- Floki Inu (FLOKI) has recently experienced a significant price rally.
- A smart money trader has moved over 3 billion FLOKI coins to the Gate.io exchange.
- This move has sparked speculation about the token’s price potentially peaking.
Discover the latest developments in the crypto market as a smart trader shifts billions of FLOKI coins, sparking speculation about the token’s price peak.
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 $900K, 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.
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.
Conclusion
In conclusion, the recent movement of FLOKI coins by a smart trader has ignited significant speculation in the crypto market. With a 10x ROI on the horizon, the trader’s actions suggest a potential peak in FLOKI’s price. However, the market remains optimistic with ongoing developments and rising trading activity. Investors should stay vigilant and consider the potential for both short-term gains and long-term corrections.
