Floki (FLOKI) has recently surged by 14%, reaching a two-month high last seen in early March. The price climbed to approximately $0.000084, and it’s noteworthy that the cryptocurrency has experienced a remarkable 44.27% increase over the past week, along with a 14.77% rise in the last 30 days. Trading volume surged by nearly 105%, totaling $213.5 million, while Open Interest rose by 28.3%, reaching $35 million. The market cap for FLOKI has also reflected this growth, peaking at $792 million.
One significant factor contributing to this rapid price increase is the activity of whales in the market. Data from IntoTheBlock indicates a dramatic rise in whale transactions, which spiked by 185.7% to a two-month high of 20 transactions. This increase hints at heightened network engagement, whether through accumulation or profit-taking. Notably, while FLOKI whales have bought 61.22 billion tokens, their selling activity has far surpassed this with 71.62 billion tokens sold in the same timeframe.
Consequently, net whale inflow has turned negative, amounting to -10.4 billion tokens. Despite the activity among whales, the emphasis seems to be shifting towards selling rather than buying. This trend is further reflected in the spot market dynamics, where more sellers are present than buyers. Such behavior indicates that investors may be cautious about the sustainability of the price surge, opting to lock in profits instead of holding for further gains.
Overall, the current fluctuations in the cryptocurrency market appear to be largely speculative, rather than based on solid fundamentals. If this trend continues, FLOKI could potentially reach $0.000090 before encountering a correction, which may see it drop back to $0.000072.