FLOKI Price Surges 14% to Hit a 2-Month High of $0.000084

Over the past day, Floki [FLOKI] experienced a strong upswing on its price charts, rising by 14% to hit its highest value in two months

The price of Floki [FLOKI] has experienced a strong upswing over the past day, surging by 14% to hit its highest value in two months. In fact, FLOKI has reached a high of $0.000084 levels, last observed on the 3rd of March 2024.

On weekly charts, the memecoin is up by 44.27% while it has surged by 14.77% over the past 30 days. Also, volume surged by 104.98% reaching $213.5 million while the Open Interest rose by 28.3%, hitting $35 million.

FLOKI’s market cap, of course, mirrored the trend, hitting a two-month high of $792 million.

Having said that, the real question is—what fueled this sharp rally? According to AMBCrypto’s analysis, one factor driving the upsurge is rising whale activity.

Floki whale activity soars

According to IntoTheBlock data, FLOKI whales have returned to the market. As such, Whale Transactions spiked by 185.7% to hit a 2-month high of 20 transactions.

Such a surge naturally hinted at aggressive network engagement, either via accumulation or profit-taking.

Looking at Large Holders Inflow, FLOKI whales have bought 61.22 billion tokens, reflecting strong buying activity.

While whales are buying, they are selling even much more. They sold 71.62 billion tokens over the past day.

Thus, net whale inflow flipped negative, landing at -10.4 billion tokens.

This pattern suggested that investors, wary of sustainability, were locking in profits rather than betting on a continued surge.

In fact, the sharp upswing seemed largely speculative, rather than rooted in strong fundamentals. Therefore, the memecoin frenzy that has captured the market over the past week, is positively impacting FLOKI prices.

If the current market conditions persist, FLOKI will rise to $0.000090 and then attempt another leg up to $0.00010 before a correction.

The point is, the rally is unsustainable, and a correction is inevitable. If a retrace emerges here, we could see a drop to $0.000072.