Floki Inu (FLOKI), a renowned dog-themed meme coin created by fans of the Shiba Inu community, has made significant strides in its cryptographic journey. The token, which has shown promising growth, emerged among the top crypto gainers today, rallying nearly 7%. Amid this price rally embarked upon by FLOKI, a smart trader has shifted colossal amounts of tokens to Gate.io, underscoring considerable profits if sold at current prices. This has sparked speculation among crypto market participants about a potential topped price level reached by FLOKI’s price.
Here’s a deeper analysis of the smart trader’s transaction and the meme coin’s current market data, which appears to be igniting a frenzy among crypto investors.
Smart Money Trades FLOKI To Nab 10x ROI
Interestingly, as per the insights shared by ‘The Data Nerd’ on-chain transaction tracker, a smart trader unstaked and deposited a staggering 3.72 billion FLOKI, valued at $1.03 million, to the Gate crypto exchange. What’s more intriguing is that this trader had acquired these tokens for a mere $101K from the same exchange. If the trader decides to sell at the current price, the realized profit would be a whopping $900 K, showcasing a remarkable 10x ROI (Return on Investment).
Concerning this, speculations about the smart trader’s loss of confidence in the asset’s potential to offer future gains prevail in the market.
It’s worth noting that FLOKI’s recent price surge comes against the backdrop of a plethora of optimistic news. These developmental chronicles, including the introduction of trading bots, Coinbase’s extension of support to the meme coin, and token-burn proposals, have caused a snowball effect on the token’s price.
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FLOKI Price Soars
Meanwhile, as of this writing, FLOKI’s price has risen 3.86% in the past 24 hours and is currently trading at $0.0002736. The token’s 24-hour lows and highs were recorded to be $0.000257 and $0.0002886, respectively.
Coinglass data further underscored a strong market uptrend for the dog-themed meme coin, aligning with the price rally. FLOKI’s Futures OI chart illustrated a substantial spike today, surging 13.64% to $30.41 million, accompanied by a derivatives volume upsurge of 158.40% to $393.29 million. This data hinted at rising trading activity and investor interest in the asset.
Besides, the RSI further rationalized the coin’s upside momentum, resting at 72. The RSI hints that Floki Inu has entered the overbought territory, and crypto investors expect a potential price correction moving ahead. Nonetheless, the market uptrend could push the prices up further in the short run before it finally corrects itself.
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