After the recent events of the manga, it's becoming less and less likely that Toki was referring to Orochi in her prophecy.
Disclaimer. We are assuming Toki has actual prophetic powers here and it's not just a very specific threat.
First of all, Orochi got beheaded. And whether he's actually dead or not doesn't matter. The point is that his perceived importance in the story has gone down significantly since its mentioned both by him and others that his relevance was greatly hinged on Kaido's help.
Even if he's actually alive, who exactly believes this guy is worth a prophecy anymore? He no longer has followers, unless Kanjuro is alive too. He no longer has allies, since Kaido is the one who did the beheading. He's still not actually shown to be physically powerful himself.
It's really weird for the last 70 chapters of Wano to have so much focus on this prophecy and even the Oden flashback ends with it and then it's about the scabbards killing a seemingly insignificant guy plot wise.
Secondly, the scabbards in the very story itself also don't seem to care about Orochi that much. Like it would be one thing if Orochi was weak but everybody hated him still with a burning passion. But no, it doesn't seem to be the case. Shinobu even says as much that Oden HIMSELF didn't seem to actually care about Orochi. Pretty weird for this big fated conflict between the scabbards and orochi to be so dispassionate. Like let me ask. Is there any chance that if Orochi is alive, the scabbards will show as much fury and tenacity against him as they have against Kaido?
Thirdly, the people who do have more motivation to still beat Orochi have nothing to do with the prophecy. Zoro for example has Orochi on his shit list PLUS Kaido and a lot of other people and Zoro has nothing to do with the prophecy. Hiyori has outright stated to want to kill Orochi herself and there's no story reason to suggest Orochi is so powerful that she can't pull it off and again nothing to do with the prophecy. Even Momo who is about to inherit the Ame No habakiri sword that killed Orochi in mythology is also not in the prophecy.
Lastly, this battle with Kaido and Big mom could easily yield deaths. If a number of the scabbards die then when will Orochi ever face off against them even if he's alive.
All in all it begs the question whether this prophecy was about Orochi at all. Just because he's the one who was the most scared about it doesn't mean it was about him. Toki never actually mentions anything signifying Orochi in the prophecy and she never says it to his face in the first place.
So who could it be about? The obvious candidate would be Kaido. Chapter 987 even ends with the 9 shadows, the full moon and Kin'emon two pages earlier literally says "Dawn will come to Wano".
A theory I made since the first time this prophecy appeared was that this wasn't a threat. Its about Momonosuke. The prophecy mentions "You are the moon unaware of dawn" and neither Kaido nor Orochi have been associated with the moon. But Momo is a Kozuki, written as, "Moon light". The prophecy could be about the 9 Shadows (Strawhats) leading Momo into the Dawn and was entirely misinterpreted by Orochi due to his paranoia
Disclaimer. We are assuming Toki has actual prophetic powers here and it's not just a very specific threat.
First of all, Orochi got beheaded. And whether he's actually dead or not doesn't matter. The point is that his perceived importance in the story has gone down significantly since its mentioned both by him and others that his relevance was greatly hinged on Kaido's help.
Even if he's actually alive, who exactly believes this guy is worth a prophecy anymore? He no longer has followers, unless Kanjuro is alive too. He no longer has allies, since Kaido is the one who did the beheading. He's still not actually shown to be physically powerful himself.
It's really weird for the last 70 chapters of Wano to have so much focus on this prophecy and even the Oden flashback ends with it and then it's about the scabbards killing a seemingly insignificant guy plot wise.
Secondly, the scabbards in the very story itself also don't seem to care about Orochi that much. Like it would be one thing if Orochi was weak but everybody hated him still with a burning passion. But no, it doesn't seem to be the case. Shinobu even says as much that Oden HIMSELF didn't seem to actually care about Orochi. Pretty weird for this big fated conflict between the scabbards and orochi to be so dispassionate. Like let me ask. Is there any chance that if Orochi is alive, the scabbards will show as much fury and tenacity against him as they have against Kaido?
Thirdly, the people who do have more motivation to still beat Orochi have nothing to do with the prophecy. Zoro for example has Orochi on his shit list PLUS Kaido and a lot of other people and Zoro has nothing to do with the prophecy. Hiyori has outright stated to want to kill Orochi herself and there's no story reason to suggest Orochi is so powerful that she can't pull it off and again nothing to do with the prophecy. Even Momo who is about to inherit the Ame No habakiri sword that killed Orochi in mythology is also not in the prophecy.
Lastly, this battle with Kaido and Big mom could easily yield deaths. If a number of the scabbards die then when will Orochi ever face off against them even if he's alive.
All in all it begs the question whether this prophecy was about Orochi at all. Just because he's the one who was the most scared about it doesn't mean it was about him. Toki never actually mentions anything signifying Orochi in the prophecy and she never says it to his face in the first place.
So who could it be about? The obvious candidate would be Kaido. Chapter 987 even ends with the 9 shadows, the full moon and Kin'emon two pages earlier literally says "Dawn will come to Wano".
A theory I made since the first time this prophecy appeared was that this wasn't a threat. Its about Momonosuke. The prophecy mentions "You are the moon unaware of dawn" and neither Kaido nor Orochi have been associated with the moon. But Momo is a Kozuki, written as, "Moon light". The prophecy could be about the 9 Shadows (Strawhats) leading Momo into the Dawn and was entirely misinterpreted by Orochi due to his paranoia