FLOKI Gains After DWF Labs Purchase Announcement; Surges 16%

Floki Inu Floki

FLOKI has seen significant gains in the last two days after the positive announcement about DWF Labs’ purchase.

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In the past 24 hours, FLOKI has risen by 16% and is currently trading at $0.000049. Interestingly, this meme coin reached a one-year peak of $0.000056 on February 27th.


FLOKI’s Bullish Rise: Partnerships and Market Dynamics

FLOKI currently boasts a market cap of $472 million, positioning it as the 135th largest digital currency. Following its recent surge, the daily trading volume of FLOKI has surged by a staggering 142%, reaching approximately $343 million.

The bullish momentum of FLOKI is further fueled by an announcement from one of its ecosystem partners, DWF Labs. The investment firm revealed the purchase of $10 million worth of FLOKI tokens over two years. Having initially collaborated with Floki in May 2023, DWF Labs previously invested $5 million in FLOKI. This latest purchase, made in December last year, saw DWF Labs acquiring $1.25 million worth of the meme coin, contributing to an 18% increase in FLOKI’s value within just 24 hours.

FLOKI price, RSI, open interest, funding rate and supply in profit – Feb. 28 | Source: Santiment

Data from Santiment indicates a significant surge in FLOKI’s total open interest (OI), which rose by $1 billion over the past day. This increase saw FLOKI’s OI escalate from $2.2 billion to $3.2 billion, highlighting growing investor interest and activity surrounding the meme coin.

Analysis of FLOKI’s Market Dynamics

Recent data suggests a slight uptick in long-positioned trades for FLOKI. According to Santiment, the token’s total funding rate is currently at 0.02%, indicating that long-position traders hold a slight edge over short traders.

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FLOKI’s Relative Strength Index (RSI) has surged from 84 to 87 over the past 24 hours. This uptick in RSI suggests that the meme coin is experiencing high volatility, potentially indicating manipulation by large holders, or “whales.”

Santiment’s data further reveals that over 89.5% of FLOKI’s total supply is currently in profit. This high profitability raises the possibility of significant profit-taking by whales, which could lead to a cooling-off period in the token’s price.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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