusion
The meme coin frenzy continues, with FLOKI being the latest token to capture the attention of investors and traders. While the current pullback may seem concerning, it’s important to remember that volatility is a natural part of the crypto market. The profit-taking move by the whale is a reminder that whales often take strategic positions to manage their risk and exposure.
However, with the whale still holding a significant amount of FLOKI tokens and the token’s recent impressive performance, it remains to be seen whether this move will trigger a larger sell-off or if the token will continue its upward trajectory.
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