{"id":419168,"date":"2024-08-30T14:00:09","date_gmt":"2024-08-30T08:30:09","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=419168"},"modified":"2024-08-30T13:37:36","modified_gmt":"2024-08-30T08:07:36","slug":"floki-slumps-17-as-team-wallet-dumps-2m-what-happens-now","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/floki-slumps-17-as-team-wallet-dumps-2m-what-happens-now\/","title":{"rendered":"FLOKI slumps 17% as team wallet dumps $2M: What happens now?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">FLOKI has plunged by nearly 17% after a team wallet deposited $2M to Binance.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">FLOKI\u2019s Open Interest has reached a multi-month high, but negative Funding Rates suggested further bearish pressure.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The cryptocurrency market remained down today, with all top-ten coins by market capitalization, apart from <\/span><a href=\"https:\/\/ambcrypto.com\/trons-record-high-post-sunpump-what-comes-after-0-16\/\"><span style=\"font-weight: 400;\">Tron [TRX]<\/span><\/a>, were<span style=\"font-weight: 400;\"> trading in the red. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The losses were minimized across the board, apart from <a href=\"https:\/\/ambcrypto.com\/category\/floki-news\/\" target=\"_blank\" rel=\"noopener\">Floki [FLOKI]<\/a>, which iwas down nearly 17% in the last 24 hours until press time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FLOKI was trading at a weekly low of $0.000127 at the time of writing. The dip comes amid concerns about selling activity by a wallet linked to the Floki Inu team.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Per <\/span><a href=\"http:\/\/platform.spotonchain.ai\/signal-details\/wallet-linked-to-the-floki-team-deposited-1522b-floki-227m-to-binance-166282\"><span style=\"font-weight: 400;\">SpotOnChain<\/span><\/a><span style=\"font-weight: 400;\">, the wallet was reactivated after more than two years of dormancy. It deposited $2.27M worth of FLOKI tokens to Binance right before the meme coin plunged.<\/span><\/p>\n<figure id=\"attachment_419170\" aria-describedby=\"caption-attachment-419170\" style=\"width: 957px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKI-wallet-spot-on-chain.png\"><img decoding=\"async\" class=\"wp-image-419170 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKI-wallet-spot-on-chain.png\" alt=\"\" width=\"957\" height=\"360\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKI-wallet-spot-on-chain.png 957w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKI-wallet-spot-on-chain-300x113.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKI-wallet-spot-on-chain-768x289.png 768w\" sizes=\"(max-width: 957px) 100vw, 957px\" \/><\/a><figcaption id=\"caption-attachment-419170\" class=\"wp-caption-text\">Source: SpotOnChain<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The wallet had received these tokens in early 2022 from the Floki deployer. At the time, the stash was worth $468,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The wallet\u2019s activity has now stirred concerns among FLOKI holders about a looming sell-off.\u00a0<\/span><\/p>\n<h2><strong>FLOKI bears seize control\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Bears are currently in control of FLOKI\u2019s price action. The Relative Strength Index (RSI) has dropped to 22 after intense selling pressure, and the meme coin is now in the oversold territory.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The dropping RSI suggested that FLOKI was becoming undervalued. This could present a buying opportunity, and the price could consolidate if <\/span><span style=\"font-weight: 400;\">FLOKI bounces after testing the crucial support at $0.000126.<\/span><\/p>\n<figure id=\"attachment_419171\" aria-describedby=\"caption-attachment-419171\" style=\"width: 1721px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKIUSDT_2024-08-30_09-22-58.png\"><img decoding=\"async\" class=\"wp-image-419171 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKIUSDT_2024-08-30_09-22-58.png\" alt=\"\" width=\"1721\" height=\"802\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKIUSDT_2024-08-30_09-22-58.png 1721w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKIUSDT_2024-08-30_09-22-58-300x140.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKIUSDT_2024-08-30_09-22-58-1024x477.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKIUSDT_2024-08-30_09-22-58-768x358.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKIUSDT_2024-08-30_09-22-58-1536x716.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/FLOKIUSDT_2024-08-30_09-22-58-1200x559.png 1200w\" sizes=\"(max-width: 1721px) 100vw, 1721px\" \/><\/a><figcaption id=\"caption-attachment-419171\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Bollinger bands have widened, with the price dropping to the lower band. This suggested a spike in volatility, increased uncertainty, and market stress.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the oversold conditions and Bollinger bands could suggest an exhaustion of the downtrend, traders should await confirmation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The RSI must form higher lows above 30 and crossover above the signal line. If this happens, and the price rises to the middle band (20-day Simple Moving Average), FLOKI could make a positive correction.\u00a0<\/span><\/p>\n<h2><strong>Open Interest hits multi-month high<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/www.coinglass.com\/currencies\/FLOKI\"><span style=\"font-weight: 400;\">Coinglass<\/span><\/a><span style=\"font-weight: 400;\">, FLOKI\u2019s Open Interest (OI) has soared to $33 million, its highest level since June. This metric has been surging gradually since the 26th of August.<\/span><\/p>\n<figure id=\"attachment_419172\" aria-describedby=\"caption-attachment-419172\" style=\"width: 1806px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/oi.png\"><img decoding=\"async\" class=\"wp-image-419172 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/oi.png\" alt=\"\" width=\"1806\" height=\"622\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/oi.png 1806w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/oi-300x103.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/oi-1024x353.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/oi-768x265.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/oi-1536x529.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/oi-1200x413.png 1200w\" sizes=\"(max-width: 1806px) 100vw, 1806px\" \/><\/a><figcaption id=\"caption-attachment-419172\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">While this is usually a bullish signal, it might not be the case with FLOKI. A surge in OI alongside a sharp drop in price suggested that traders were betting on further price declines.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s\u00a0<a href=\"https:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">FLOKI\u2019s market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Moreover, Funding Rates have made a sharp decline in the negative region, indicating a surge in short positions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The recent price drop also saw over $408,000 in FLOKI liquidations in the last 24 hours. A majority of the liquidated traders were those with long positions.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Floki&#8217;s RSI has dropped to 22 after intense selling pressure, and the memecoin is now in oversold territory. <\/p>\n","protected":false},"author":99,"featured_media":419196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[6391,5824,66,3,4,20],"tags":[6427],"class_list":["post-419168","post","type-post","status-publish","format-standard","has-post-thumbnail","category-floki-news","category-memecoins","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FLOKI slumps 17% as team wallet dumps $2M: What happens now? 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