FLOKI Needs Whales to Step Back into the Game

FLOKI has seen steady declines over the past two months, with the crypto now sitting just 12% above its election day opening price.

FLOKI has seen steady declines over the past two months, with the crypto now sitting just 12% above its election day opening price. With more than 80% of its gains wiped out, only 6.98K addresses remain in profit since the “Trump pump” began.

Clearly, investors are turning away from HODLing. However, with the market shifting back into the green, is it time to reconsider holding on?

A need for an incentive

FLOKI’s address count has hit a new high of 88.08k, up just 8% from 80.9k two months ago. And yet, the memecoin soared by a massive 124% from its Election Day opening price of $0.000125, all thanks to the Trump pump.

Source: IntoTheBlock

Over the same period, billions of FLOKI tokens flew off the shelves daily, with whales clearly driving the surge. Now, 72% of FLOKI’s supply is held by just 10 big players. With these whales going quiet in recent days, it’s no wonder FLOKI has taken a sharp nosedive.

As a memecoin, FLOKI thrives on “hype.” And, it’s working overtime to generate it. From its recent listing on Arkham (a trading platform) to its own debit card, strategic partnerships, and real-world use cases, it’s clear FLOKI is aiming for the spotlight. However, here’s the catch – The impact on HODLer sentiment has been surprisingly weak.

Despite all this buzz, FLOKI’s trading volume has fallen by 31.99%, dropping to $138.02 million in just the last 24 hours. Even with its RSI deeply oversold, there’s been little “dip” buying, leaving FLOKI well below its Election Day peak of $0.000280.

If this trend continues, those 6.98K addresses holding 565.89 billion FLOKI tokens – purchased at a maximum price of $0.000153 – could soon find themselves in a losing position. With little incentive to hold on, exiting may soon seem like the better option.

Source: IntoTheBlock

So, what’s next for FLOKI?

The answer lies in its own network – Big players need to step back into the game.

Despite the market-wide recovery, memecoins haven’t seen the same bullish lift. In fact, many of the top memecoins are either stuck in consolidation or trading far below their previous psychological targets. FLOKI definitely falls into the latter category.

However, there’s a silver lining – Dogecoin’s ongoing consolidation could be good news for other memecoins. As the world’s largest memecoin, DOGE still has the power to draw investors back into the market.

Realistic or not, here’s FLOKI’s market cap in BTC’s terms

That being said, it’s just a temporary fix. For a true rebound, those 10 big addresses need to pounce on the “dip” – Something to keep a close eye on in the days ahead.

If they act, it could trigger a major “hype” moment. On the contrary, if they don’t, holding onto the memecoin might become a challenge, with roughly 570 billion FLOKI at risk of a massive sell-off.