The data in the chain show that Flowi is among the Altcoins that sees the largest increase in whale activity, a sign that could be optimistic for the memecoin price.
Floki has just seen a 450% increase in the whale transactions count
In a new publication about X, the chain analysis firm has talked about how the various Altcoins in the cryptocurrency sector have classified from each other in terms of the growth of the whale transactions count on the last day.
The “whale transaction count” here refers to an indicator that monitors the total number of transfers that occur in a certain network that entails a value of more than $ 100,000. In general, only whales are able to move such large amounts with individual transactions, so it is supposed to represent the activity of these huge investors.
When the value of whale transactions increases, it means that the whales are increasing the number of movements they are doing every day. Such a trend can imply that the commercial interest around the asset is rising among the big holders.
On the other hand, the indicator that records a decrease suggests that whales are paying less attention to cryptocurrency as their transaction activity is decreasing.
Now, here is the table shared by the analysis firm, which shows how the 10 main altcoins current
Looks like the memecoin Floki has come third on the list | Source: Santiment on X
As previously visible, the version of the referee of the Stablcoin Dai (DAI) has been the number one cryptocurrency in the list with its whale transactions count witnessing a peak of 2,000% in the last 24 hours. Polygon (Matic) and Floki (Flowi) in the Ethereum block chain have followed the stable stable with growth of the whale activity of 533% and 450%, respectively.
Last day it has been quite volatile for the cryptocurrency sector, with assets in all areas registering an accident, so it is not surprising to see that the whales have increased their transactions.
Part of this activity would naturally correlate with the sale of it, but a part could be due to the fact that the big merchants jump on this opportunity to buy salsa. Therefore, the larger the increase in the whale transactions count, the more intense this possible accumulation is.
However, this would only apply for volatile assets such as Floki and Polygon; For stables, growth in the indicator can have a different meaning. Investors generally use these assets to buy volatile currencies, so an increase in metric for a stable can imply that whales seek to buy in other assets, such as Floki and Matic.
However, it only remains to be seen if the high growth in the whale transactions count would be reflected in the prices of these alternatives or not.
Floki price
At the time of writing this article, Floki is floating around the level of $ 0.000082, 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
Outstanding image of Dall-E, Santiment.net, TrainingView.com graphics
