Floki price may have kicked off as a meme coin but has since graduated into one of the top GameFi projects.
In fact, it recently ranked among the top 10 projects in the GameFi category based on marketcap.
According to analyst Ben GCrypto, Floki Inu was the 4th highest GameFi project as per the latest ranking. It had a $585.15 million marketcap at press time.
More notably, FLOKI had the second highest volume in the top 10 list. An indication that it is on investors radar as the market cools off from bearish dominance.
But is this attention enough to warrant a substantial move in the coming days?
Floki Attracts Whale Attention
Whale liquidity is an essential part of price action especially in the crypto segment. Large holder netflow data reveals that FLOKI demand among the whales has been relatively weak in Q1 2024.
Nevertheless, whales demonstrated a spike in large holder netflows this week. For context, netflows hovered around 343.04 million tokens on 18 March, after which it spiked to 77.92 billion tokens 24 hours later.
The last time that FLOKI price registered an equal or large spike in large holder netflows was in early January 2025.
This spike in whale activity signals a surge in demand, to the tune of around $4.7 million.
While this may not be Much in the grand scheme of things, it still underscores a noteworthy purchase from the whale cohort.
Perhaps an indication that whales are seeking exposure to Floki Inu especially now that the bears have cooled off at a substantial discount.
Will Whale Liquidity Injection Trigger Bullish Activity?
Whale accumulation especially at heavily discounted price levels could signal that bullish expectations could be on the rise.
Interestingly, FLOKI’s money flow indicator (MFI) jumped from 21 to 40 this week, confirming sizable accumulation.
Despite the MFI uptick and recent whale activity, Floki Inu still struggled to secure enough momentum for a rally. Instead, its price action has been moving sideways since 11 March.
FLOKI exchanged hands at $0.00006065 at press time, which was equivalent to a 79% discount from its top latest local top in November 2024.
Although Floki price still struggled to secure bullish momentum at the time of observation, the recent whale activity could signal a potential demand build-up.
Ark Invest CEO Cathy Woods recently cast shade on the meme coin segment, stating that most meme coins would end up being worthless.
Demand for meme coins has recently been in the gutter, despite them being the key drivers of the previous rally in 2024.
Floki could potentially avoid Woods’ prediction courtesy of its status as a GameFi project.
Gaming is one of the segments that could benefit immensely in the blockchain space and its recent performance underscores FLOKI’s relevance.
