After one of the world's largest memecoins experienced a sudden drop today, cryptocurrency investors began to question the reason for the decline.
According to the data, Floki Inu (FLOKI) has recorded a significant drop of 16% in the last 24 hours. The price of the altcoin, which was traded at $ 0.0001501 before the drop, is around $ 0.0001252 at the time of writing.
It is noteworthy that Floki Inu is the sixth largest memecoin in the world.
The reason for the drop in the FLOKI price is likely to be token sales from developer wallets. According to Onchain data, Floki Inu developers have become active again after a 2.5-year period of inactivity and have moved 15.22 billion FLOKI tokens to Binance. This amount of FLOKI tokens is equivalent to approximately $2.27 million. The price drop also came after the transfer of this wallet to Binance.
Notably, these FLOKI tokens were issued from the first FLOKI distribution wallet to this wallet in early 2022, and at that time the FLOKI price was only $0.0000307.
At the time of writing this article, it appears that there are no tokens left in this wallet.
*This is not investment advice.