- FLOKI loses momentum after Musk-triggered rallies.
- Over 270 million Shiba Inu tokens left crypto exchanges in the past 24 hours.
- The meme coin market remained stable over the past 24 hours.
Digital assets plunged again on Thursday as Bitcoin lost more than 2.5% the past day to $108,200.
The meme coin market, on the other hand, was able to trade flat on Tuesday.
The total market cap for meme coins remained above the $60 billion mark.
FLOKI sinks after Musk-fueled rally
Tesla CEO Elon Musk stirred the cryptocurrency market on Monday after sharing a post about his Shiba Inu pet, Floki, being the new X chief.
Flōki is back on the job as 𝕏 CEO! pic.twitter.com/Zu29Dos24r
— Elon Musk (@elonmusk) October 20, 2025
Meme cryptocurrency FLOKI, which shares its name with the famous dog, turned bullish almost immediately after the post.
The altcoin gained more than 30% as the cryptocurrency community focused on the “Floki is back” part.
However, the hyped didn’t last.
FLOKI has lost more than 17% on its 24-hour chart after plunging from $0.0000883 to $0.00007295 intraday low.
The sharp price swings confirm how volatile assets can be, especially those sensitive to social media chatter.
FLOKI is trading at $0.00007400, with faded traded volumes hinting at more price declines.
Further, the prevailing broader market downturn weighs on FLOKI’s performance.
Shiba Inu outflows signal investor trust
While FLOKI dominated price charts, Shiba Inu (SHIB) was in the limelight for different reasons.
CryptoQuant data shows the second-largest cryptocurrency recorded over 270 million in exchange outflows in the past 24 hours.
The metric plummeted from around 675 million tokens to 468 million in a day, reflecting staggering SHIB accumulation.
Massive asset withdrawals from exchanges signal holders moving assets to private wallets for long-term holding.
That translates to reduced selling pressure in the near-term.
In other words, large-scale investors seem confident in SHIB’s future performance.
The meme token is trading at $0.00001002 after an over 2% dip the past day.
SHIB has consolidated the past 24 hours, with recovering trading volumes hinting at imminent reversals.
However, broader sentiments remain crucial in determining Shiba Inu’s price actions.
Meme market overview
FLOKI and SHIB grabbed attention as the overall meme cryptocurrency market stayed somewhat stable.
CoinGecko data shows the value of all theme coins remained unchanged at above $62 billion.
Meme digital tokens outperformed the overall digital currency industry.
The crypto market capitalisation dropped over 2% the past 24 hours to $3.71 trillion.
The stability confirmed mild sentiments among meme tokens as bears rattle the overall market.
Could it be calm before the storm? Keep in mind that themed currencies often precede broad-based recoveries.
Meanwhile, analysts forecast bull runs in the coming months, citing key metrics. Michael van de Poppe says :
I think that we’re going to see a very soft print on the CPI, and then, going towards 50-75 bps rate cuts of the FED into the end of the year. We’re at the start of the altcoin bull run, and Bitcoin toward $1M.
Nevertheless, the current cryptocurrency landscape requires caution as volatility dominates.
