- FLOKI loses momentum after Musk-driven rallies.
- Over 270 million Shiba Inu tokens were withdrawn from crypto exchanges in the past 24 hours.
- The meme coin market remained largely stable over the last day.
On Thursday, digital assets slid again as Bitcoin fell more than 2.5% in the past day, trading near $108,200.
The meme coin sector, however, managed to trade flat over the same period.
Total market capitalization for meme coins stayed above $60 billion.
FLOKI tumbles after Musk-fueled rally
On Monday, Tesla CEO Elon Musk shook up the crypto market by sharing a post featuring his Shiba Inu, Floki, as the new CEO of X.
Flōki is back on the job as 𝕏 CEO! pic.twitter.com/Zu29Dos24r
— Elon Musk (@elonmusk) October 20, 2025
The meme cryptocurrency FLOKI, named after the well-known dog, turned bullish almost immediately after the post.
The altcoin rallied more than 30% as the crypto community focused on the “Floki is back” message.
But the hype was short-lived.
FLOKI plunged over 17% on the 24-hour chart, dropping from $0.0000883 to a $0.00007295 intraday low.
These sharp price swings underline how volatile such assets can be, particularly those sensitive to social media chatter.
FLOKI is trading around $0.00007400, with fading trading volumes that suggest further downside risk.
Broader market weakness also weighed on FLOKI’s performance.
Shiba Inu outflows signal investor confidence
While FLOKI dominated headlines, Shiba Inu (SHIB) drew attention for different reasons.
Data from CryptoQuant indicates that the token recorded more than 270 million exchange outflows in the last 24 hours.
The metric fell from roughly 675 million tokens to 468 million in a single day, reflecting significant SHIB accumulation.
Large withdrawals from exchanges typically indicate holders are moving assets into private wallets for long-term storage.
That behavior reduces short-term selling pressure.
In other words, large-scale investors appear confident in SHIB’s future prospects.
The meme token is trading near $0.00001002 after a more than 2% decline in the past day.
SHIB consolidated over the last 24 hours, and rising trading volumes suggest potential upcoming reversals.
Still, broader market sentiment will remain a key factor in Shiba Inu’s price action.
Meme market overview
FLOKI and SHIB drew the most attention as the overall meme coin market stayed relatively stable.
CoinGecko data shows the combined value of meme-themed tokens remained steady above $62 billion.
Meme tokens outperformed the broader digital asset class.
Total cryptocurrency market capitalization declined more than 2% in the past 24 hours to $3.71 trillion.
The relative stability in meme tokens reflects muted sentiment among those projects while bears pressure the wider market.
Is this calm before the storm? Meme coins have historically led broader recoveries at times, so the sector can be an early indicator.
Analysts are predicting bullish runs in the months ahead, citing several key metrics. Michael van de Poppe commented:
I think we’ll see a very weak print on CPI, and then we’ll move toward 50–75bps rate cuts from the Fed toward the end of the year. We are at the start of the altcoin and Bitcoin rally toward $1 million.
Nonetheless, the current crypto landscape calls for caution as volatility continues to dominate.