FLOKI price yields over 200% weekly gains for traders, sees mass profit-taking from traders
- FLOKI price climbed to a peak of $0.000281 on Saturday, yielding over 200% weekly and 13% daily gains.
- A large wallet investor deposited 200.9 billion FLOKI tokens worth over $50 million to an exchange, realizing nearly $45 million gains.
- FLOKI is set to burn over 190.9 billion tokens on Saturday, likely to catalyze further gains in the meme coin.
FLOKI, one of the largest meme coins in the crypto ecosystem, noted a massive spike in its market capitalization. FLOKI price hit a high of $0.000281 on Saturday and the market cap climbed to $2.58 billion.
FLOKI price is in an uptrend despite mass profit-taking from FLOKI holders, according to on-chain metrics.
Also read: Dogecoin more than doubles as DOGE joins WIF, PEPE, FLOKI and others in meme coin rally
FLOKI price sustains gains despite profit-taking
FLOKI, a meme coin, has witnessed a surge in its 24-hour trade volume on Turkish exchanges Paribu and BTCTurk and South Korean exchange Bithumb. The asset is one of the most traded cryptocurrency on these exchanges and has a higher 24-hour volume than top assets, according to the meme coin’s official announcement on X.
$FLOKI is currently the most traded cryptocurrency on the following top crypto exchanges:
— FLOKI (@RealFlokiInu) March 9, 2024
- South Korean exchange Bithumb.
- Turkish exchange BTCTurk.
- Turkish exchange Paribu.#Floki currently has more 24-hour volume than $BTC, $ETH, $DOGE, $SHIB, $PEPE, $BONK, and $WIF on… pic.twitter.com/LF6vbUnB6V
FLOKI holders are realizing gains in the meme coin alongside the recent increase in the asset’s price. This is evident from the Network Realized Profit/Loss metric from Santiment, in the chart below.
 [14.45.53, 09 Mar, 2024]-638455809726182185.png)
Active Addresses and Network Realized Profit/Loss. Source: Santiment
According to data from Spotonchain, a large wallet address deposited 200.9 billion FLOKI tokens worth $50.3 million to Gate.io exchange. This smart whale could realize $44.3 million in gains if they sell their holdings.
Smart whale 0xf63 deposited all 200.9B $FLOKI ($50.3M) to #Gate.io ~1hr ago, realizing a $44.3M (+731%) profit after just 1.5 months if truly selling.
— Spot On Chain (@spotonchain) March 9, 2024
Currently, the whale still holds 1.24T $SHIB ($45.1M) and 11.4M #BIGTIME ($5.82M) with a total unrealized profits of $34.5M!… pic.twitter.com/54CCfv3QJK
FLOKI price is $0.000281 on Saturday, up 200% on a weekly and 13% on a daily timeframe.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
