Dormant Floki Inu Wallet Makes Big Move Before Price Crash

• A dormant Floki Inu wallet became active after 2.5 years, depositing 15.22 billion FLOKI into Binance.
• A whale investor is using one million USDC to buy 643,832 WIF tokens.

Floki Inu (FLOKI), a famous meme token, has dropped 18.40% over the last 24 hours, bringing its price to $0.0001283.

This drop has partially reversed the token’s recent rally. The price dip follows a brief period of gains fuelled by Binance’s announcement of the Simon’s Cat (CAT) token airdrop for FLOKI holders, which initially increased the token’s value.

Dormant Floki Inu Wallet Awakens, Transfers Billions Before Price Drop

However, the issue took an unexpected turn when SpotOnChain, a blockchain analytics company, discovered that a dormant wallet associated with Floki Inu had awakened after 2.5 years of inactivity.

The $FLOKI price is 🔻 17.7% in the past 24 hours.

A wallet linked to @RealFlokiInu returned after 2.5 years of dormancy and deposited 15.22B $FLOKI ($2.27M) to #Binance 9 hours ago, just before the price plunged.

These $FLOKI were released from the Floki deployer to this… pic.twitter.com/9eDNqy3Mhr

— Spot On Chain (@spotonchain) August 30, 2024

This wallet transferred a huge sum of 15.22 billion FLOKI, or around $2.27 million, into Binance just hours before the meme token price began to crash. This large movement of tokens has sparked concerns and conjecture in the community, coinciding with a dramatic reduction in FLOKI’s value.

It’s worth noting that these tokens were first moved from the Floki deployer to this wallet in early 2022, when the price of FLOKI was just $0,0000307.

While FLOKI is experiencing volatility, other meme tokens such as Dogwifhat (WIF) appear to be gaining traction. According to a recent CNF article, a whale investor has made a large purchase of WIF tokens. The whale borrowed 1.4 million USDC from Kamino and spent a million USDC to buy 643,832 WIF tokens.

The opposing activity surrounding FLOKI and WIF underscores meme tokens unexpected nature, as well as the impact that major transactions and market sentiment can have on their value.