The Surge in Floki Whale Inflow: Unveiling the Reasons Behind the Accumulation
Within a single day post-market recovery, Floki [FLOKI] witnessed a notable surge, climbing from $0.000092 to $0.000101, reflecting a gain of 9.78%.
Presently, Floki is trading at $0.0001005, showing a 6.37% increase according to recent data.
Prior to this remarkable upswing, the meme coin had been on a downward trend, registering a 17.83% decline over the preceding week.
The significant spike in price prompts speculation regarding the underlying cause. There are two primary factors contributing to this positive movement.
One possible catalyst is the upcoming Stocktwits marketing campaign by Floki, scheduled to commence on February 5th. Floki’s official X page revealed,
“With a reach exceeding 8.2 million, the campaign aims to introduce the Floki Trading Bot to a diverse audience comprising active traders, investors, and finance enthusiasts”.
Insights from Floki Charts
According to the analysis by CryptoCrypto, Floki is witnessing heightened buying activities presently, indicating a growing upward momentum.
Notably, this surge in buying pressure is predominantly attributed to whales. The influx of whales has soared by 187.41% over the last day, with a substantial increase from 53 billion to 153 billion among large holders.
Evidently, significant holders are amplifying their investments as they engage in accumulation.
Furthermore, the buying pressure is corroborated by Floki’s order dynamics. As per MobChart data, buy orders exceed sell orders.
Consequently, the past two days have witnessed a surge in market participation on the buying side, surpassing selling activities.
With a rise in buyer engagement, it indicates a shift towards accumulating the dip and anticipating a price recovery.
Lastly, the escalating buying pressure has reinforced the upward trajectory. The mounting momentum was further demonstrated by Floki nearing a bullish crossover on the Relative Vigor Index and Stoch RSI.
A successful bullish crossover at this point would affirm the uptrend and position the meme coin for further advancement.
In essence, Floki is currently subject to substantial buying pressure, with buyers dictating market dynamics.
If the optimistic sentiment witnessed over the last 48 hours persists, Floki could target the $0.00011 level and potentially breach the $0.00012 resistance. Nonetheless, a retracement might lead to a decline to $0.000094.