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

Floki is forming multiple bullish patterns that observers say could signal further uptrends, potentially to a new all-time high this year.

Floki (FLOKI), the sixth largest meme coin, is trading at $0.000256 and its market cap is over $2.4 billion.

The coin may rise further with the help of ongoing token burning. CryptoEye’s data showed that Floki burned more than 103 billion tokens in the last 12 months.

4.9 billion tokens were burned in the last three months, leaving the total amount of coins in circulation at over 9.6 trillion. According to Dune Analytics, the number of these tokens in circulation has continued to decline over the past few months.

Following the vote earlier this year to allow the elimination of 15.2 billion tokens, these token burns will continue in the long term. Token burns help increase the value of the crypto asset by making existing assets more valuable.

Floki price is also doing well, helped by continued logins to Floki Locker. Data shows that the total value locked on the network has risen to a record high of over $57 million. That’s a strong number since it started the year around $10 million.

Analysts are optimistic about Floki. In an X post, Shelby stated that the meme coin could be the next Dogecoin (DOGE).

He noted that the coin has survived the harshest bear market and is a real benefit. He believes that the coin’s foundations are unique.

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

While other #memecoins come and go, #Floki It has survived the harshest bear market, delivered real utility, and is the only dog ​​token named after Elon’s own Shiba Inu. The basics… https://t.co/vJaMEHTEpS

— Shelby (@CryptoNewton) December 7, 2024

FLOKI price analysis FLOKI chart | Source: crypto.news

Floki has remained in the consolidation phase for the last few days. On the daily chart, the cryptocurrency formed a bullish pennant formation consisting of a vertical line and a symmetrical triangle formation.

It usually leads to more bullishness in the long run.

Floki, named after Tesla CEO Elon Musk’s Shiba Inu dog, formed a golden cross pattern when the 50-day and 200-day moving averages reversed each other.

Therefore, further uptrends will be confirmed if Floki price breaks above the key resistance at $0.00029, the November high.

If this happens and the crypto bull run continues, there are signs that the coin will rise by 40% and retest its all-time high of $0.000350.

Floki was created by a group of crypto influencers who use pseudonyms such as B, PetaByte Capital, Saber, and MrBrown Whale.

It has since expanded its vision, focusing on developing an NFT gaming metadata platform called Valhalla, and aims to bring real-world utilities and decentralized applications to its ecosystem.