Floki, the sixth-biggest meme coin, is gaining attention from observers who believe it could be poised for more upside, potentially reaching an all-time high this year. Trading at $0.000256, Floki’s market cap has surpassed $2.4 billion.

Floki’s Bullish Patterns and Token Burns

The coin’s potential upside is supported by its ongoing token burn. In the last 12 months, Floki has burned over 103 billion tokens, with 4.9 billion tokens eliminated in the last three months. This has reduced the total circulating coins to over 9.6 trillion. The token burns are expected to continue in the long term, following a vote that authorized the elimination of 15.2 billion tokens.

Token burns can help boost a crypto asset’s value by making the existing tokens more valuable. This, combined with the bullish patterns formed by Floki, has analysts upbeat about the coin’s potential.

Floki’s Price and Inflows

The Floki price is also performing well, thanks in part to the ongoing inflows into the Floki Locker. The total value locked in the network has risen to a record high of over $57 million, up from around $10 million at the start of the year.

Analyst Insights

If you’re looking for the next $DOGE, $FLOKI is your answer… I have 0 doubts about this.

Analysts, such as Shelby, believe that Floki could become the next Dogecoin (DOGE). He notes that the coin has survived the harshest bear market, built real utility, and has unmatched fundamentals.

FLOKI Price Analysis

Floki has formed a bullish pennant pattern on the daily chart, which is often followed by more upside in the long term. The coin has also formed a golden cross pattern as the 50-day and 200-day moving averages flipped each other.

For more upside to be confirmed, the Floki price needs to rise above the key resistance at $0.00029, its highest level in November. If this happens, and the crypto bull run continues, there are signs that the coin could jump by 40% and retest its all-time high at $0.000350.

About Floki

Floki was created by a group of crypto influencers and has since expanded its vision to develop an NFT gaming metaverse, called Valhalla. The project aims to bring real-world utility and decentralized applications to its ecosystem.

Stay up-to-date with the latest news and trends in the crypto market by following Global Crypto News.

Post Views: 5