FLOKI Price Plummeted, What Happened to This Meme Coin?

Bittime - Meme coin Floki Inu (FLOKI) has seen quite a deep decline in the last few days. The price of FLOKI fell 11.53% in the last 24 hours, to $0.00015 or Rp 2.36 per coin1. The trading volume of FLOKI memecoins also decreased by 12.72%, signaling reduced investor interest in this meme coin.

Causes of FLOKI Plummet

One of the factors that allegedly triggered the decline of FLOKI was a massive sell-off by one of the large holders (whales) of FLOKI. According to data from lookonchain, a new wallet created on February 25, 2024 made a withdrawal of 28.19 billion FLOKI tokens from the Binance exchange. The value of this transaction reached $ 4.29 million or Rp 67.3 billion.

This transaction led to speculation among the crypto community about the motive behind it. Some consider this a bearish sign, while others consider this an opportunity to buy FLOKI at a low price.

However, renowned crypto analyst Lark Davis said that this transaction may not be a sale, but rather a transfer to a cold wallet for security purposes. Davis pointed out that the new wallet has an address similar to Binance's cold wallet, meaning that FLOKI owners might just move their tokens to a safer place

If this is true, then this means that the whale of FLOKI still believes in the prospects of this meme coin, and does not intend to sell it anytime soon. This can be a positive signal for other FLOKI investors, who may feel calmer with the whale's commitment.

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Meme Coin Competition 

Moreover, FLOKI is also facing stiff competition from other newer and more popular meme coins. Some examples are Pepe, which is a meme coin inspired by the frog character that went viral on the internet, and Bonk, which is a meme coin based on the online game of the same name.

These two meme coins managed to surpass FLOKI in terms of market cap. Currently, Pepe has a market capitalization of $1.2 billion or Rp 18.9 trillion, while Bonk has a market capitalization of $0.8 billion or Rp 12.6 trillion. Meanwhile, FLOKI only has a market capitalization of $ 0.16 billion or Rp 2.5 trillion.

This indicates a shift in investor preferences from long-standing meme coins to newer, more interesting meme coins.

Pepe, for example, has an edge when it comes to community and creativity. Pepe has a wide variety of variations, such as Pepe Gigachad, Pepe Chad, Pepe Sad, and others, which can be used to express certain emotions or attitudes. Pepe also has a digital art platform that allows users to create and trade unique and rare Pepe collections.

Bonk, on the other hand, has an edge when it comes to games and rewards. Bonk has a gaming platform that allows users to play and earn coins. Bonk also has a burning and staking mechanism, which means a portion of each transaction will be burned or locked, thus increasing the value of the coin.

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Impact on BNB 

The decline in FLOKI's popularity has also impacted the Binance Coin (BNB) network, which is the network where FLOKI was launched. BNB is one of the largest cryptocurrencies in the world, with a market capitalization of $66.6 billion or Rp 1,046 trillion.

However, activity and transactions on the BNB network have decreased due to declining interest in FLOKI and other BNB-based meme coins. This can reduce liquidity, slow down confirmation times, and reduce the health of the BNB ecosystem.

The price of BNB is also affected by this condition. Currently, BNB is trading at around $418.66 or Rp 6.6 million per coin, down 0.18% in the last 24 hours.

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How to Buy Floki Inu (FLOKI) on Bittime

You can buy and sell Floki Inu (FLOKI) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Floki Inu (FLOKI) is available on Bittime with the FLOKI/USDT market pair. To be able to buy FLOKI USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Floki Inu (FLOKI) on Bittime.

Monitor the price chart movements of Floki Inu (FLOKI), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

FLOKI Token Soars 343% in a Week: Here's Why!

Floki Price Soars 100% After Burn Proposal Approved

FLOKI INU Bullish, When is the Right Time to Take Profit?

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.