- Floki whales were actively buying as the large holders’ inflow surged by 1451%.
- Floki has declined over the past 4.29% over the past 24 hours.
Since hitting a high of $0.000206 three days ago, Floki [FLOKI] has experienced a sharp decline. Over this period, the memecoin has dipped to a low of $0.00016.
With the crypto market experiencing a massive dip, memecoins have been the most hit. However, this dip has created a buying opportunity for most investors, especially whales.
As such, large holders have turned to a buying spree as they buy the dip.
Can Floki see a whale-driven rally?
According to AMBCrypto’s analysis, whales have been actively buying Floki. When whales turn to buying spree, it reflects positive sentiments as they expect prices to rebound in the near term.
Source: IntoTheBlock
This trend is evidenced by the fact that the capital inflow from whales has skyrocketed. As such, large holders’ inflow has surged by 1451% rising from 12.8 billion to 199.6 billion. This shows that whales are buying Floki in droves.
Source: IntoTheBlock
As such, the large holder’s netflow has surged from -2.42 billion to 164.7 billion. This shows that there’s more capital inflow into the asset than outflow.
Source: IntoTheBlock
This movement among whales is further supported by an increase in the number of large transactions. According to IntoTheBlock, this has surged by 62.5% over the past day.
Such a rise in transactions shows that whales are actively engaged with the network.
Source: Santiment
Additionally, Floki’s supply held by whales has surged from 7.47 trillion to 7.79 trillion over the past two weeks. This reflects accumulation behavior from whales, as they buy when prices are low and sell when prices rise.
Source: Santiment
Finally, Floki’s MVRV Ratio has dropped to 2.51, signaling undervaluation concerns. When the MVRV ratio reaches this level, it indicates a buying opportunity where investors can acquire the memecoin cheaply.
Historically, Floki has reversed to the upside when the MVRV drops below 2.5 and peaks when it hits 4.2. This suggests that the memecoin could see a trend reversal to an uptrend.
Realistic or not, here’s >FLOKI’s market cap in BTC’s terms
Even though whales were actively buying the memecoin, its price has continued to decline. At the time of writing, Floki was trading at $0.0001646, marking a 4.29% drop on daily charts and extending a month-long bearish trend.
Although whale accumulation is yet to reflect on Floki’s price charts, it positions the memecoin for a potential recovery.
If whales hold and continue buying, Floki could recover and reclaim $0.00018. However, if the current trend persists, the memecoin could dip to $0.00015.
