Floki Inu (FLOKI) developers, named after Elon Musk's dog, deposited some tokens from the multisig wallet to Binance's deposit address, according to onchain data.
According to Onchain data, the Floki Multisig wallet deposited 15.8 billion FLOKI ($261 thousand) to the cryptocurrency exchange Binance when the price of the token was at $0.0000165.
Following the development, FLOKI price increased by approximately 6%.
A multisig wallet is known as a type of cryptocurrency wallet that requires multiple signatures or confirmations for a transaction to be processed, adding an extra layer of security to the funds. Recently, a large amount of altcoins were transferred from the multisig wallets of PEPE, another memecoin, to central exchanges and the PEPE price took a big hit.
However, the size of the transfer from the Multisig wallet to Binance in the FLOKI token is quite low compared to those in PEPE, and the transfer probably took place with the knowledge of the developers.
*This is not investment advice.