- Floki Inu and MAGA witnessed a massive surge in interest from whales.
- Both tokens saw an uptick in price, however, network growth for these tokens declined.
Floki Inu [FLOKI] has been one of the few tokens from the meme coin sector that has struggled to keep up with the emerging trends in the space.
Whales move in
However, recently, whales were observed to have taken a liking towards the meme coin.
Lookonchain’s data revealed that since the 8th of April, a whale spent 276.4 ETH, equivalent to $863,000, to purchase 4.56 billion FLOKI, valued at $1.1 million at the time of writing.
In under two months, the whale earned $245,000 on their FLOKI investment.
The whale also invested in the Trump-based meme coin with the ticker MAGA and made a staggering return of $3.4 million.
Source: X
The whale interest in FLOKI was reflected in its recent price movement as well. At the time of writing, FLOKI was trading at $0.0002636 and its price had grown by a significant 16.57% in the last 24 hours.
However, this sudden surge in price wasn’t a black swan event. Over the past few weeks, the price of FLOKI showcased multiple higher highs and higher lows, indicative of a bullish trend.
The velocity of the FLOKI token showed high correlation with FLOKI in terms of price movement.
This suggested that the frequency at which FLOKI was being traded at could play a massive role in dictating price movement.
At the time of writing, the volume at which FLOKI was trading at was $660,361,923 reflecting a significant 151.67% surge in the past 24 hours.
Even though the price of FLOKI grew, the Network Growth for the token declined. This meant that the number of new addresses interacting with the token had waned.
This could impact the price of the token negatively, going forward.
Source: Santiment
MAGA holders triumph
Coming to MAGA, the Network Growth also fell, implying that new addresses weren’t interested in buying the meme coin at the current price.
How much are 1,10,100 FLOKIs worth today?
Likewise, the velocity of MAGA fell materially, implying that the frequency of the tokens being traded had diminished.
At press time, MAGA was trading at $12.60, and its price had grown by 11.14% in the last 24 hours. The volume at which FLOKI was trading had also surged by 72.31% during this period.
Source: Santiment