Floki (FLOKI), the sixth-biggest meme coin, has shown significant bullish patterns that could indicate further upside, potentially leading to an all-time high this year. The token’s market cap has surpassed $2.4 billion, and its price is being driven by the ongoing token burn.
In the last 12 months, Floki has burned over 103 billion tokens, with the last three months accounting for 4.9 billion of those burns. This trend shows no signs of slowing down, as the coin’s total coins in circulation have dropped to over 9.6 trillion. Token burns increase the value of remaining tokens, making them more valuable.
The Floki Locker has also seen significant inflows, with a record-high total value locked at over $57 million. This is a notable increase from the start of the year when it was around $10 million. Analysts are optimistic about Floki’s prospects, with some predicting that it could become the next Dogecoin.
Floki’s price has formed a bullish pennant pattern on the daily chart, which can indicate more long-term upside. The coin has also created a golden cross pattern by flipping its 50-day and 200-day moving averages, suggesting further gains if prices rise above $0.00029, its highest point in November.
If these conditions are met, experts predict that Floki’s price could surge by 40% and retest its all-time high at $0.000350. The coin’s development of an NFT gaming metaverse, called Valhalla, is seen as a key factor in its growth potential.
Source: https://crypto.news/will-floki-price-rise-40-ath-as-token-burn-accelerates