The FLEX token has registered significant gains in the past 24 hours while data suggests the asset might be manipulated by large whales.
FLEX is up by 360% in the past 24 hours and is trading at $2.26 at the time of writing. Following the recent rally, the asset’s market cap rose to $222 million. However, FLEX’s daily trading volume witnessed a 7% decline and is currently standing at around $81,000.
FLEX price, social volume, active withdrawals and active addresses – Nov. 27 | Source: Santiment
Data shows that FLEX has been constantly moving between $2.25 and $0.45, with sudden movements, since it dropped from its all-time high (ATH) over the past four months of $8.16 set on Aug. 10.
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According to data provided by the market intelligence platform Santiment, FLEX didn’t witness any withdrawals over the past two days. This could indicate the anticipation of a token swap on exchanges.
Santiment data also shows that FLEX’s social volume recorded a 75% decline over the past 24 hours.
Moreover, the asset’s price-daily active addresses (DAA) divergence shows a strong sell signal, currently standing at negative 160%, per Santiment. The price DAA divergence indicates that FLEX’s price movements could have been manipulated by big whales.
FLEX price DAA divergence – Nov. 27 | Source: Santiment
According to Santiment, the number of active FLEX addresses has been consistently declining since Nov. 19 — taking a deep dive from 205 active wallets to four addresses.
When the price increases with the accumulation of big whales, sudden market movements are usually expected.
