Binance Witnesses Massive Transfer of 28 Billion FLOKI Tokens

Floki Inu, the well-known meme coin inspired by the iconic Shiba Inu, captured widespread attention in the global crypto community on March 5, as a substantial surge in whale activity unfolded on the cryptocurrency scene. Lookonchain, a tracking platform, reported a remarkable movement of 28.19 billion FLOKI tokens, intensifying interest across the broader crypto market amid the coin’s impressive performance this month.

Despite its recent surge, FLOKI exhibited notable volatility at the time of writing, prompting speculations regarding the potential repercussions of the significant whale transaction on FLOKI’s overall tokenomics. Concurrently, data from derivatives markets hinted at a prevailing bearish sentiment, sparking additional analyses and discussions among crypto traders and investors on a global scale.

A Closer Look Into The Report

Taking a closer look at the report provided by LookonChain, an undisclosed address, 0x15FD, withdrew a staggering 28.19 billion FLOKI tokens valued at $4.29 million from Binance, the world’s leading cryptocurrency exchange. This transaction gained rapid global attention as FLOKI’s price witnessed an extraordinary 200% surge over the past week, attributed to factors such as a growing Total Value Locked (TVL) and substantial FLOKI accumulations.

A fresh wallet withdrew 28.19B $FLOKI($4.29M) from #Binance 40 mins ago.https://t.co/aJRdOG7A8T pic.twitter.com/M5I3gzVaCh

— Lookonchain (@lookonchain) March 5, 2024

Interestingly, today’s whale activity fueled sentiments of accumulation, fostering optimism among traders regarding FLOKI’s future. However, the marginal decline in FLOKI’s price at the time of reporting contradicted the typical expectations of a price pump accompanying reduced supply due to whale accumulation. This divergence, coupled with the meme coin trading in the red despite a notable supply decrease from the accumulation event, aligned with FLOKI’s derivatives data. These factors contributed to a complex array of mixed sentiments surrounding the meme coin in the crypto community.

FLOKI Price Slips

Despite notable whale accumulation, the price of Floki has experienced a 1.88% dip in the last 24 hours, currently trading at $0.0001426 as of the latest update. This decline runs counter to the substantial accumulation mentioned earlier. However, the meme coin’s 24-hour trading volume has surged by 11.74%, reaching $1.21 billion.

Related: Memecoins Have Been Leading The Market For Several Days

Derivatives data from Coinglass paints a bearish picture, with a significant 20.83% drop in volume and a 4.97% decrease in open interest. The OI-weighted funding rate has also slipped to 0.0780%, contributing to the prevailing bearish sentiment surrounding the meme coin.

Despite these market indicators, the colossal accumulation by the whale prompts speculation among crypto market participants. There is an anticipation of a potential strengthening of prices in the near future, reflecting the confidence exhibited by the whale through the mentioned accumulation. This dynamic adds an element of uncertainty to the overall market sentiment surrounding Floki.