FLOKI Records Notable Gains After DWF Labs Purchase Announcement
FLOKI, the popular meme coin, has experienced significant gains in the past two days following the announcement of a bullish purchase by DWF Labs. If you’re a crypto enthusiast, you’ll be interested to know that FLOKI is up by 16% in the last 24 hours and is currently trading at $0.000049. This surge in price has led to an increase in FLOKI’s daily trading volume by 142%, reaching approximately $343 million.
The DWF Labs Purchase
DWF Labs, a partner of the Floki Ecosystem, recently revealed its purchase of $10 million worth of FLOKI tokens over a two-year period. In May 2023, the investment firm initially joined forces with Floki and bought $5 million worth of FLOKI upon the partnership announcement. This previous purchase alone resulted in an 18% increase in the asset’s value within just 24 hours.
- DWF Labs purchases $10 million worth of FLOKI tokens over two years
- Initial investment of $5 million in May 2023 resulted in an 18% price increase
FLOKI’s Market Statistics
Let’s take a closer look at some market statistics for FLOKI:
- Market cap: Currently standing at $472 million, making it the 135th-largest digital currency
- Total open interest (OI): Increased by $1 billion from $2.2 billion to $3.2 billion over the past day
- Long-position dominance: FLOKI’s total funding rate indicates that long-position traders slightly outweigh short traders at 0.02%
- Relative Strength Index (RSI): RSI surged from 84 to 87 in the last 24 hours, indicating high volatility and potential manipulation by large investors
- Profitable holdings: Over 89.5% of the total FLOKI supply is currently in profit, suggesting a possibility of whales taking profits and a subsequent price cooldown
Hot Take: Is FLOKI’s Bullish Momentum Sustainable?
While FLOKI’s recent gains are undoubtedly impressive, it’s crucial to consider the sustainability of this bullish momentum. Here are a few points to ponder:
- Market Manipulation: The surge in FLOKI’s RSI and the potential influence of large investors indicate a degree of market manipulation. It’s important to be cautious and monitor the coin’s performance closely.
- Profit-Taking: With over 89.5% of FLOKI holders currently in profit, there is a possibility that whales may decide to take some profits. This could lead to a cooldown in the coin’s price.
As a crypto enthusiast, you understand that market dynamics can change rapidly. While FLOKI has seen remarkable gains recently, it’s essential to exercise caution and stay informed about any developments that may impact its future performance.
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