The FLEX Token Surges 360% in 24 Hours
The FLEX token has experienced a significant increase of 360% within the past 24 hours, reaching a trading price of $2.26. This surge in value has propelled the token’s market cap to $222 million. However, despite the impressive gains, FLEX’s daily trading volume has seen a slight decline of 7% and currently stands at around $81,000.
FLEX’s Price Volatility and Token Swap Speculation
Over the past few months, FLEX has displayed a pattern of fluctuating between $2.25 and $0.45, with sudden price movements. This trend began after the token reached its all-time high of $8.16 on August 10.
Data from Santiment suggests that there have been no recent withdrawals of FLEX from exchanges, indicating a possible anticipation of a token swap. Additionally, the social volume related to FLEX has decreased by 75% in the last 24 hours.
Possible Manipulation by Whales
Santiment’s analysis reveals a concerning sell signal for FLEX based on the divergence between its price and daily active addresses (DAA). Currently, this divergence stands at negative 160%, suggesting that large whales may be manipulating FLEX’s price movements.
Furthermore, the number of active FLEX addresses has been steadily declining since November 19, plummeting from 205 wallets to only four addresses.
Hot Take: Caution Advised Amidst FLEX’s Surge
While the surge in FLEX’s value is undoubtedly impressive, it is important to exercise caution when considering investing in this token. The significant gains and potential manipulation by large whales raise concerns about the token’s stability and long-term prospects. Before making any investment decisions, it is crucial to conduct thorough research and consider the potential risks involved.
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