Will Floki price rise 40% to ATH as token burn accelerates?

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As a seasoned analyst with over two decades of experience in the crypto market, I have seen my fair share of bull runs and bear markets. However, the current trajectory of Floki (FLOKI) is truly intriguing. With its sixth-largest status among meme coins, its impressive market cap, and the ongoing token burn, it’s hard not to be impressed.

In simpler terms, Floki is creating a lot of optimistic chart formations that some analysts believe suggest further price increases, possibly even reaching a new record high in 2021.

In simpler terms, the digital currency known as Floki, which ranks as the sixth most popular meme token, was being traded at approximately 0.000256 units, causing its total value in the market to surpass 2.4 billion dollars.

The coin could have more upside, helped by the ongoing token burn. Data by CryptoEye showed that Floki has burned over 103 billion tokens in the last 12 months. 

Over the last 3 months, a total of 4.9 billion tokens were destroyed, reducing the current circulation to more than 9.6 trillion. As per Dune Analytics, this trend of decreasing circulating tokens has persisted over the past few months.

In the long run, these token destructive events will persist, after an earlier vote gave approval for the removal of approximately 15.2 billion tokens. Destroying tokens can increase the worth of a cryptocurrency by making the remaining tokens more precious.

Buying $FLOKI at these prices for sure 👀

Are you holding #FLOKI? 👇

— CryptoJack (@cryptojack) December 8, 2024

The current price of Floki is performing favorably, boosted by continuous investments into the Floki Vault. It’s worth noting that the total value secured within the network has reached an all-time high of more than $57 million, which is impressive given it began the year at roughly $10 million.

Analysts have expressed optimism towards Floki. On a recent post, Shelby suggested that this meme coin might follow in the footsteps of Dogecoin (DOGE) and achieve similar success.

He noted that the coin had survived the harshest bear market, and built real utility. He believes that the coin’s fundamentals were unmatched.

If you’re searching for a meme coin similar to $DOGE that’s likely to succeed, consider investing in $FLOKI… I am absolutely certain about this choice.

— Shelby (@CryptoNewton) December 7, 2024

FLOKI price analysis

Over the last few days, Floki’s position has been stable, or rather, it’s been building strength. On its daily chart, the coin appears to have shaped a bullish pennant formation. This pattern is created by a straight line followed by an equilateral triangular shape.

It often leads to more upside in the long term. 

Floki, named after Elon Musk’s Shiba Inu pet, is exhibiting a ‘golden cross’ formation. This happens when the short-term (50-day) average line moves above the long-term (200-day) average line.

If the price of Floki surpasses the significant barrier at $0.00029 (its peak in November), it will provide stronger evidence that further growth is imminent.

If the cryptocurrency bull market persists, it’s possible that the coin could surge by approximately 40% and potentially reach its previous peak of $0.000350 again.

Floki was fashioned by a cluster of prominent figures in the cryptocurrency world, who went by pseudonyms such as B, PetaByte Capital, Sabre, and MrBrown Whale.

As a dedicated researcher, I’ve been instrumental in steering our project towards a broader horizon. Now, we are concentrating our efforts on the creation of a dynamic NFT gaming metaverse, which we’ve christened Valhalla. Our vision is to infuse this digital realm with practical applications from the real world and establish a decentralized application ecosystem that thrives on user participation and collaboration.

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2024-12-08 19:58