- FLOKI plunged 17% as a inactive whale moved 15.22B tokens to Binance.
- The whale’s reactivation after 2.5 years activated panic and heavy sell-offs.
- FLOKI’s weak technicals recommend evenmore decreases inthemiddleof wider crypto market battles.
FLOKI, one of the biggest meme coins, saw its worth plunge by over 17%, reaching a low of $0.00012658, the weakest point because August 21.
This drop marks a 64% decrease from its greatest point this year, highlighting the unpredictable nature of the meme coin market.
Floki’s rate decrease corresponds with a morecomprehensive bear pattern in the cryptocurrency market, as Bitcoin hasahardtime to stay above the $60,000 mark. At press time, BTC rate was $59,588.11, down 2.47 over the past week associating with a drop in the international crypto market capitalization which has dropped from over $2.3 trillion earlier in the week to $2.09 trillion at press time.
Dormant Floki whale reactivated after 2.5 years
The main driver for this sharp decrease was the unexpected activity of a inactive whale account connected to the group behind Floki. After 2.5 years of lackofexercise, this account moved 15.22 billion FLOKI tokens, valued at $2.27 million, to Binance.
The $FLOKI cost is 🔻 17.7% in the past 24 hours.
A wallet connected to @RealFlokiInu returned after 2.5 years of inactivity and transferred 15.22B $FLOKI ($2.27M) to #Binance 9 hours ago, simply inthepast the rate plunged.
These $FLOKI were launched from the Floki deployer to this… pic.twitter.com/9eDNqy3Mhr
— Spot On Chain (@spotonchain) August 30, 2024
This inactive account had initially got the tokens from the Floki deployer in early 2022 when the token was priced at just $0.00