On-chain data shows Floki is among the altcoins seeing the largest spike in whale activity, a sign that could be bullish for the memecoin’s price.
Floki Has Just Seen A 450% Increase In Whale Transaction Count
In a new post on X, the on-chain analytics firm has talked about how the various altcoins in the cryptocurrency sector have ranked against each other in terms of the Whale Transaction Count growth over the past day.
The “Whale Transaction Count” here refers to an indicator that keeps track of the total number of transfers occurring on a given network that carry a value of more than $100,000. Generally, only the whale entities are capable of moving such large amounts with single transactions, so the metric is assumed to represent the activity of these humongous investors.
When the value of the Whale Transaction Count rises, it means the whales are increasing the number of moves that they are making every day. Such a trend can imply trading interest around the asset is going up among the large holders.
On the other hand, the indicator registering a decline suggests the whales are paying lesser attention to the cryptocurrency as their transaction activity is dropping.
Now, here is the table shared by the analytics firm, that shows how the top 10 altcoins currently look in terms of the 24-hour percentage increase in the Whale Transaction Count:
Looks like the memecoin Floki has come third on the list | Source: Santiment on X
As is visible above, the Arbitrum version of the stablecoin Dai (DAI) has been the number one cryptocurrency in the list with its Whale Transaction Count witnessing a spike of 2,000% in the last 24 hours. Polygon (MATIC) and Floki (FLOKI) on the Ethereum blockchain have followed up the stablecoin with whale activity growths of 533% and 450%, respectively.
The past day has been quite the volatile one for the cryptocurrency sector, with assets across the board registering a crash, so it’s not surprising to see that the whales have ramped up their transactions.
Some of this activity would naturally correlate to the selloff itself, but a part of it could be due to the large traders jumping on this dip-buying opportunity. Thus, the larger is the increase in the Whale Transaction Count, the more intense is this potential accumulation.
This would only apply for volatile assets like Floki and Polygon, however; for the stablecoins, the growth in the indicator can carry a different meaning. Investors generally use these assets for buying into the volatile coins, so a spike in the metric for a stablecoin can imply the whales are looking to buy into other assets, like FLOKI and MATIC.
It only remains to be seen, though, whether the high growths in the Whale Transaction Count would reflect in the prices of these altcoins or not.
FLOKI Price
At the time of writing, Floki is floating around the $0.000082 level, down more than 16% in the last seven days.
The price of the memecoin seems to have plunged over the last few days | Source: FLOKIUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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