Whale renews meme token holdings after recent FLOKI crash
Release: 2024/09/03 00:36 Reading: 736
Meme Token Traders Shift Holdings Post-Crash
Amid the recent market downturn, meme token traders have been redistributing their holdings. A newly created wallet has acquired significant amounts of top meme tokens, including Floki Inu (FLOKI), Worldcoin (WLD), and Pepe (PEPE), totaling $3.12M.
The wallet now holds over $2.8M in PEPE, $500K in FLOKI, and $399K in WLD. Created on September 2, it has no prior trading history and its sole activity has been with Binance hot wallets.
Despite the new whale's purchase, FLOKI remains in a losing position, declining from $0.00016 to $0.00012. However, it has maintained relative stability compared to other meme tokens, avoiding a further drop in price.
The wallet's holdings are not among the top 150 FLOKI whales, but they are substantial enough to impact the token's price if sold in bulk. The PEPE holdings are also outside the top 150 whale range.
Notably, the wallet also contains $432,924 worth of Fantom (FTM), acquired on September 2. Additionally, it has recently interacted with NFT collectors, suggesting potential interest in new asset categories.
FLOKI Snapshot and Community Response
The new whale purchased FLOKI tokens shortly after the August 29 snapshot that determined eligibility for the Simon's Cat (CAT) token airdrop. The whale's actions indicate a lack of interest in the new token.
While the FLOKI community is typically dedicated to holding, some transactions have been observed towards centralized exchanges. Additionally, the token has been shorted following the airdrop snapshot, anticipating a sell-off.
However, FLOKI's overall price has remained relatively stable, displaying resilience as a well-established meme token. The CAT token has yet to gain significant market traction.
FLOKI's Utility and Future Prospects
The introduction of a trading bot on Binance Smart Chain has increased FLOKI's trading volume and introduced new utility. The bot's activity helps boost token burns through fees.
FLOKI remains a fully diluted token with a significant circulating supply. It focuses on long-term holding and multi-chain features. Several of its largest whales are committed to long-term holding.
The Floki Inu team has hinted at potential partnerships related to its TokenFi tokenization platform, with industry heavyweights expressing interest.
Simon's Cat and Meme Project Revival
The Simon's Cat project has sparked renewed interest in meme projects. CAT's initial success has boosted Binance Smart Chain's prominence, which had lost market share to other platforms.
The Floki community and PancakeSwap activity have contributed to CAT's presale numbers. Floki Inu's team has hinted at future partnerships, creating potential demand for FLOKI as a gateway to airdrops.
Despite its later launch compared to competitors like Shiba Inu (SHIB), FLOKI has been expanding its utility and liquidity ecosystem, positioning itself as a meme token with broader capabilities.
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