As a seasoned analyst with over two decades of experience in the financial markets, I have seen numerous ups and downs, bull runs, and bear markets alike. The recent decline of Floki Inu (FLOKI) by nearly 20% is not uncommon in this highly volatile crypto space. However, it’s important to remember that every dip is an opportunity for those who are patient and have a long-term perspective.
TL;DR
- Floki Inu (FLOKI) saw a sharp decline of nearly 20%, losing its place among the top 5 meme coins.
Despite the drop, some analysts remain optimistic, predicting a possible rally if the token’s price surpasses an important resistance level.
FLOKI Bleeds Heavily
The widely-used meme token, Floki Inu (FLOKI), has dropped nearly 20% over the course of a single day and is now being traded at approximately 0.0001272 USD.
FLOKI’s market value dropped significantly to approximately $1.23 billion, placing it as the sixth largest meme cryptocurrency. Meanwhile, Bonk Inu (BONK) with a market cap of $1.25 billion managed to overtake its rival and secure the fifth position in the rankings.
According to the data analytics service Spot On Chain, it was discovered that just a few hours after a wallet associated with Floki Inu deposited approximately $2.3 million worth of tokens (over 15 billion in number), this meme coin experienced a withdrawal.
As a researcher, I discovered that the cryptocurrency wallet I was examining had been inactive for nearly three years, amassing a significant amount of FLOKI tokens during early 2022 when the token’s price hovered around $0.0000307. If the trader had sold all their FLOKI tokens upon deposit, they would have realized a profit exceeding $1.8 million.
Increasing one’s sell positions significantly boosts the available quantity of the associated asset, potentially causing a drop in price if demand remains constant or decreases. This move may trigger fear amongst investors, leading to increased selling activity and more difficulties for the bulls.
Is a Bounce Incoming?
Some crypto analysts, unruffled by FLOKI‘s significant decline, anticipate a future surge in its value. User Scofield envisions a strong comeback for the asset’s price, potentially leaving many onlookers sidelined.
“Floki boasts the strongest foundations among all meme coins, and instead of becoming complacent, it consistently strengthens these fundamentals. I am confident that FLOKI will be the leading meme coin during this bull market surge, and nothing has shaken my conviction on this point yet.”
Jelle asserted that over the past week, the token’s price has been consistently near the significant resistance level of $0.00012789. He suggested that if it surpasses this level, it could potentially spark a rise of nearly 60%.
As expected, $FLOKI is retesting the support level – after pushing back above it last week
Let’s meet here, and we can secure a narrow variation in the lower range, while also regaining a significant support level, which sets up a potential advance towards the middle range.
Let’s see!
— Jelle (@CryptoJelleNL) August 30, 2024
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2024-08-30 15:14