Bitcoin Whales Accumulate Amid Volatility; Floki Memecoin Sees Surge in Buying Pressure

Bitcoin whales have been accumulating the cryptocurrency amid market volatility, according to the latest research from Santiment. The data shows that large holders have been increasing their capital inflows, with whale inflow surging by 187.41% over the past day. This buying pressure has been highly prevalent among whales, with large holders inflow rising from 53 billion to 153 billion.

Floki, a memecoin, has also seen increased buying activities, with whale inflow surging by 187.41% over the past day. This buying pressure was further confirmed by Floki’s order imbalance, which showed more buy orders than sell orders. With more buyers in the market, it implies that investors have turned to accumulate the dip and expect prices to recover.

A whale has spent $7.9 million over the past 2 days to buy HYPE, with an average price of $24.75 per token. This whale still holds 3.19 million USDC, with 2.19 million USDC in unfilled limit buy orders, with an order price of $20 for HYPE.

The recent price pump raises major questions regarding what’s behind the price recovery. There are two major reasons behind the uptick. A major reason could be Floki’s Stocktwits marketing campaign, which is set to start on the 5th of February. Floki’s official Xpage announced that, “With over 8.2 million impressions, the campaign will showcase the Floki Trading Bot to an audience of active traders, investors, and financial enthusiasts”.

According to AMBCrypto’s analysis, Floki was seeing increased buying activities at press time, as upward momentum started to build. This buying pressure was further confirmed by Floki’s order imbalance, which showed more buy orders than sell orders. With more buyers in the market, it implies that investors have turned to accumulate the dip and expect prices to recover.

Finally, increased buying pressure has strengthened the upward momentum. The buildup to the upside was further evidenced by the fact that Floki was closing in to make a bullish crossover on the Relative Vigor index and Stoch RSI. A bullish crossover here will validate the uptrend and set the memecoin for more gains.