Floki drops 18%, this might be the reason

The meme crypto section witnessed increased selling pressure on Friday, recording a 2% drop in the market cap. The biggest of the meme coins like FLOKI and DOGS dropped by a heavy 18% and 16%, respectively, in the last 24 hours.

A high selling force can be seen in the cumulative crypto market as the Fear and Greed Index is inching toward the fear zone with 46 points. This comes after Bitcoin (BTC) failed to retain the $60,000 price level, facing a decline of 11% in the last 30 days.

Whale dumps 15.2B FLOKI

FLOKI turned out to be the biggest loser among the top 100 cryptocurrencies by market capitalization. Floki’s price dropped by a massive 18% over the past 24 hours, pushing the meme coins under tension.

According to the data shared by Spotonchain, a wallet address linked to FLOKI returned to the market after a dormancy of 2.5 years. The whale went on to deposit 15.2 billion FLOKI (approximately worth $2.27 million) to the crypto exchange, Binance. This major move was recorded just before the price plunge.

It added that the FLOKI tokens held by the whale wallet were released from the Floki deployer in early 2022. These tokens were priced at around $0.0000307 at that time.

FLOKI has been on the decline for a while now, as its price dropped by 50% in the past 90 days. However, it is still up by 268% on a year-to-date basis. FLOKI is trading at an average price of $0.000129 at the press time. Its 24 hour trading volume is marginally down to stand at $529 million.

FLOKI community awaits CAT airdrop

Recently, FLOKI announced that its trading bot has hit a volume and user all time high. It mentioned that the trading bot had $11.6 million in trading volume and 10,600+ users. This is seen as impressive growth by the community, as the bot now trades an average daily volume of $2.5 million.

It comes in line with the announcement of Floki Trading Bot x Simon’s Cat trading competition. Users are expected to earn from a pool of 1.5% of the total CAT supply by trading the token exclusively through the Floki Trading Bot.

On August 26, the meme coin group extended the trading BOT competition with Simon’s CAT. The FLOKI community is expecting a CAT airdrop soon as the snapshot process has already begun.