Floki (CRYPTO: FLOKI) has been in a prolonged downtrend, leading traders to question whether market makers or retail investors are behind the bearish price action.
Trader Notes: Trader Master Kenobi noted that FLOKI has erased all gains from the past year, with market makers aggressively extracting liquidity.
Unlike Dogecoin, FLOKI never saw a true bull market, launching at the tail end of the 2021 cycle.
It crashed 98%, rebounded to an all-time high in 2024, and has since been in a 240-day decline.
An estimated 90% of FLOKI's supply is controlled by market makers, suggesting that a large pump could happen if retail FOMO kicks in.
Binance's connection to FLOKI remains unclear but could be strategic—with FLOKI locking up significant BNB liquidity, Binance may see it as a way to boost BNB's ecosystem.
At its valuation, a 10X-20X rally could be possible in a bull market, especially if BNB hits four-digit levels.
Still, the trader wonders how much of the price action is organic.
Statistics: IntoTheBlock data shows Floki's large transaction volume expanded 135.8% in the past 24 hours while daily active addresses were down by 8.9%.
Transactions greater than $100,000 remained relatively flat at 9.
Coinglass data shows open interest down by 8.7% in a single day to $14.9 million. In December 2024, open interest had peaked to $48.7 million.
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