Floki burn rate rises as expert predicts a 92% surge
Release: 2024/11/21 22:49 Reading: 623
Bullish Rally for Floki Coin
Floki (FLOKI), a prominent meme coin, has surged to its highest value since June 8th following its listing on Coinbase, the leading cryptocurrency exchange in the United States. This rise comes amid a sustained crypto bull market.
FLOKI hit $0.00028, representing a 172% increase from its August lows. The rally was fueled by high-volume trading in both futures and spot markets. Spot market volume reached $1.68 billion, a notable figure considering Floki's $2.5 billion market cap. Additionally, Floki's open interest in the futures market reached $40 million, its highest point since September 28th.
With Coinbase's millions of users, Floki's volume is anticipated to surge further. Typically, cryptocurrency prices experience a significant boost after being listed on a major exchange such as Coinbase.
Floki's growth has also benefited from a reduction in circulating supply due to its burning mechanism. Data from Cryptoeye indicates that token burns have accelerated recently, with over 4.12 billion tokens burned, reducing the supply from an initial 5.8 billion.
These burns primarily originate from Floki's ecosystem, which includes platforms like Valhalla, TokenFi, and FlokiFi.
Floki's surge aligns with the ongoing crypto bull market, which has driven Bitcoin (BTC) close to $100,000. Meme coins and altcoins often flourish during such periods, especially when the crypto fear and greed index indicates positive sentiment.
Prominent crypto analyst Javon Marks anticipates further appreciation for Floki, predicting a 92% increase from current levels based on a falling wedge pattern on the 3-day chart.
Floki's daily chart suggests a significant rally after its August low. A golden cross pattern has formed, indicating the alignment of the 50-day and 200-day Exponential Moving Averages. The MACD indicator is now above the zero line, and Floki remains above a key support level of $0.00021.
A breakout above the resistance level of $0.00028 could trigger additional gains, with the next target at $0.00035, representing a 32% increase from current levels.
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