A significant development occurred on August 30th when a wallet associated with Floki Inu, which had been inactive for 2.5 years, returned to action. The wallet deposited a staggering 15.22 billion $FLOKI tokens into Binance. The worth of these tokens was approximately $2.27 million at that time. This large deposit happened just before a notable drop in the price of $FLOKI.
On the same day, $FLOKI’s price witnessed a sharp 17% decline, though it recovered shortly afterwards. Initially, the transfer was anticipated to be for selling purposes and a reason for behind the price drop. However, new details have emerged that suggest a different scenario: the tokens were transferred to the exchange but not for selling purposes.
Inactive $FLOKI Wallet Reappeared for $CAT Airdrop, Snapshot on August 29
The $FLOKI tokens that were transferred are the tokens that were released from the Floki deployer during a contract update in early 2022. At that time, the price of $FLOKI was $0.0000307. These tokens were connected with a migration process because of the contract update, which occurred in January 2022. In other words, they are related to all FLOKI holders who could participate in the 1:1 token swap during that time.
FLOKI holders had their day on August 30th, because this is the day when 10% of the $CAT supply was distributed to FLOKI holders on Binance. The date and time at which the snapshot for this airdrop were done is August 29th, at 23:59:59 pm Universal Time. Since this wallet has been inactive for a long time and the address was transferred to Binance at this time to participate in this airdrop, it is more likely that the owner of the wallet wanted to qualify for this airdrop instead of selling the tokens. Information on the blockchain also shows that many other holders also transferred their FLOKI tokens to Binance at this time.
Strategic $FLOKI Transfer to Binance Before Price Drop Highlights Market Moves
On the basis of the conducted analysis, it can be concluded that there was probably a high demand for many $FLOKI tokens at the time of the snapshot, perhaps for some valuable discount or waiting for the price to drop or to participate in the airdrop. Only 9 hours before the price drop, a passive wallet associated with Floki Inu moved a large number of $FLOKI to Binance in response to changes in the market and other holders’ actions.
Additionally, it is likely that some FLOKI tokens were purchased specifically to qualify for the airdrop or in anticipation of a price drop, which may have contributed to the overall selling pressure around the time of the snapshot.
Blockchainreporter earlier reported that only around nine hours before the price of $FLOKI started dropping, this inactive wallet deposited its significant $FLOKI tokens into Binance. This move suggests a strategic decision to benefit from the airdrop or potentially influence market behavior but Floki itself had no association with this transfer.
