Floki burn rate rises as expert predicts a 92% surge

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull runs and bear markets, but none quite like this ongoing crypto mania. The Floki (FLOKI) price rally to its highest level since June 8 is indeed an interesting development, especially considering the current market conditions.

On June 8, Floki coin experienced a surge to its peak price in recent times, following its addition to Coinbase – America’s leading cryptocurrency exchange, and amidst the ongoing bull market in digital currencies.

The popular meme coin, FLOKI, reached a high of $0.00028, which represents a significant jump of 172% compared to its lowest point in August.

The event took place amidst bustling trading activities, encompassing both future and current markets. The turnover in the spot market peaked at an impressive $1.68 billion, which is notable considering Floki’s market capitalization exceeds $2.5 billion. Moreover, Floki’s commitment in the futures market reached a record high of $40 million since September 28.

After getting listed on Coinbase, which has millions of users, it’s anticipated that its value could grow even more, as cryptocurrencies often experience substantial price increases when they are added to prominent exchanges such as Coinbase.

The Floki token has experienced an advantage due to a decrease in the number of tokens available for circulation, thanks to its burning feature. As per Cryptoeye’s data, the pace of token burns has quickened noticeably, causing the circulating supply to fall below 4.12 billion tokens after approximately 5.8 billion tokens were destroyed since it was first introduced.

Mostly, these injuries originate from the environment associated with Floki’s system, encompassing platforms such as Valhalla, TokenFi, and FlokiFi.

During this ongoing cryptocurrency market upswing, Floki’s growth mirrors the trend. This bull run has almost driven Bitcoin (BTC) to $100,000. Typically, meme coins, altcoins, and other digital assets thrive during such times, particularly when the Crypto Fear & Greed Index spikes.

According to well-known cryptocurrency expert, Javon Marks, there’s potential for Floki’s price to rise significantly by approximately 92%, according to his analysis of a “falling wedge” trend seen in its 3-day chart.

After reclaiming the $0.0002761498 mark, FLOKI (Floki Inu) is now aiming towards a potential new price level of $0.0005467298! This could potentially lead to an additional increase of around 92.3% from the current position.

— JAVON⚡️MARKS (@JavonTM1) November 21, 2024

Floki price could jump by 32%

The day-to-day graph suggests a powerful surge in Floki’s value following its lowest point in August at $0.0000965. An intriguing ‘golden cross’ formation has occurred, as the 50-day and 200-day Exponential Moving Averages have intersected.

The MACD (Moving Average Convergence Divergence) line has climbed above the zero mark, while the cryptocurrency continues to stay above a crucial support point of approximately $0.00021 – its peak from June 22.

If Floki surpasses its previous weekly high at $0.00028 (a significant resistance level), it would strengthen the possibility of further growth. Should this happen, the potential next stop could be $0.00035 – a level last seen in June – which represents approximately a 32% rise from the current prices.

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2024-11-21 17:46