- FLOKI faces a downturn following brief Musk-triggered surges.
- Over 270 million Shiba Inu tokens have exited exchanges in the last day.
- The overall meme coin market exhibited stability within a 24-hour period.
This Thursday marked another decline in digital assets, with Bitcoin plunging over 2.5% to a price of $108,200. In contrast, the meme coin sector exhibited relative steadiness.
The collective market capitalization for meme coins continues to sit above the $60 billion benchmark.
FLOKI Experiences Setback After Musk-Driven Surge
Elon Musk set the crypto space abuzz on Monday by posting about his Shiba Inu dog Floki, claiming it has assumed the role of CEO of social media platform X.
Flōki is back on the job as 𝕏 CEO! pic.twitter.com/Zu29Dos24r
— Elon Musk (@elonmusk) October 20, 2025
The meme coin, FLOKI, surged dramatically, witnessing gains of over 30% as traders reacted to Musk’s announcement. However, this momentum was fleeting.
FLOKI has since tumbled by more than 17% over the past 24 hours, dropping from an intraday high of $0.0000883 to a low of $0.00007295. These drastic fluctuations highlight the volatility endemic to assets sensitive to social media trends.
Currently, FLOKI is trading at approximately $0.00007400, and the declining trading volumes suggest potential further price drops. The broader market’s negative sentiment continues to exert pressure on FLOKI’s performance.
Shiba Inu Outflows Reflect Investor Optimism
While FLOKI was in the spotlight for its price action, Shiba Inu (SHIB) attracted attention for its impressive market behavior.
According to CryptoQuant, Shiba Inu saw an extraordinary outflow of over 270 million tokens from exchanges over the past 24 hours.
The metric fell sharply from approximately 675 million tokens to just 468 million, indicating substantial accumulation by holders.
Such mass withdrawals from exchanges suggest that more investors are transferring their assets to private wallets, thereby reducing potential selling pressure in the short term. This behavior indicates a strong belief among large investors regarding SHIB’s future growth.
Currently, SHIB is trading around $0.00001002 following a minor decline of over 2% in the past day. It has stabilized in the last 24 hours, with increased trading volumes hinting at a possible resurgence on the horizon. Nonetheless, overall market sentiment will be crucial in determining Shiba Inu’s price trajectory going forward.
Meme Coin Market Analysis
Despite the fluctuations seen in FLOKI and SHIB, the broader meme cryptocurrency market sustained a degree of stability.
Insights from CoinGecko reveal that the total market valuation of meme coins has remained steady at over $62 billion.
Interestingly, meme tokens have demonstrated more resiliency than the overall crypto market, which faced a decline of over 2% in total capitalization, now sitting at about $3.71 trillion.
This stability suggests a relatively calm sentiment among meme token holders, even as broader market concerns loom. Is this tranquility merely the calm before a larger market shift? Historically, recoveries in wider cryptocurrency markets have often been preceded by bullish movements in themed currencies.
Meanwhile, analysts like Michael van de Poppe are optimistic, projecting a turnaround in market conditions:
I believe we’ll see a softer print on the CPI, and with potential 50-75 bps rate cuts by the FED toward the end of the year, we’re on the brink of the altcoin bull run, with Bitcoin heading toward $1M.
Despite such optimistic forecasts, it remains vital to approach the current cryptocurrency landscape with caution, as volatility continues to dominate the scene.
