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 price of the popular meme coin Floki Inu (FLOKI) is down almost 20% on a daily scale, currently trading at around $0.0001272.
FLOKI Price, Source: CoinGecko
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.
Data analytics platform Spot On Chain revealed 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 FLOK
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