FLOKI Burns 15 Billion Tokens – Impact for Investors Explained

Floki Inu Floki

5% drop in FLOKI’s price over the last 24 hours, market sentiment remained bullish as its Altrank surged to #1. Indicators are now suggesting a potential trend reversal.

A few days ago, FLOKI surged above a bullish pattern, suggesting potential for continued price increases. Recent data shows the memecoin is progressing well toward its targets. Additionally, a significant proposal was approved recently, expected to contribute to further growth in its market performance.

FLOKI Breaks Bullish Pattern with Potential for Price Surge

Recently, World Of Chart, a popular crypto-analyst, highlighted FLOKI’s breakout above a bullish symmetrical triangle pattern. This pattern emerged in March, and FLOKI successfully surpassed it just a few days ago, potentially setting the stage for a significant price increase of up to +100%. Since the breakout, FLOKI has appreciated by over 15%, indicating positive momentum for the memecoin.

Additionally, FLOKI announced the passing of a major proposal. According to its official communication on X handle, FLOKI DAO voted overwhelmingly in favor of burning 15,246,000,000 FLOKI tokens, with 99.84% of the votes supporting the burn. This deflationary measure could positively impact FLOKI’s future price performance by reducing circulating supply, a factor known to potentially drive asset prices higher.

Mixed Signals for FLOKI Amidst Optimistic Developments

Despite optimistic developments, FLOKI faced a different reality on the ground, with its price declining nearly 5% in just 24 hours, according to CoinMarketCap. Currently trading at $0.0002121 with a market capitalization exceeding $2 billion, the memecoin’s trajectory may soon shift.

LunarCrush’s latest tweet revealed that FLOKI’s Altrank surged to #1. Altrank, a metric combining special and market activity, suggests a potential price uptick for FLOKI in the near future.

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Floki-on-Ethereum- Source: Santiment

Market sentiment surrounding FLOKI remained positive despite the recent price drop, reflected in its high weighted sentiment and MVRV ratio exceeding 25%, signaling bullish sentiment. However, an increase in the memecoin’s funding rate could pose challenges, as price movements typically oppose funding rate trends.

FLOKIUSDT – Source: TradingView

Despite these challenges, several market indicators remained optimistic. FLOKI’s price was above its 20-day Simple Moving Average (SMA) according to Bollinger Bands, while both the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) indicated price hikes, suggesting a potential reversal of the bearish trend.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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