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FLOKI, the Popular Dog-Themed Memecoin, Has Recently Encountered Substantial Bearish Pressure

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Aug 31, 2024 am 09:18 AM

floki Retest Price Dips

FLOKI, the popular dog-themed memecoin, has recently encountered substantial bearish pressure, leading to a price decline of over 21% in just a day.

FLOKI, the Popular Dog-Themed Memecoin, Has Recently Encountered Substantial Bearish Pressure

Popular dog-themed memecoin FLOKI has encountered substantial bearish pressure, leading to a price decline of over 21% in just a day. This drop has positioned FLOKI as the day’s top loser in the ongoing market downturn, with the token now trading at $0.0001224.

The token has faced immense selling pressure, evident in a large-scale deposit of FLOKI tokens into Binance. According to data from Spot On Chain, a wallet linked to the dog token has transferred over 15 billion tokens, valued at approximately $2.3 million, to the exchange just hours before the price began to decline.

This market activity could have significantly contributed to the downturn in FLOKI's price. As the token continues to experience price volatility, it will be interesting to observe whether it can recover from this setback or if the bearish trend will persist.

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