Lately, top meme based cryptocurrencies like Shiba Inu (SHIB) and Pepe (PEPE) have been witnessing a spike in their prices. This bullish trend appears to have extended to Solana based meme coin Bonk (BONK), as its price movements has been showing signs of an impending bullish surge. With respect to this, a crypto analyst has suggested that Bonk is currently well-positioned for a significant upward movement. 

Analyst Predicts Legendary Target At $0.000033

Bluntz, a prominent crypto trader and analyst has revealed the next bullish target for Bonk. In an X (formerly Twitter) post on September 30, Bluntz revealed that Bonk is currently in a prime position for a”turbo green week.”

He disclosed that the meme coin had experienced a quick and minor price dip during the week. However, the analyst sees this price decline as a positive sign, suggesting that it creates an opportunity for Bonk to enter a significantly bullish position, potentially triggering a legendary rally. 

Sharing a chart depicting Bonk’s price movements from the past month, Bluntz indicated in his price chart that the meme coin could experience an accelerated price increase to new highs. Presenting an illustration of his predictions of Bonk’s future price movements, the analyst disclosed that the meme coin would rise between the range of $0.000028 and $0.000027 before falling to the support level between $0.000026 and $0.000025. 

After this, Bonk is expected to skyrocket to $0.00003, before dropping back to $0.000028. For his final price surge in his projected turbo green week, Bluntz revealed that Bonk will reach a new price high of $0.000033. The analyst also revealed that for Bonk to experience a bullish price breakout, the meme coin will have to undergo three days of essential sideways trading. 

Presently the price of Bonk is trading at $0.00002, reflecting a slight increase of 3.86% in the past week. A jump to projected highs at $0.000033 would require the meme coin to rise by approximately 65% from its current price. 

BONK Set To Outperform PEPE

While maintaining an optimistic outlook on Bonk’s price, Bluntz disclosed that the meme coin may be taking out the meme coin leadership from Pepe. This suggests that as Bonk is gaining more momentum, Pepe’s performance is slowing down after experiencing a significant price increase. 

The analyst has identified a “higher low” on the BONK/PEPE chart, which indicates that Bonk is positioning itself for a stronger price rally than Pepe. Typically, a higher low occurs when the price of a cryptocurrency pulls back but maintains its value above its previous low level, signaling a potential continuation of an uptrend.

In the case of Bonk, Bluntz has revealed that it is currently among top meme coins like Dogwifhat (WIF), and Pepe which are presently showing signs of a strong bullish development. Despite this analysis, the cryptocurrency has declined by over 10% in the past 24 hours. 

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• Degen rose by more than 160% in 24 hours after Coinbase announced trading support for the Base token
• io.net token will also list on Coinbase, but its price fell amid a crypto downturn on geopolitical events

Degen (DEGEN) rose sharply after US-based cryptocurrency exchange Coinbase announced it had added DEGEN to its listing roadmap.

Per market data on CoinGecko, DEGEN skyrocketed from lows of $0.004 to near $0.012 after the news. In terms of 24-hour gains, the meme coin’s price spiked more than 160%, pushing the Degen token’s value to levels last seen in June this year.

DEGEN to list on Coinbase

Degen, a community token and blockchain for the decentralised social platform Farcaster, will be added to Coinbase for spot trading.

GM Degens! Huge news—$DEGEN is getting listed on Coinbase Spot trading, becoming the 4th @base token. This journey’s been wild, and we’ve got plenty ahead. Big thanks to the Degen and Base fam for sticking with us. Let’s keep building! https://t.co/m9j1FcTYMs

— Degen (@degentokenbase) October 1, 2024

Coinbase unveiled its listing roadmap in July 2022, noting the move to be a way of ensuring transparency. The exchange also uses this to prevent front-running, with only assets Coinbase has decided to list now added to the roadmap.

Degen launched as a reward token for the community on Farcaster.

While its adoption as a meme coin helped create a strong user base, the project has increasingly attracted fresh interest amid rising developer activity and content creation.

The DEGEN token currently trades on platforms such as OKX, Bybit, KuCoin, and Gate.io among others. Its price has increased by more than 330% over the past 30 days. However, it remains significantly off its all-time high above $0.064 reached in March 2024.

Coinbase to also list io.net

io.net (IO) is the other token that Coinbase has announced trading support for with its addition to the roadmap. However, while DEGEN rose sharply, IO traded lower alongside other cryptocurrencies amid the geopolitical uncertainty in the Middle East.

The io.net is a decentralised AI computing platform built on Solana.

While the IO price is down 14% in the past 24 hours, it’s largely bullish after rallying over the past month. Currently, its price is over 25% higher in the past 30 days, with most of the gains coming in late September after io.net announced a partnership with the Phala Network.

IO price hovered around $1.78.

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Binance announced on September 30, 2024 that it will list new crypto token EigenLayer (EIGEN), adding to a notable list of cryptocurrency exchanges adding trading support for the Ethereum restaking project.

Meanwhile, crypto project Bitcoin Dogs – which also landed on major exchanges recently – is looking to strengthen in the market. This comes as traders speculate on the potential for Binance or other exchanges to list 0DOG.

EigenLayer (EIGEN) to list on Binance

In its announcement, Binance said it will be adding the EigenLayer (EIGEN) token for spot trading on October 1, 2024 starting at 05:00 UTC. Expected trading pairs will be against Bitcoin, USDTm DFUSD and the Turkish Lira. Specifically, trading pairs with a Tag seen will be EIGEN/BTC, EIGEN/USDT, EIGEN/FDUSD, and EIGEN/TRY.

Once trading begins, Bnance will allow withdrawals from 05:00 UTC on October 2, 2024. As well as Binance, other exchanges adding trading support for EigenLayer include Coinbase and BitMart. Coinbase announced it added EigenLayer to its listing roadmap last week.

Anticipation within the EIGEN community is high as the Ethereum restaking protocol’s native token lands on major exchanges. This is due to the fact that EIGEN listing, particularly on Binance and other global exchanges, adds to overall project visibility and accessibility.

A surge in demand has often seen such tokens outperform the broader market, with several Binance-listed tokens in 2024 outpacing BTC.

EigenLayer may see such a traction, especially after the project announced a lift on transfer restrictions for EIGEN. After months of non-transferability for the coins following earlier distributions, tokens will be available for trading starting September 30, 2024.

Bitcoin Dogs: Is a major exchange listing next?

One of the biggest token launches of the year so far was that of Bitcoin Dogs (0DOG). The project which pioneered the BRC-20 ICO on Bitcoin, stormed to a $13.4 million presale.

Getting traction during the presale with attention on Bitcoin and the emergent layer 2 ecosystem, Bitcoin Dogs’ main selling point quickly cemented around gaming and NFTs.

The roadmap highlights various milestones towards this goal, including the launch of 10k Ordinals NFTs and expansion of its GameFi presence by tapping into the popular tap-to-earn economy.

Recently, Bitcoin Dogs went live in the market, launching on major cryptocurrency exchanges Gate.io, MEXC and Uniswap. But the community is rife with speculation that this P2E related crypto project could be listed on Binance and other exchanges.

Is it a good time to buy 0DOG?

Several meme coins and tap-to-earn economy coins, including Catizen, Hamster Kombat and Dogs have spiked in price and industry visibility with such listing activity. While Binance has not indicated it will list 0DOG, the long-term view across the space is positive. This view is that a great project will attract users and eventually top exchanges.

Meanwhile, Bitcoin Dogs is also attracting interest after its recent 100 million 0DOG burn.

You Barked…We Burnt

Dawgz we heard you, you barked and we burnt 100 MILLION #0DOG tokens!

But this is just the start – stay tuned for more EXCITING updates!

Proof of Burn: https://t.co/YgolZgcl7K#Proofofburn #POF pic.twitter.com/wShTJaRgr7

— BitcoinDogsClub (@BitcoinDogsClub) September 25, 2024

There’s also a 2 million 0DOG reward pool. Holders can tap into the 0DOG-ETH liquidity pool, stake and start earning LP tokens. The APY started at 1000% and currently sits around 440% with farming rewards paid daily

Ahead of a potential price rebound, current price levels of $0.006 may be a good entry point. However, 0DOG has struggled in recent weeks and may see further declines. Bitcoin’s slip from above $66k also adds to the overall weakness.

Learn more about Bitcoin Dogs here.

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• WIF, PEPE and SEI were among top performing altcoins as Bitcoin surged to above $63,800 on Sept. 19.
• These gains followed US Federal Reserve’s 0.5% interest rate cut.
• Analyst says WIF could outpace market in coming weeks.

Meme coins dogwifhat (WIF) and Pepe (PEPE), as well as layer 1 blockchain Sei (SEI) are among the top gainers in the past 24 hours as several altcoins record their best performances for a while.

SEI was up 19%, WIF 17% and PEPE 12% as crypto rose amid Bitcoin’s surge to above $63,000 on Thursday.

According to data from CoinGecko, SEI price reached highs of $0.35 as its volume jumped 224% to over $345 million. Meanwhile, WIF traded to $1.81 across major exchanges, notching an intraday volume of over $717 million with a 24-hour increase of 109% at the time of writing.

Popcat (POPCAT), which has rallied since Kraken announced spot trading support, continued to outpace all other top 100 coins by market cap. However, meme coin Pepe also recorded decent gains to rank among best performers on the day. PEPE price jumped more than 12% to hit levels last seen on Aug. 28.

According to crypto analyst RookieXBT, dogwifhat price has the potential to pare losses seen during its recent downtrend within weeks. Notably, the analyst also sees further gains for POPCAT.

$WIF going to erase six months worth of downtrend in 2-3 weeks but you wouldn’t believe it$POPCAT will reprice further and become the 5th largest meme but you wouldn’t believe it

believe in something

— RookieXBT (@RookieXBT) September 19, 2024

Crypto spikes after Fed interest rate cut

Most of the coins seeing significant gains in the past 24 hours are registering the upside after the market reacted upward to the US Federal Reserve’s interest rate cut on Sept. 18. After four years, the Fed slashed interest rates by 50 basis points on Wednesday.

Bitcoin price rocketed after the decision, with BTC first breaking above $60k to bolster overall sentiment. Prices retested resistance around $62.2k before a slight dip – then roared back to above $63.8k.

Solana (SOL) broke above $143 with over 10% gains, while altcoins such as Sui, Aptos, Bittensor and Avalanche recorded more than 12% respectively.

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Bitcoin is a legitimate financial asset that offers new opportunities, says BlackRock chief executive officer Larry Fink.

What does this mean for other cryptocurrencies like Bitcoin Dogs (0DOG)?

Bitcoin is a legitimate financial asset, Larry Finks says

While the Blackrock CEO acknowledges his previous skeptical stance around Bitcoin and crypto, he says he’s learned about what it is. In this case, Fink sees his opinion from five years ago as having been “wrong” about Bitcoin.

Fink shared his latest comments on cryptocurrencies during a recent interview with CNBC. He noted:

“As you know I was a skeptic, I was a proud skeptic… But here’s my opinion today: I believe Bitcoin is legitimate, I’m not saying there isn’t some abuse here and there like everything else, but it is a legitimate financial instrument.”

According to the BlackRock CEO, Bitcoin offers a chance for investors to add an asset that allows for uncorrelated returns.

It’s a view that is increasingly taking shape across Wall Street and crypto is now a major part of most portfolios. As well as being bullish on BTC, investors are eyeing the benchmark asset’s related ecosystem projects – the burgeoning decentralized finance and layer 2 network.

Is Bitcoin Dogs an opportunity amid BTC adoption?

Bitcoin Dogs is one of the projects attracting a lot of attention in this space. Having launched the first BRC-20 token ICO on Bitcoin, the project’s market debut has come amid fresh interest in Bitcoin DeFi, gaming and NFTs.

0DOG, the native Bitcoin Dogs cryptocurrency, allows holders to participate in this markets while benefitting from overall opportunities available to crypto investors.

Bitcoin Dogs combines the meme element and a play-to-earn model, with traction coming as another ecosystem explodes on Telegram.

This suggests a potentially multi-pronged catalyst scenario for 0DOG price – the Bitcoin adoption curve, DeFi and NFTs and the P2E market across Bitcoin L2s and the Telegram mini-app space.

As part of Bitcoin Dogs’ key roadmap milestones, these features are also what could catalyse further momentum for Bitcoin Dogs.

Bitcoin Dogs plans massive 0DOG burn

Also adding to the price outlook and potential upward momentum for Bitcoin Dogs, is the scheduled burn for 0DOG tokens.

In a recent post, Bitcoin Dogs points to the 0DOG burn on September 24, 2024 as a major milestone.

ANNOUNCEMENT

 Time to shove a firework up a puppy’s butt—not literally, dawg, but it’s time to see your #0DOG set alight and skyrocket!

A major burn is coming 24/09/24, and you won’t want to miss out!

The more we burn, the higher the value of your tokens.

Time… pic.twitter.com/BfflUTpQMP

— BitcoinDogsClub (@BitcoinDogsClub) September 17, 2024

Notably, burning removes coins from circulation – opening up 0DOG to potential price spikes. This could mean the current price just above $0.01 may be a huge opportunity to buy low. Currently, Bitcoin Dogs trades on Gate.io, MEXC and Uniswap.

Bitcoin Dogs price

0DOG has struggled in the market since its listing on major exchanges, particularly as Bitcoin price hit resistance below $60,000.

After breaking above the $60k amid flip in investor sentiment around upcoming interest rate cuts, BTC went on to reach highs above $61,200. Prices are back below $60k, but crypto analysts remain largely bullish.

Meanwhile, Bitcoin Dogs price is up nearly 56% after a recent pump following a dip to new lows. An opportunity to buy low means 0DOG price could yet rally alongside BTC and altcoins.

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• NEIRO, BABYDOGE and TURBO tokens soared as Binance announced new trading pairs for the meme coins
• First Neiro on Ethereum gained as Neiro on Ethereum slumped.
• Deposits for the three meme coin trading pairs open on September 16 at 10:00 UTC.

Neiro (NEIRO), Baby Doge (BABYDOGE) and Turbo (TURBO) tokens have exploded after leading crypto exchange Binance announced spot trading support.

Binance Will List @neiroethcto $NEIRO, @TurboToadToken $TURBO and @BabyDogeCoin $BABYDOGE with Seed Tag Applied.

Read more https://t.co/cwaNCfaAS7 pic.twitter.com/7gvibLZYQ0

— Binance (@binance) September 16, 2024

NEIRO, BABYDOGE soar amid Binance listing

Binance announced it would list new spot trading pairs for the three meme coin tokens, and price reaction was massive – particularly for Neiro.

According to data from CoinGecko, the First Neiro on Ethereum (NEIRO) token spiked more than 600% after the news, while the NEIRO on Ethereum token slumped. Binance said it would list First Neiro on Ethereum, the community token representing the Neiro project on Ethereum.

.@neiroethcto This dog’s got some serious swag! pic.twitter.com/S2CoaZlFGb

— H.E. Justin Sun(hiring) (@justinsuntron) September 16, 2024

Baby Doge Coin (1MBABYDOGE), another community dog-themed meme coin on Binance Smart Chain (BSC), also rose after Binance’s announcement. BabyDoge is a Doge community meme coin that looks to promote awareness around animal adoption.

The token traded more than 55% up in 24 hours at the time of writing. Meanwhile, Turbo (TURBO) price spiked more than 14% as Binance announced the TURBO/USDT trading pair would go live at 10:00 am UTC on September 16, 2024.

The exchange will also add NEIRO/USDT and 1MBABYDOGE/USDT, with withdrawals open at 10:00 UTC on September 17, 2024.

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• Bitcoin Dogs (0DOG) is projected to surge as Bitcoin’s price turns bullish.
• 0DOG could reclaim its all-time high of $0.04934 due to increased demand amid new exchange listings.
• Analysts predict a potential 100X move for 0DOG by the end of 2024.

As Bitcoin (BTC) gears up for what could be a record-breaking rally after struggling below $60k, many altcoins within its ecosystem are expected to follow suit, and Bitcoin Dogs (0DOG) stands out among them.

A BRC-20 token, 0DOG is directly tied to Bitcoin’s performance and with the current bullish outlook for BTC and a string of new exchange listings, it is poised to reclaim its previous all-time high of $0.04934.

Bitcoin (BTC) regains its footing, surging above $60k

At press time, Bitcoin price stood at $60,022, showing a steady 10% growth in the last seven days.

Although the price remains 17.43% below its all-time high of $72,689 (achieved six months ago), the market sentiment is bullish after a scare that made analysts anticipate a drop below $50k this weekend.

Most technical indicators currently show a buy signal indicating short-term bullishness and a possible long-term bullish trend. The key resistance level to watch is at $60,316, with bottom support around $58,294.

If Bitcoin breaks above the $60,316 resistance, analysts predict it could rapidly surge to the next target of $62,441.

Forecasts suggest Bitcoin could hit $79,207 by the end of 2024, with long-term projections reaching as high as $221,485 by 2025 and $369,701 by 2030. This anticipated growth, driven by institutional adoption and easing credit conditions, sets the stage for the entire Bitcoin ecosystem to surge, including projects like Bitcoin Dogs.

Bitcoin Dogs (0DOG) poised to retest $0.04934

Bitcoin Dogs (0DOG), the first-ever ICO launched on the Bitcoin blockchain as a BRC-20 token, offers a unique opportunity for those looking to capitalize on Bitcoin’s bullish momentum.

0DOG’s value is tied to Bitcoin, meaning as BTC surges, 0DOG is expected to outperform due to its smaller market cap and higher volatility. This is a classic “beta trade,” where a smaller asset experiences more significant percentage gains as its larger counterpart rises.

Currently priced at $0.00986, 0DOG is down 1.4% over the past 24 hours, but analysts are confident that the token is on the verge of a major breakout.

The all-time high for 0DOG is $0.04934, reached on August 22, 2024, and its current price presents a compelling entry point for investors looking to ride Bitcoin’s momentum.

With new exchange listings and a surge in market interest, 0DOG could see significant buy pressure, pushing it back toward its all-time high.

Exchange listings and future projections for 0DOG

Notably, Bitcoin Dogs has been on a listing spree, listing on major exchanges like MEXC, Gate.io, Uniswap, and UniSat Exchange shortly after a successful presale round.

These listings have opened 0DOG to millions of potential investors, increasing liquidity and market exposure.

The MEXC and Gate.io listings, in particular, are significant for the token’s growth prospects. For example, MEXC handles over $2 billion in trading volume daily and has a user base exceeding 6 million, providing Bitcoin Dogs with a massive platform to gain traction.

Also, the MEXC and Gate.io listings caused the token’s price to pump 3X within the first hour of trading, indicating the potential for 0DOG to experience a similar surge amid rumours of additional exchange listings, which could further fuel demand.

This increased market exposure, combined with Bitcoin’s expected bullish trend, makes 0DOG one of the top altcoins to watch in 2024. Analysts are predicting a potential 100X move before the end of the year, driven by both the macro environment surrounding Bitcoin and the internal developments within the Bitcoin Dogs project.

Additionally, a play-to-earn game tied to 0DOG is set to launch later this year, which could attract even more interest and drive up the token’s price.

For more information about Bitcoin Dogs and the 0DOG vesting schedule for those who purchased the token in the recently concluded presale, you can visit the official Bitcoin Dogs website here.

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• Popcat meme coin rose more than 11% as Kraken announced listing for spot trading on Sept. 19.
• The POPCAT price reached highs of $0.67 and was trading higher at the time of writing.

Solana meme coin Popcat (POPCAT) has traded higher after crypto exchange Kraken announced it would add spot trading support.

The cat-themed meme coin, which also skyrocketed nearly 30% after the world’s largest crypto exchange Binance’s listing of the POPCAT perpetual contract, had notched a double-digit gain at the time of writing on Sept. 12.

After Kraken announced it would add Popcat on September 19, 2024, the price of the meme coin rose from $0.58 to highs of $0.67. CoinGecko data showed the cryptocurrency’s price was up 10% as it hovered above $0.66 at the time of writing.

A sneak peek at next week’s listings*:

Sep 19th – 15:00 PM UTC$POPCAT$GFI$KUJI (geo expansion)

Roadmap updates every Thursday https://t.co/hv1TlhIJJf

*Geographic may restrictions apply pic.twitter.com/Ppsfxynkg4

— Kraken Pro (@krakenpro) September 12, 2024

Popcat is currently listed on Bybit, Gate.io, MEXC, Crypto.com and Kucoin. However, top exchanges Binance and OKX are yet to add spot trading having listed POPCAT futures.

Kraken’s spot trading support is therefore one of the big moves. The token’s price responded upwards as the community cheers another milestone in the quest for more visibility.

SUNDOG and CAT among other surging meme coins

While current price is well above the all-time low of $0.003 reached on January 5, 2024, POPCAT remains more than 35% from its all-time high of $0.99 reached on July 21, 2024. The surge to near the $1 level suggests a rebound for meme coins could see Popcat target this peak.

Some other meme coins that saw upside momentum today include Tron-based Sundog (SUNDOG) and Simon’s CAT (CAT).

The former spiked after a whale withdrew $2 million worth of TRX and used the money to buy SUNDOG. Simon’s CAT, which recently completed its airdrop to Floki holders, rose after Bybit hinted at listing.

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As major cryptocurrencies struggle, savvy investors know there’s an opportunity to buy low. While accumulating sats is undoubtedly a great move, the possibility of hitting a gem has traders and investors scouring the market.

Poodlana (POODL), a newly-launched cryptocurrency that captured the attention of meme enthusiasts and fashion-centric investors alike, stands out as one of the Solana meme coins that could offer a huge opportunity.

More on the project below.

Crypto losses and the likely opportunity

The current market pain isn’t the first time crypto traders are underwater on most positions. It’s also unlikely the last time many top projects will see a bounce to previous highs or surge to new highs.

What this means is that while most crypto assets continue to sink amid bearish pain, the long term view is that a recovery will happen. Bitcoin and Ethereum are top of analysts’ projections amid increased investor demand with the launch of spot exchange-traded funds. Other altcoins are also likely to bounce sharply if market conditions and catalysts align.

According to analysts at Santiment, this includes Toncoin – which has tanked 31% since news of Telegram CEO Pavel Durov’s arrest in France.  Per the Santiment analysis, traders looking for profitable deals may want to check out altcoins that have sun significantly. Such projects offer a relatively “less risky” buy opportunity.

This outlook also applies to new breakout coins, which might see a significant spike in buying activity once markets begin to rally.

What is Poodlana?

Poodlana (POODL) raised $8 million in a 30-day presale that went viral in Asia. After going live on Raydium within 60 minutes of presale closing, the project has quickly landed on crypto exchanges MEXC and BingX. POODL is also listed on CoinMarketCap and CoinGecko.

While these milestones are notable, what might set Poodlana apart from other meme coins on Solana? The potential to attract not just crypto traders, but the fashion-centric community is a plus for the new dog-themed meme coin.

As the crème de la crème of the meme fashion world, Poodlana has an upper hand over the other canine-themed tokens.

Does Poodlana offer a buying opportunity?

The advantages of having launched on the DEX and CEX platforms as indicated in the roadmap has added to community confidence. A lot of the meme coin attention is thus shifting from political tokens or PolitiFi to those with growth potential beyond the US election cycle.

Poodlana is seeing this outlook play out as the POODL token gains while most political tokens are down. If the project’s roadmap milestones such as partnerships with top industry platforms as well as in the fashion world pan out, it could be a foundation for further adoption.

Despite this bullish outlook, its worth noting that crypto and meme coins in particular are volatile and risky assets. Due diligence is always critical.

To learn more or have a glimpse into what Poodlana is, start here.

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• FLOKI plummeted 17% as a dormant whale moved 15.22B tokens to Binance.
• The whale’s reactivation after 2.5 years triggered panic and heavy sell-offs.
• FLOKI’s weak technicals suggest further declines amid broader crypto market struggles.

FLOKI, one of the largest meme coins, saw its value plummet by over 17%, reaching a low of $0.00012658, the weakest point since August 21.

This drop marks a 64% decline from its highest point this year, underscoring the volatile nature of the meme coin market.

Floki’s price decline coincides with a broader bear trend in the cryptocurrency market, as Bitcoin struggles to remain above the $60,000 mark. At press time, BTC price was $59,588.11, down 2.47 over the past week correlating with a drop in the global crypto market capitalization which has dropped from over $2.3 trillion earlier in the week to $2.09 trillion at press time.

Dormant Floki whale reactivated after 2.5 years

The primary catalyst for this sharp decline was the sudden activity of a dormant whale account linked to the team behind Floki. After 2.5 years of inactivity, this account moved 15.22 billion FLOKI tokens, valued at $2.27 million, to Binance.

The $FLOKI price is 17.7% in the past 24 hours.

A wallet linked to @RealFlokiInu returned after 2.5 years of dormancy and deposited 15.22B $FLOKI ($2.27M) to #Binance 9 hours ago, just before the price plunged.

These $FLOKI were released from the Floki deployer to this… pic.twitter.com/9eDNqy3Mhr

— Spot On Chain (@spotonchain) August 30, 2024

This dormant account had originally received the tokens from the Floki deployer in early 2022 when the token was priced at only $0.0000307.

The transfer, which occurred just nine hours before the price plunge, created panic among investors, leading to heavy selling activity and significant outflows from both centralized and decentralized exchanges.

Data from Spotonchain revealed that net outflows of FLOKI from centralized exchanges fell to their lowest point since August 21, while outflows from decentralized exchanges hit their highest level in over a week.

Despite its recent struggles, Floki remains a significant player in the meme coin space, with a market cap of over $1.27 billion. The developers have been working to transition Floki from a mere meme coin to an active ecosystem, launching initiatives such as TokenFi, Floki Locker, and the Valhalla NFT metaverse.

However, with weak technical indicators, including a death cross pattern and a negative Percentage Price Oscillator, further declines for the meme coin seem possible in the near term.

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