FLOKI, the meme-inspired cryptocurrency, has experienced a meteoric rise over the past week, with its price increasing by an impressive 110%. Today’s pump, which saw FLOKI rise in value 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, amid the euphoria surrounding FLOKI’s rally, two prominent on-chain analytics platforms, LookOnChain and SpotOnChain, reported signs of profit-taking by some traders. According to LookOnChain, six wallets disarmed a combined 30 billion FLOKI tokens, worth approximately $7.14 million, within the last six hours (prior to 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, deposited 200.84 billion FLOKI tokens, worth $51.82 million, to the Gate.io exchange.
Notably, this whale previously extracted 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 gain of 731% , if the tokens are sold at the current market price.
The whale movements reported by LookOnChain and SpotOnChain are events that may affect the price trajectory of FLOKI in the near term. The data suggests that some large holders, commonly referred to as whales, are taking profits after the recent rally that sent FLOKI up more than 110% this week.
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The fact that six wallets have disrupted a combined 30 billion FLOKI tokens (worth approximately $7.14 million) within the past six hours and sold their holdings is a clear sign of profit-taking. In addition, 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 sale. If these whales decide to offload their FLOKI holdings, it could potentially cause significant selling pressure and cause a price correction.
While whale movements do not necessarily dictate the long-term trajectory of a cryptocurrency, they can often affect short-term price dynamics. Consequently, FLOKI holders and potential investors should keep a close eye on these developments as significant selling by whales could lead to a retracement of recent gains. However, it is also important to note that profit-taking is a natural phenomenon in any market, and a healthy consolidation phase can set in, providing potential buying opportunities for those with a longer-term investment horizon.
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