Floki Price Plumments 17% As Whale Dumps 15B FLOKI; More Sell-Off Ahead?

Floki (FLOKI) price, a popular meme coin, has experienced a recent dip in its market value. This downward movement reflects a broader bearish trend within the meme coin sector. This pattern is consistent with declines seen across other major meme coins and the wider cryptocurrency market.

Floki Price Plummets After Large Wallet Transaction

In a recent development, a dormant cryptocurrency wallet linked to the Floki price project was reactivated after two and a half years of inactivity. The wallet holder transferred approximately 15.22 billion Floki tokens, valued at $2.27 million, to the Binance exchange just nine hours before a significant downturn in the token’s market price. 

The $FLOKI price is 🔻 17.7% in the past 24 hours.

A wallet linked to @RealFlokiInu returned after 2.5 years of dormancy and deposited 15.22B $FLOKI ($2.27M) to #Binance 9 hours ago, just before the price plunged.

These $FLOKI were released from the Floki deployer to this… pic.twitter.com/9eDNqy3Mhr

— Spot On Chain (@spotonchain) August 30, 2024

Initially issued in early 2022 at a mere $0.0000307, these tokens were untouched until this week’s sudden move. This event coincided with a sharp decrease in Floki’s trading price, indicating a potential sell-off that alarmed investors.

CATS Airdrop is Now Accessible to Floki Holders

Cats Airdrop has successfully entered the trading arena with its recent listing on the Bitget pre-market platform. This debut marks the start of its availability on various cryptocurrency exchanges, aiming to stand out among numerous options. Alongside its listing, the CATS token airdrop has garnered significant attention, offering unique crypto tokens.

 The airdrop for the Simon’s Cat (CAT) meme coin occurred on August 29, directly favoring holders of the Floki Inu coin (FLOKI). This strategic move enhances the accessibility and appeal of CATS tokens to a broader audience.

Will FLOKI Price Recover Soon Amid the Bearish Market?

Floki price has plummeted over the past 24 hours, indicating a bearish trend in the market. At the time of writing, the FLOKI price hovered at $0.0001232, making it one of the notable decliners in the crypto space. However, according to CoinMarketCap data, the trading volume for FLOKI has surged by 34.51%, indicating increased activity despite the price drop. 

According to Coinglass, the cryptocurrency market has experienced a notable surge in trading volume, with an increase of 73% to $282.29 million. Conversely, open interest has declined by 9.31%, now standing at $32.36 million. This shift reflects a dynamic adjustment in market engagement and investor sentiment regarding Floki.

If bearish pressures intensify, the FLOKI price might break below the $0.00011 mark. Such a move could push it toward a lower support line at $0.0001. A broader market slide might further drive the price down to $0.00009. This scenario suggests a pessimistic outlook for the cryptocurrency, especially if other top meme coins fail to stabilize.