The prominent meme token $FLOKI’s price has dipped by 17.7% during the recent twenty-four hours. Spot On Chain, a popular on-chain analytics company, has disclosed that the 17.7% decline of Floki takes place simultaneous to a formerly dormant wallet’s reactivation as it has transferred $2.27M to Binance. The analytics provider took to its official social media account to provide the details of the respective development.
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
A Dormant FLOKI Wallet Transacts $2.27M to Binance, Coinciding with a Major 17.7% Dip
In its new X post, Spot On Chain has revealed that the wallet associated with the Floki Inu project has recently awakened. This occurs following its inactive status for almost 2.5 years. Just 9 hours back, it suddenly deposited an enormous amount of up to 15.22B $FLOKI tokens into Binance. The respective coins accounted for $2.27M in total. Such a big transaction occurred just before a massive price decline. This has raised speculations and concerns about the likely reasons behind the incident.
The 15.22B $FLOKI coins originally emerged from the deployer contract of Floki to the respective wallet in 2022. That was the time when $FLOKI was reportedly changing hands at a substantially decreased price of almost $0.0000307. This makes the present transfer even more noteworthy in the case of value and volume. This token shift’s timing has paved the way for broad-level speculation among traders and investors.
The Sudden Reactivation of the Dormant Wallet Heightens the Mysterious Nature of the Situation
A few people are questioning if this event occurred as a mere coincidence or a planned sell-off. On the other hand, some are highlighting concerns about the potential implications of this scenario for the wider market. As Spot On Chain, the fact that the wallet stayed dormant for a significant timespan just to activate just before a huge price movement enhances the mysterious nature of this scenario.
