No matter how long the slinky is, the bottom of the slinky will stay still (hover) until the top reaches it. Even if the slinky is over 1000 feet long.
OMFG NEW EXPERIMENTS
HOW IS GRAVITY EVEN REAL
Awesomely, the slinky is being pulled up as gravity pulls it down. The spring and the earth compete for the end’s affection until the spring is fully contracted, and the whole thing falls to the ground.