Floki Token Burn Rate Increases with Expert Forecasting 92% Surge
The Floki token has seen a significant increase in its price, reaching its highest level since June 8. This surge was fueled by the listing of Floki on Coinbase, the largest crypto exchange in the United States, as well as the ongoing crypto bull run.
Floki, known as one of the top meme coins, saw a 172% increase from its lowest level in August, reaching $0.00028. The trading environment for Floki has been high-volume, with the spot market volume hitting $1.68 billion, a substantial number considering Floki’s market cap of over $2.5 billion. Additionally, the open interest in the futures market rose to $40 million, the highest level since September 28.
With the recent listing on Coinbase, Floki’s volume is expected to increase even further, as the exchange has millions of users. It is common for cryptocurrency prices to experience significant gains after being listed on a tier one exchange like Coinbase.
One of the factors contributing to Floki’s price surge is the reduction in circulating supply due to its burning mechanism. Recent data shows that over 5.8 billion tokens have been burned since Floki’s inception, reducing the circulating supply to over 4.12 billion tokens. These token burns primarily come from Floki’s ecosystem, which includes platforms like Valhalla, TokenFi, and FlokiFi.
The surge in Floki’s price is in line with the overall crypto bull run that has lifted Bitcoin close to $100,000. Meme coins and altcoins tend to perform well during such periods, especially when the crypto fear and greed index is on the rise.
Prominent crypto analyst Javon Marks has forecasted a further 92% increase for Floki, based on a falling wedge pattern on the 3-day chart. The daily chart also shows a strong rally for Floki, with a golden cross pattern forming as the 50-day and 200-day Exponential Moving Averages crossed. The MACD indicator moving above the zero line is another bullish sign for Floki.
If Floki manages to break above the key resistance level of $0.00028, its weekly high, the next target could be $0.00035, the highest point in June. This represents a potential 32% increase from the current levels, indicating further upside potential for Floki investors.