According to data from the blockchain tracker, a cryptocurrency whale holding a large amount of Floki Inu (FLOKI) tokens transferred 55 billion FLOKI (approximately $1.97 million) to the Gate.io cryptocurrency exchange about an hour ago.
This isn't the first time this whale has moved FLOKI tokens to Gate.io. According to Etherscan, the same wallet has in the past bought FLOKI tokens from other exchanges such as Huobi and Okex and transferred them to Gate.io, each time followed by a drop in the price of FLOKI.
For example, on March 22, this whale received 509 million FLOKIs from Huobi and later transported them to Gate.io. On this date, there was a relatively significant decrease in the price of FLOKI altcoin.
On March 30, the whale received 25 billion FLOKIs from Okex and then transported them to Gate.io. On this date, there was a slight decrease in the price of FLOKI.
It is unclear what the whale's intentions are and whether it will sell FLOKI tokens on Gate.io or move it to another exchange or wallet.
FLOKI is a meme-based altcoin that claims to be inspired by Elon Musk's dog of the same name.
The token is a utility token of the Floki ecosystem, which includes projects such as Valhalla, a gaming metaverse, FlokiFi, a suite of decentralized finance products, and Floki Places, a network of physical locations that accept FLOKI as payment. The token can be used on both Ethereum and Binance Smart Chain networks.
*Not investment advice.