In this study, we investigated the effect of space plasmas on the floating potential variation of a low-altitude, polar-orbiting satellite using the Langmuir Probe (LP) measurement onboard the STSAT-1 spacecraft. We focused on small potential drops, for which the estimation of plasma density and temperature from LP is available. The floating potential varied according to the variations of plasma density and temperature, similar to the previously reported observations. Most of the potential drops occurred around the nightside auroral region. However, unlike the previous studies where large potential drops were observed with the precipitation of auroral electrons, the potential drops occurred before or after the precipitation of auroral electrons. Statistical analysis shows that the potential drops have good correlation with the temperature increase of cold electrons, which suggests the small potential drops be mainly controlled by the cold ionospheric plasmas.