As a seasoned crypto investor with a knack for spotting trends and reading between the lines, I find the recent performance of Floki (FLOKI) rather concerning. Having closely followed its journey since its launch in 2021, I’ve witnessed its meteoric rise and now, this sudden plunge. The 20% drop on Aug. 30, making it the worst-performing meme coin, is a stark reminder of the volatile nature of this market.
On Friday, August 30, the value of Floki tokens noticeably dropped significantly, making it the meme coin with the poorest performance within its sector.
On a significant downturn, Floki (FLOKI), ranked as the sixth-largest meme coin, dipped more than 20%, touching an all-time low of $0.00012 since August 21st. This week’s peak has seen it drop by over 23%, and it’s down a staggering 64% from its highest point this year.
On August 21, other popular meme coins such as Bonk (BONK), Popcat (POPCAT), and Mog Coin (MOG) experienced a decline of more than 10%.
The primary reason for Floki’s sale was the transfer of approximately 15.2 billion tokens valued at around $2.27 million from an inactive account to Binance. Such transactions to exchanges are often followed by intense selling, which may cause other holders to sell as well, leading to a wave of panic selling due to stop loss triggers.
1) The cost of FLOKI has dropped by approximately 17.7% over the past 24 hours.— Spot On Chain (@spotonchain) August 30, 2024
As a crypto investor, I’ve noticed that based on data from Spotonchain, there has been a trend of significant token holders transferring their Floki coins. In fact, just last Friday, another big player moved tokens valued at approximately $629,000 to MEXC exchange. This could potentially indicate changes in market sentiment or strategic moves by these large holders.
This week, it’s evident that Floki has been moving out more than it’s coming in, both from traditional centralized and decentralized exchange platforms. The net outflow from centralized exchanges (CEX) reached its lowest point since August 21, whereas the outflow from decentralized exchanges (DEX) peaked at a level not seen in over a week.
Floki’s behavior mirrored the instability within the cryptocurrency sector, as Bitcoin (BTC) continued to stay below $60,000 and the combined market value of all coins decreased from over $2.3 trillion earlier this week to approximately $2.09 trillion.
2021 saw the debut of Floki, now a significant force in the world of meme coins, boasting a market capitalization exceeding $1.27 billion. This expansion occurred as the team diligently transformed it from a simple meme coin into a bustling ecosystem.
They unveiled TokenFi – a platform for transforming real-world assets into tokens, Floki Locker – a decentralized finance network boasting over $31 million in assets, and Valhala – an NFT metaverse where players can earn rewards. In a recent update on their social media, the creators mentioned that Valhalla is poised for growth as it has a $30 million treasury to support its expansion.
Floki price has weak technicals
As a researcher, I’m observing that Floki’s token has shown some technical weakness. On August 27, a death cross occurred when the 200-day moving average fell below the 50-day one. Additionally, the Percentage Price Oscillator (PPO), a distinctive version of MACD, continues to hover below the neutral point.
Consequently, there’s a possibility that Floki could keep dropping, as traders aim for the upcoming support level at approximately $0.0000954. This is a price point it last reached in August and represents a 25% decrease from its level on Friday.
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2024-08-30 16:10