Floki crashes as a resting whale 15 billion token to Binance

• Floki crashed by 17% when a resting whale postponed 15.22 billion tokens to Binance.
• The reactivation of the whale after 2.5 years triggers panic and massive sales.
• The weak technical data from Floki indicate further declines in the course of the general problems on the cryptoma market.

The value of Floki, one of the largest meme coins, dropped by over 17 % and reached a low of $ 0,00012658, the lowest level since August 21.

This decline corresponds to a decline of 64 % compared to the maximum of the highest level this year and underlines the volatile nature of the meme coin market.

The drop in the price coincides with a wider bear trend on the cryptocurrency market because Bitcoin is struggling to stay above the $ 60,000 mark. At the editorial deadline, the BTC price was $ 59,588,11, a decline of $ 2.47 compared to last week, which correlates with a decline in global crypto market capitalization, which has dropped from over $ 2.3 trillion at the beginning of the week to $ 2.09 trillion to the editorial deadline.

resting floki whale reactivated after 2.5 years

The main reason for this severe decline was the sudden activity of a resting Wal account that is connected to the team behind Floki. After 2.5 years of inactivity, this account transferred 15.22 billion floki tokens worth $ 2.27 million in bony.

the price is 🔻 17.7%in the last 24 Hours.

a wallet linked to @Realflokiinu Returned after 2.5 years and stored 15.22 billion $ floki (2.27 million USD) to #binance 9 hours ago, just before the price crashed.

This $ floki were released by the floki desployer for this ... Noopener "Target =" _ blank "href =" https://t.co/9ednqy3mhr "> pic.twitter.com/9ednqy3mhr

- spot on chain (@spotonchain) 30. August 2024

This inactive account originally received the token from the floki deployer in early 2022 when the token only cost $ 0.0000307.

The transfer, which took place only nine hours before the price drop, panic triggered among investors and led to massive sales activities and considerable capital outflows from both centralized and decentralized stock exchanges.

data from Spotonchain showed that the net drains of floki from centralized stock exchanges have fallen on the lowest level since the departure of August 21, while the Decentralized stock exchanges have reached their highest level for over a week.

Despite its recent difficulties, Floki with a market capitalization of over $ 1.27 billion remains an important player in the meme coin area. The developers have worked on transforming Floki from a mere meme coin into an active ecosystem, and initiatives such as TOKENFI, Floki loose and the Valhalla NFT-Metaverse started.

Due to weak technical indicators, including a death cross pattern and a negative percentage oscillator, further declines for the meme coin seem possible at short notice