Floki Price Falls 10% After Iran’s Missile Strike on Israel – Could This Trigger a Crypto Market Meltdown

cryptonews.com:

Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

Following Iran’s missile strike on Israel on Tuesday, the price of Floki Inu (FLOKI) plunged 10% as risk-off sentiment spread across the crypto market by Wednesday, October 2.

The Floki price has since stabilized in the mid-$0.00013s, just above its 50-day moving average (DMA), offering bulls hope that the market’s bullish momentum from early September could remain intact.

However, FLOKI has dropped 22% from last week’s highs in the $0.00017s, when it was testing its 200DMA.

Despite this temporary stabilization, the Floki price looks vulnerable to further downside.

Meme coins, due to their speculative nature and limited utility beyond community support, are often the first to be sold during times of market risk.

With ongoing geopolitical tensions, particularly the threat of an Israeli military response to Iran’s missile strike, investors remain cautious.

Polymarket bettors currently place a 34% chance that Israel responds militarily before Friday, which could drag in major global powers and disrupt oil supplies.

“Iran’s attack is a severe and dangerous escalation. There will be consequences…We will respond wherever, whenever and however we choose, in accordance with the directive of the government of Israel.”

Watch IDF Spokesperson RAdm. Daniel Hagari regarding Iran’s large-scale… pic.twitter.com/A8pyC7eawI

Such uncertainties may weigh heavily on the crypto market, with FLOKI particularly at risk.

Technical analysis shows FLOKI holding above its 50DMA, but bears are eyeing a potential breakdown below the uptrend from the August