Altcoin

Smart Money Stakes 14 Billion Tokens, Signals Bullish Sentiment

Published

9 months ago

June 20, 2024

Coin2049 Newsletter

A smart money trader, identified as 0x403, has recently staked 14 billion Floki Inu (FLOKI) tokens, valued at approximately $2.36 million, into the Floki ecosystem. This strategic move comes after 0x403 accumulated these tokens two years ago at an average entry price of $0.00001207.

The unrealized profit is $2.19 million, reflecting a remarkable return on investment (ROI) of around 1,293%. This substantial staking activity underscores the confidence of long-term FLOKI holders in the Floki Inu market, potentially signaling bullish sentiment within the FLOKI community.

FLOKI Price and Volume Surge After Stake

0x403’s decision to stake such massive FLOKI tokens could significantly impact the cryptocurrency’s price and stability. Staking generally reduces the available supply of tokens in circulation, creating upward pressure on the price due to increased scarcity. This move demonstrates a decisive vote of confidence in the Floki ecosystem’s future, which may attract other investors.

Yesterday, a smart money 0x403 just staked all 14B $FLOKI (~$2.36M) into #Floki.

2 years ago, he accumulated those tokens at avg entry $0.00001207 and his unrealized profit is ~$2.19M (with ROI ~ 1,293%).

Address:https://t.co/GDKSNydYXs pic.twitter.com/lCHhkd29EU

— The Data Nerd (@OnchainDataNerd) June 20, 2024

FLOKI is experiencing bullish sentiment, with a price increase of 5.52%, trading at $0.0001781. The market capitalization has also risen by 5.14% to $1.69 billion. Concurrently, the trading volume of FLOKI has increased by 9.34% to $300.15 million, suggesting that the bullish sentiment might continue in the Floki Inu market in the hours ahead. The 24-hour intraday lows and highs are $0.0001661 and $0.0001906, respectively.

Whale Holdings Boost Floki Inu Stability

According to the latest data, Floki Inu whale holdings constitute 64.86% of the total supply. Extensive holdings by whales can lead to more excellent market stability and reduced volatility, as these investors are typically more committed and less likely to sell off large amounts of tokens quickly.

Source: CoinMarketCap

The strong whale presence indicates a high level of confidence among significant investors in the long-term potential of Floki Inu, which can attract more retail investors and further drive the token’s adoption and value. The significant whale holdings can create a scarcity effect, potentially increasing the token’s price as demand grows.

The substantial whale holdings in the FLOKI market suggest that these large investors are confident in the token’s future. This confidence can be contagious, attracting smaller investors who see the whale activity as a positive signal. As more investors join the market, the increased demand can drive the token’s price higher, creating a positive feedback loop that further boosts investor confidence.

Floki Inu Eyes Higher Levels After Support

On the 24-hour technical analysis, Floki Inu’s Fibonacci Indicator price shows that the recent uptrend has encountered resistance near the 0.5 Fibonacci level at $0.00022945. The price has since retreated, finding support at the 0.786 level at $0.00016106, indicating a critical zone where buyers previously stepped in. The current price rebound to $0.00017883 suggests the beginning of a recovery as it tries to climb back up toward higher retracement levels.

Source: TradingView

The Relative Strength Index (RSI) also points to a potential shift in momentum, moving up from a low of 36.70, suggesting that selling pressure could be easing. If the price continues this upward trajectory, the following significant resistance levels will likely be at the 0.5 and 0.382 retracement levels, which could act as critical hurdles for further price advances.

Also Read: LUNC News: Terra Classic Highly Debated Proposal After TFL And SEC Settlement