FLOKI, the popular memecoin inspired by Elon Musk’s dog, has experienced a significant downturn over the past two months. Despite an initial surge following the “Trump pump” on Election Day, FLOKI is now just 12% above its opening price. With over 80% of its gains erased, the memecoin is facing increasing pressure, leaving only 6.98K addresses in profit.
The stark drop in FLOKI’s price raises an important question: is it time to reconsider holding on, or is the best move to cut losses?
Whales Pulling Back: The Key to FLOKI’s Fall?
FLOKI’s address count has reached a new high of 88.08K, up just 8% from 80.9K two months ago. However, the massive 124% rally from the Election Day opening price of $0.000125 largely stemmed from whales, who now control 72% of FLOKI’s total supply. Recently, as these large holders have gone quiet, FLOKI has experienced a steep decline in price.
As a memecoin, FLOKI thrives on hype, and the team behind it has worked hard to keep the momentum going. With new developments such as its listing on Arkham, partnerships, and even its own debit card, FLOKI has continued to attract attention. But despite the buzz, the impact on HODLer sentiment has been lackluster, reflected in a 31.99% drop in its trading volume in the last 24 hours.
NEW TOKENS NOW LIVE ON ARKHAM
— Arkham (@arkham) January 14, 2025
You can now trade FLOKI, BONK, RENDER & SUI on Arkham, for both spot & perpetual pairs. pic.twitter.com/flwTeLPrDS
What’s Next for FLOKI?
While the market has seen some recovery, memecoins like FLOKI have not enjoyed the same bullish lift. With its price still far from its Election Day peak of $0.000280, FLOKI’s future depends on whether the 10 big whale addresses return to the market. If they do, FLOKI could see a resurgence driven by a new wave of hype. But if these whales stay dormant, FLOKI may struggle to hold onto its remaining value, with over 570 billion tokens at risk of a sell-off.
Also Read: Floki Inu (FLOKI) Breaks Out with 120% Price Surge Target After Coinbase Listing: Is $0.000546 Next?
FLOKI’s next moves will likely determine whether it can recover or fade into obscurity. Investors should keep a close eye on these developments.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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