The data on the series shows that Floki is among Altcoins that witnesses the greatest height of whale activity, a sign that can be upward for Memecoin.
Floki just witnessed an increase of 450 % in the number of whale transactions
In new mail In X, the Series Analysis Company talked about how to classify a different altcoins in the coded currency sector against each other in terms of the growth of the number of whale transactions during the past day.
The number of “whale transactions” here refers to an indicator that tracks the total number of transportation operations that occur on a specific network that carries a value of more than $ 100,000. In general, whale entities are able to move such large quantities with individual transactions, so it is assumed that the scale is the activity of these massive investors.
When the value of the number of whale transactions increases, this means that the whales increase the number of movements they make every day. Such a trend can mean trading all over the origin rising among the adult pregnant women.
On the other hand, the indicator, which records a decline, indicates that whales pay less attention to the encrypted currency because their transactions activity decreases.
Now, here is the schedule shared by the Analysis Company, which shows how the best 10 altcoins looks like in terms of 24 -hour percentage in the number of whale transactions:
Looks like the memecoin Floki has come third on the list | Source: Santiment on X
As visible above, the identification version of Stablecoin Dai (Dai) was the first encrypted currency in the list with the number of whale transactions that are witnessing an increase of 2000 % in the past 24 hours. Polygon (MATIC) and Floki (Floki) on Ethereum Blockchain followed Stablecoin with the growth of whale activity of 533 % and 450 %, respectively.
Last day was the volatile day of the cryptocurrency sector, where assets in all fields recorded a collision, so it is not surprising that we see that the whales have increased their transactions.
Some of this activity is naturally associated with selling itself, but part of it may be due to the jumping on the great traders on this opportunity to buy. Consequently, the greater the increase in the number of whale transactions, the more intense accumulation.
This would only apply to volatile assets like Floki and Polygon, however; For stablecoins, growth in the indicator can carry a different meaning. Investors generally use these assets to buy in volatile metal currencies, and thus the height of the scale can indicate Stablecoin that whales are looking to buy in other origins, such as Floki and MATIC.
It remains only to see, though, whether or not the number of whale transactions will be reflected in the prices of these altcoins or not.
Fluki price
At the time of this report, Floki floats around the level of $ 0.000082, a decrease of more than 16 % in the past seven days.
The price of the memecoin seems to have plunged over the last few days | Source: FLOKIUSDT on TradingView
Distinctive image from Dall-E, Santiment.net, Chart from TradingView.com
