After a volatile trading session, the price of Floki Inu (FLOKI) rose significantly in the last 24 hours, mainly on the back of massive accumulation.
Floki Inu (FLOKI), a popular dog-themed meme token, has recently raised eyebrows in the wider crypto landscape. Embarking on a bull run amid this year’s bull cycle, the meme-based token’s price has soared to unprecedented levels, defying market expectations.
Notably, in the midst of this growing trend, one trader has made headlines by amassing nearly 7 billion coins, reinforcing the belief that the token could potentially rise even higher.
This development has further cemented Floki Inu’s position as a top choice among crypto investors, creating a sense of optimism for meme-based investment products in the market.
Wallet darkdemon.eth” collects more than 7 billion coins
According to on-chain data highlighted by platform ‘The Data Nerd’, a wallet known as “darkdemon.eth” was withdrawing FLOKI from OKX, a leading crypto exchange. Over the past 24 hours, this wallet has handled 7.56 billion FLOKI, worth $1.89 million, through a series of transactions. The wallet address is 0xaf81.
Upon further digging into the transactions, it was discovered that the wallet’s token holdings consisted of only two cryptos. There was a FLOKI, equal to the said amount. The other was the Maverick Token (MAV), which had a negligible value.
Interestingly, FLOKI’s price has seen the impact of increased buying pressure with large transactions, as it traded in the green today after yesterday’s significant decline. A ‘buy the dip’ sentiment may have prompted the trader to accumulate such large sums, reducing confidence in the asset’s future price pumps in the pipeline.
Will the FLOKI price rally continue?
As of writing, Floki Inu’s price has risen 5.84% in the last 24 hours and is currently trading at $0.000255. Memecoin’s 24-hour low and high are $0.0002405 and $0.0002601, respectively. As mentioned above, this price rally is caused by massive accumulation.
A market chart from Coinglass shows that FLOKI’s future OI has recently risen to extraordinary levels, nearing the $35 million mark, fueled by increased investor enthusiasm for the dog-themed meme coin. clarifies further. This presents a bullish outlook for FLOKI ahead.
Also, the RSI also rested around 60, indicating bullish momentum for the token as it is far from the overbought area with upward pressure. Crypto investors and traders view these figures as bullish, expecting more gains ahead.
Meanwhile, it is also worth noting that the coin helped a smart trader to get 10x ROI on investment in memecoin.