A large-scale cryptocurrency investor, often called a whale, has renewed interest in meme tokens after a recent drop in the price of Floki Inu (FLOKI). The newly created wallet, which existed on September 2, has quickly accumulated significant holdings in FLOKI, Pepe (PEPE), and Worldcoin (WLD). These assets, withdrawn from Binance, total approximately $3.12 million.
The whale now holds $2.8 million worth of PEPE tokens, over $500,000 in FLOKI, and $399,000 in WLD. Despite the considerable investment, FLOKI remains in a losing position, with its price declining from $0.00016 to $0.00012. This decline occurred after a market crash linked to FLOKI deposits, leading to a 25% drop in value. Although FLOKI has some utility and staking capabilities, the price has remained relatively stable without further significant losses.
Whale activity and market impact
The wallet with these meme tokens has no other trading history and was created specifically to interact with Binance hot wallets. Despite the recent acquisition, the wallet is not among the top 150 holders of FLOKI or PEPE, as tracked by Bubblemaps. However, its value is sufficient to potentially impact FLOKI’s market price if sold on the spot market. The same wallet also contains newly acquired Fantom (FTM) tokens valued at $432,924, purchased on September 2.
The wallet has engaged with NFT collectors, indicating that it may be involved in diversified crypto investments. The unrelated purchases from this brand-new wallet could signify renewed interest in meme tokens or the movement of significant buyers into new assets.
FLOKI’s market behavior post-crash
FLOKI experienced significant trading activity around August 29, coinciding with a snapshot that determined eligibility for the Simon’s Cat (CAT) token airdrop. The whale’s purchase occurred shortly after this snapshot, suggesting no interest in the CAT token. While some FLOKI holders sold their assets, anticipating a post-airdrop sell-off, the token’s price did not decline dramatically and remained within its usual trading range. FLOKI, a well-established meme token from a previous bull market, continues to show resilience despite market fluctuations.
The FLOKI community, known for its long-term holding strategy, has maintained its position despite the recent market events. The token has a circulating supply of 9.58 billion and a total supply of 9.68 billion, making it a fully diluted asset. FLOKI’s development team continues to focus on building additional multi-chain features and partnerships, hinting at potential collaborations with industry heavyweights related to their TokenFi tokenization platform.
Simon’s Cat airdrop and FLOKI’s future
The Simon’s Cat project, which taps into the popularity of older internet animation, has sparked renewed interest in meme tokens. CAT started trading on PancakeSwap at $0.000013 and quickly rallied to $0.000022. The token is expected to graduate to larger exchanges, with hopes for a Binance listing. The involvement of the FLOKI community and increased activity on PancakeSwap has also boosted the prominence of Binance Smart Chain.
FLOKI’s team has suggested they may pursue similar partnerships, potentially increasing demand for FLOKI as a key to new airdrops. Although FLOKI remains outside the top five meme tokens by market capitalization, it continues to build experience with various side products, including gaming and Web3 features. The token aims to go beyond speculation, focusing on utility and creating its liquidity ecosystem.