- Whales were actively back in the market, buying 27 billion Floki tokens.
- Floki has declined by 9.12% over the past 24 hours, at press time.
Over the past day, Floki [FLOKI] has experienced significant downward pressure, declining to hit a yearly low of $0.000057. In fact, as of this writing, Floki was trading at $0.000060.
This marked a 9.12% decline over the past 24 hours. Equally, the memecoin has declined across the charts, dropping by 29.35% over the past months.
This decline on the memecoin’s price charts has created a buying opportunity, especially for whales as they turn to buy the dip.
Floki whale activity soars
IntoTheBlock data reveals that Floki whales have made a comeback following the recent dip. Whale activity, which had previously fallen to zero, has surged significantly over the past day.
Notably, large transactions have spiked by 900%, indicating renewed interest in the memecoin from major investors and entities.
Source: IntoTheBlock
When whale’s activities spike, they can either be selling or buying. To determine which way whale capital is flowing, we check the large holder’s inflow and netflow.
Looking at the large holders’ inflow suggests that Floki is experiencing massive capital inflow.
Source: IntoTheBlock
As such, large holders’ inflow has surged by 277% rising from 7.15 billion to 27.03 billion. Such a massive capital inflow suggests that whales are actively accumulating the memecoin.
Source: IntoTheBlock
Equally, large holders’ netflow has spiked by 1359% to reach 9 billion. This implies that there’s higher capital inflow than outflows, implying that whales are buying more of the memecoin than they are selling.
This reflects strong bullish sentiments among whales.
Source: MobChart
The increasing demand and heightened buying pressure are reflected in a positive delta and a growing positive order imbalance. This indicates that more buy orders are being executed than sell orders for Floki.
Such an increase in buy orders suggests that market participants are collectively purchasing the memecoin, signaling a shift in market sentiment.
What next for the memecoin
As whales begin buying the dip, the memecoin appears well-positioned for a potential recovery. With increasing demand across markets, Floki investors seem to be adopting a bullish outlook.
If this demand persists, the memecoin could reclaim the $0.000073 level. However, if sellers reenter the market, Floki may experience a pullback, dropping to $0.000057.
