2024

FLOKI

Bonk

Spot

TL;DR
<ul>
 <li>Floki Inu (FLOKI) saw a sharp decline of nearly 20%, losing its place among the top 5 meme coins.</li>
 <li>Despite the drop, some analysts remain optimistic, predicting a possible rally if the token’s price surpasses an important resistance level.</li>
</ul>
<h2 id="a-href-https-cryptopotato-com-wp-content-uploads-2024-08-floki_cb-7-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/FLOKI_CB-7.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="floki-bleeds-heavily">FLOKI Bleeds Heavily</h2>
The price of the popular meme coin Floki Inu (FLOKI) is down almost 20% on a daily scale, currently trading at around $0.0001272.
<figure id="attachment_357076" aria-describedby="caption-attachment-357076" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/FLOKI-Price.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-357076" src="https://cryptopotato.com/wp-content/uploads/2024/08/FLOKI-Price.png" alt="FLOKI Price" width="578" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/FLOKI-Price.png 1050w, https://cryptopotato.com/wp-content/uploads/2024/08/FLOKI-Price-300x208.png 300w, https://cryptopotato.com/wp-content/uploads/2024/08/FLOKI-Price-1024x709.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/FLOKI-Price-768x532.png 768w, https://cryptopotato.com/wp-content/uploads/2024/08/FLOKI-Price-50x35.png 50w" sizes="(max-width: 578px) 100vw, 578px"></a>
 <figcaption id="caption-attachment-357076" class="wp-caption-text">
 FLOKI Price, Source: CoinGecko
 </figcaption>
</figure>
FLOKI’s market capitalization plunged to $1.23 billion, making it the sixth-biggest meme coin. Bonk Inu (BONK), whose market cap is $1.25 billion, surpassed its rival to claim the fifth spot.&nbsp;
Data analytics platform Spot On Chain <a href="https://x.com/spotonchain/status/1829359195172515923" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">revealed</a> that Floki Inu’s retreat happened mere hours after a wallet linked to the meme coin deposited over 15 billion tokens (equivalent to almost $2.3 million) to Binance.
The address had been inactive for two and a half years, accumulating the stash in early 2022 when the asset’s price stood at $0.0000307. If they sold all FLOKI tokens upon depositing, the trader’s profit would be more than $1.8 million.
Large sell positions create an increase in the circulating supply of the involved asset, which could lead to a price decline (assuming demand has kept its level or has headed south). Such actions can also cause panic among investors and result in additional selling pressure and further pain for bulls.&nbsp;
<h2 id="span-data-preserver-spaces-true-is-a-bounce-incoming-span">Is a Bounce Incoming?</h2>
Some crypto analysts remained unfazed by FLOKI’s substantial drop, predicting an upcoming rally. The X user Scofield <a class="editor-rtfLink" href="https://x.com/Crypto_Scofield/status/1829468559707173120" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">envisioned</a> an aggressive rebound for the asset’s price, possibly leaving “many sidelined.”
<blockquote>
 “Floki already boasts the strongest fundamentals of any meme coin, and instead of resting on its laurels, it continues to double down on fundamentals. I strongly believe FLOKI will be the main meme coin of this bull run, and nothing has deterred me from this belief so far,” they added.
</blockquote>
Jelle claimed the token’s price has been hovering around the major resistance level of $0.00012789 in the past week. The trader argued that a surge above that figure could be followed by a rally of almost 60%.
<blockquote class="twitter-tweet">
 As expected, <a href="https://twitter.com/search?q=%24FLOKI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$FLOKI</a> is retesting the support level – after pushing back above it last week
 Bounce here and we’ll lock in the range low deviation + reclaim of key support, laying the foundations for a new push towards the mid-range.
 Let’s see! <a href="https://t.co/mxlknPg62P" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/mxlknPg62P</a> <a href="https://t.co/KjczrJGEbE" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/KjczrJGEbE</a>
 — Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1829428935827878087?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">August 30, 2024</a>
</blockquote>
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The post <a href="https://cryptopotato.com/why-did-floki-inu-floki-tumble-by-19-daily/" rel="noopener noreferrer nofollow">Why Did Floki Inu (FLOKI) Tumble by 19% Daily?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Why Did Floki Inu (FLOKI) Tumble by 19% Daily?

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