Will Floki price surge 40% to ATH as token burning accelerates?

Floki forms numerous bullish patterns, which observers say could indicate further upside, potentially to an all-time high this year.

Floki (FLOKI), the sixth largest meme coin, was trading at $0.000256, bringing its market capitalization to over $2.4 billion.

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

It burned 4.9 billion tokens in the last three months, leaving the total coins in circulation at more than 9.6 trillion. According Dune analysisThe number of these tokens in circulation has continued to fall in recent months.

These token burns will continue in the long term, following a vote earlier this year that authorized the disposal of 15.2 billion tokens. Burning tokens helps increase the value of a crypto asset by making existing ones more valuable.

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Floki price is also doing well, helped by continued inflows into Floki Locker. The data shows the total value locked on the network to reach a record of more than $57 million. This is a solid figure as it started the year at around $10 million.

Analysts are optimistic about Floki. In a post <a target="_blank" rel="nofollow" href="https://x.com/CryptoNewton/status/1865377889903948097″ target=”_blank”>shelby He noted that the meme coin could become the next Dogecoin (DOGE).

He noted that the currency had survived the harshest bear market and had gained real utility. He believes that the fundamentals of the currency were unmatched.

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FLOKI Price Analysis

Floki has remained in a consolidation phase in recent days. On the daily chart, the coin has formed a bullish pennant pattern, which is composed of a vertical line and a symmetrical triangle pattern.

It often creates more benefits in the long run.

Floki, named after Tesla CEO Elon Musk's Shiba Inu dog, has formed a golden cross pattern as the 50-day and 200-day moving averages flipped against each other.

Therefore, more upside will be confirmed if Floki price rises above the key resistance of $0.00029, its highest level in November.

If that happens, and the cryptocurrency bull run continues, there are signs that the coin will jump 40% and retest its all-time high at $0.000350.

Floki was created by a group of crypto influencers using aliases, including B, PetaByte Capital, Saber, and MrBrown Whale.

It has since expanded its vision, focusing on the development of an nft gaming metaverse, called Valhalla, and aims to bring decentralized and utility real-world applications to its ecosystem.