The price of $FLOKI has plunged 17.7% in the past 24 hours, sparking concerns within the memecoin community.
This sharp decline coincides with the reappearance of a previously dormant wallet linked to @RealFlokiInu, which had been inactive for 2.5 years.
Nine hours ago, this wallet made a significant move, depositing 15.22 billion $FLOKI tokens, valued at $2.27 million, into Binance just before the price took a nosedive.
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
These $FLOKI tokens were originally released from the Floki deployer to this wallet in early 2022, when the token’s price was a mere $0.0000307.
The timing of this substantial deposit has raised eyebrows, with many speculating about its impact on the sudden price drop.
Most Floki Holders Are Still In Profit Despite Bad Market Conditions
Despite the recent volatility, $FLOKI’s holder profitability remains strong. As of August 19, 2024, the In and Out of Money Indicator shows a holder profitability score of 0.72, with 75% of holders still in profit. This strong performance has been consistent over time, with $FLOKI reaching a peak profitability score of 0.96 on June 3, 2024.
$FLOKI's holder profitability is strong at 0.72 as of August 19, 2024 as 75% of holders are in profit according to the In and Out of Money Indicator.
It has consistently performed well, with a peak score of 0.96 on June 3, 2024.
FLOKI's consistent high profitability makes it… pic.twitter.com/lB938ac8Ow
— Slim Daddy◻️𓃵 ₿ (@felixreads) August 30, 2024
$FLOKI’s consistent high profitability continues to make it an attractive option for investors within the memecoin ecosystem who are seeking stable returns. Despite the recent price dip, the token’s history of strong profitability suggests that it remains a viable investment, particularly for those looking to capitalize on its potential for recovery.
As the market reacts to the whale’s return and the subsequent price drop, investors will be closely watching $FLOKI’s next moves, eager to see if it can regain its footing and continue delivering strong returns.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The post $FLOKI Price Drops 17.7% As Dormant Whale Wallet Resurfaces With Massive Deposit appeared first on The Merkle News.
