The FLOKI meme token appears to be gearing up for another surge in value. September started with indications of accumulation, and recent data suggests that it may be transitioning into the second phase of a cup and handle formation.
Following a bearish trend since its peak in June, FLOKI recently stabilized around the $0.0001 mark, signaling a potential end to the downward momentum. A broader view also revealed a curvature in its price movement, resembling the cup and handle pattern.
The recent consolidation at lower levels, along with the cup and handle pattern, implies a possible upcoming rally. This suggests that the recent price bottoms could signify the end of the downward trend. If this holds true, we could expect a bullish trend for FLOKI over the next 2 to 3 months.
Current price levels within the cup and handle setup indicate a favorable accumulation zone at the present moment. Therefore, CryptoCrypto investigated whether there has been a noticeable increase in demand. The findings indeed yielded intriguing results.
FLOKI’s Whales Activity
On-chain data indicates that FLOKI whales have been amassing tokens. By the end of August, whales held approximately 7.32 trillion FLOKI, which increased to 7.51 trillion by September 13th.
Retail investors also saw a rise in their holdings from 1.42 trillion coins in late August to 1.44 trillion coins by September 13th. Despite gains in whale and retail holdings, there were outflows from the investor category, dropping from 1.26 trillion tokens to 1.05 trillion during the same period.
The historical concentration data confirms a growing interest, particularly from whales, which could be interpreted as a positive sign, considering the current price level of FLOKI. Exchange flows for FLOKI also align with the concentration data.
Moreover, large holder flows indicate an increasing demand perspective. For instance, FLOKI experienced an inflow of 5.4 billion coins from large holders on September 10th, a figure that rose significantly by September 13th.
Conversely, outflows from large holders decreased from 7.75 billion coins on September 10th to 7.3 billion coins on September 13th. This further confirms the surging demand from whale investors in the FLOKI market.