Floki Inu, a top-five meme coin gaining prominence in the crypto space, has recently jumped high on the price radar despite the crypto downturn. This surge, amounting to over 2%, has attracted significant attention from investors and analysts alike, particularly when the market is under bearish pressure. 

Whale Investor Triggers Price Surge

The recent surge in FLOKI’s price was triggered by a whale investor buying a huge amount of FLOKI coins, totaling a whopping 19 billion. This whale, known by the wallet address “0x864….9e814”, was tracked by Scopescan. The massive acquisition has stirred up a debate on Whale’s plans and how it might affect FLOKI’s future in the coming days.

The whale’s strategy included withdrawing many FLOKI coins from three major crypto exchanges: KuCoin, OKX, and Gate.io. The total withdrawal amounted to 18.76 billion coins, valued at around $3.28 million.

Concerns Over Sell-Offs Amidst Withdrawal Surge

The incident has raised concerns over potential sell-offs and their immediate effect on FLOKI’s stability. The withdrawal versus deposit ratio for FLOKI over the past 24 hours indicates a significant outflow of the meme coin from exchanges.

With withdrawals making up 86% of total transactions versus deposits, it indicates a strong bullish sentiment among FLOKI holders, adding to the coin’s price surge. While many are optimistic about FLOKI’s future, there might be ups and downs due to the chance of the whale taking profits.

Despite recent fluctuations, FLOKI has shown resilience and maintained a strong position in the market. The coin’s Open Interest (OI) has jumped, indicating bullish momentum, while its trading volume has also significantly increased. Smart money traders have continued to show interest in FLOKI, alongside its competitor PEPE, suggesting ongoing confidence and investment activity in the meme coin sector.

Current Snapshot and Potential Rebound

FLOKI’s indicators have been down recently, but they seem bottoming out, hinting at a potential rebound. The RSI touched 30, showing the coin is oversold and at a discount. While FLOKI’s averages signal a possible recovery after a sell-off, its support level at $0.0001690 is crucial. If it holds, we might see stability; otherwise, further decline is possible due to low volume. 

Despite challenges, there’s still interest in FLOKI, with notable purchases by whales and traders above. Recent data also reveals positive momentum for meme tokens, indicating a potential price increase for FLOKI shortly, possibly reaching $0.00020 by summer’s end and around $0.00030 by year-end.