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FLOKI surges 16%, over 89% of supply in profit

source-logo  crypto.news 28 February 2024 09:11, UTC

FLOKI has recorded notable gains over the past two days following the bullish DWF Labs purchase announcement.

FLOKI is up by 16% in the past 24 hours and is trading at $0.000049 at the time of writing. Notably, the meme coin touched a one-year high of $0.000056 on Feb. 27. The asset’s market cap currently stands at $472 million, making it the 135th-largest digital currency.

FLOKI surges 16%, over 89% of supply in profit - 1
FLOKI price, RSI, open interest, funding rate and supply in profit – Feb. 28 | Source: Santiment

Following the price hike, FLOKI’s daily trading volume soared by 142%, hovering around $343 million at the reporting time.

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The bullish momentum comes as the Floki Ecosystem’s partner, DWF Labs, announced the purchase of $10 million worth of FLOKI tokens spanning two years. The investment firm joined forces with Floki in May 2023 and purchased $5 million worth of FLOKI upon the announcement.

DWF Lab’s latest purchase came in December last year — buying $1.25 million worth of the meme coin — which helped the asset gain 18% in just 24 hours.

According to data provided by Santiment, FLOKI’s total open interest (OI) increased by $1 billion over the past day — rising from $2.2 billion to $3.2 billion.

Data shows that there has been a slight increase in the amount of long-positioned trades. Per Santiment, FLOKI’s total funding rate currently stands at 0.02%, suggesting that long-position traders are dominating short traders by a narrow margin.

On the other hand, FLOKI’s Relative Strength Index (RSI) surged from 84 to 87 in the past 24 hours. The indicator shows that the meme coin is currently facing high volatility as the asset might be manipulated by big whales.

Moreover, Santiment data shows that over 89.5% of the total FLOKI supply is in profit at the current price point. There’s a high possibility that whales might take some profit and a price cooldown could be on the way.

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