Floki Inu is one of the best-performing cryptocurrencies today, sustaining a price rally it has experienced for over a week. Today, Floki Inu is up by 10.62% to trade at $0.0001316.
Floki is a meme coin inspired by Elon Musk’s dog named Floki. While there are lots of dog meme coins out there that ride on Elon Musk’s name, Floki Inu is a bit different. That’s because the team behind it has been working to develop an ecosystem of products that will give the token utility long-term.
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FLOKI CROSSES RECORD $400M IN TVL#Floki has just crossed $400M in TVL across two of its key ecosystem products, hours after it hit an ATH of $366 million:
– Floki Staking: $297M+
– FlokiFi Locker: $111M+$FLOKI now has more TVL than that of other top memecoins like $PEPE,… pic.twitter.com/rjCXPF7y6H— FLOKI (@RealFlokiInu) March 2, 2024
Among the ways that the Floki Inu community is looking to add utility to the token is by building a platform for NFTs and a DeFi ecosystem. The Floki Inu community also has a marketplace for NFTs as part of its roadmap and an educational platform to help bring more people to the Floki Inu ecosystem.
$24 Million Token Burn Approved
While these are all strong developments that could help drive the Floki Inu price long-term, FLOKI’s current price rally is driven by different factors. One of the stand-out ones is the successful community vote on a token burn. The Floki DAO has announced that 190,918,585,431.84 FLOKI tokens will be burned. This is a huge amount of tokens, adding up to about $24 million of FLOKI tokens.
BREAKING:
The $FLOKI DAO has successfully passed a vote to burn 190,918,585,431.84 FLOKI tokens.
— Whalefud Capital (@WhaleFUD) March 2, 2024
Even bigger news is that all these tokens are expected to be burned within a week. This is a big deal as it could significantly play into FLOKI’s pricing dynamics, similar to when Shiba Inu hit astronomical heights after Vitalik Buterin burned Shiba Inu, which had been donated to him by the community at the time. If FLOKI follows a similar path, it could be up for major gains going forward.
The bullish sentiment around Floki Inu is quite evident in the fact that a whale has sold some FLOKI, but there is no dip in the price. DexScan shows that a whale has sold 1,994,000,000 FLOKI tokens worth $231,836.59. Usually, whale selloffs tend to trigger price dumps, but in the case of FLOKI, this has not impacted the price. It indicates that the underlying demand for FLOKI is strong, and that’s a positive indicator of how Floki Inu could trade in the coming week.
What’s likely to propel Floki Inu even further is the fact that the token is easily accessible to the average investor. Floki Inu is available on top-tier centralized exchanges such as Binance, OKX, and KuCoin, and leveraged trading platforms such as ByBit. Floki Inu is also available on top Decentralized Exchanges such as PancakeSwap V2 and Uniswap V2.
In the section below, we do a Floki Inu price prediction to determine how FLOKI will trade as the token burn takes effect.
FLOKI Crypto Price Prediction
When going to press, FLOKI was trading at $0.000133. The Floki Inu market cap in the last 24 hours has increased by 11.42% to stand at $1.27 billion. Trading volumes have dropped in this period, though, down by 5.87% to $1.23 billion.
After more than 24 hours of solid gains, Floki Inu is entering a consolidation phase between $0.00012217 support and $0.00013716 resistance. However, buying volumes are on the rise, an indicator that an upside break through the $0.00013716 resistance is imminent. If bulls can push FLOKI through the $0.00013716 resistance, then FLOKI could easily make 1000% gains in the week. This would be based mainly on hype around the massive token burn that the DAO has approved.
However, two scenarios could play out today if bulls don’t garner enough volumes to push FLOKI through the $0.00013716 resistance. The first is a consolidation between $0.00013716 resistance and $0.00012217 support.
On the other hand, if short sellers take control and push FLOKI through the $0.00012217 support, then prices below $0.000100 could be tested within the day.
Floki Price Prediction – Why 1000% Gains Are Possible This Week
While a consolidation, or even a correction, is possible, the odds are higher for FLOKI to make 1000% gains this week. That’s because there is growing optimism around meme coins at the moment. Add to that FLOKI burning tokens, and the demand pressure could push the price to new highs.
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