FLOKI is one of the top-performing cryptocurrencies on a day when Bitcoin is leading the market in a new wave of gains. In the last 24 hours, FLOKI’s trading volumes are up by 77% at the time of going to press.
FLOKI has cut a niche as a cryptocurrency with meme coin characteristics backed by solid utility. Like most meme coins, a significant momentum to its price has much to do with its dog image. Over and above the dog meme that has seen FLOKI build a massive community on social media, this cryptocurrency has actual utility. It has a fast-growing DeFi platform with more than $600 million in total value locked. FLOKI also has a fast-growing NFT platform that adds to its intrinsic value.
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FLOKI Benefiting From Broader Market Pump
Today, FLOKI has gained bullish momentum driven by increased positive sentiment across the market. Yesterday, Goldman Sachs, one of the world’s largest investment banks, announced that it had noted an increase in the number of hedge funds interested in Bitcoin.
This saw Bitcoin spike and lift the entire altcoin market with it. However, meme coins have shown the highest potential. With FLOKI being one of the best-known meme coins in the market today, it has seen a significant increase in price and buying volumes compared to most cryptocurrencies.
However, even as Bitcoin gives FLOKI and the rest of the market bullish momentum, there are FLOKI-specific factors that could see it emerge as one of the best-performing cryptocurrencies, not just today, but throughout the crypto bullish super cycle that seems to have started just slightly over two weeks to the Bitcoin halving. One of these factors is FLOKI’s ongoing token burns.
Token Burns Making FLOKI More Attractive
A few weeks ago, the FLOKI team announced they were burning one trillion tokens. This is a big deal, and FLOKI rallied by close to 1000% because of the imbalance created in the supply in an environment of rising demand. FLOKI has not stopped there and continues to announce token burns, which are expected to keep tilting the demand and supply dynamics towards a price rally by another several thousand percent.
$55.26 MILLION+ IN $FLOKI BURNED SO FAR IN MARCH THROUGH STRONG UTILITY DEMAND
A total of 214,774,104,953 $FLOKI tokens, worth $55,261,377.2 at the time of writing, have been burned so far in March.
That’s more burns than $DOGE, $SHIB, $PEPE, $WIF, $BONK and other top… https://t.co/JtSkD5RapL pic.twitter.com/wg5JZrwthh
— FLOKI (@RealFlokiInu) March 25, 2024
Earlier today, the FLOKI team announced through their X account that $55.26 million FLOKI tokens had been burned throughout March. The burns are not just happening due to a decision of the FLOKI DAO to burn tokens but also through the growing utility within the FLOKI ecosystem. To contextualize the significance of the number of tokens burned, $55.26 million is about 214,774,104,953 tokens.
Even better is that the FLOKI team expects many tokens to be burned as the year progresses. The burns, the team notes, will mainly happen through utility in the many products that the FLOKI team intends to launch this year. This is exciting news for investors because it means that, going forward, the total supply of FLOKI tokens will continue to shrink relative to investors’ fast-rising demand for FLOKI. This explains the rising FOMO around this top-rated meme coin as the broader cryptocurrency market builds bullish momentum.
FLOKI Team Popularizing FLOKI In Hong Kong
Besides the excitement around the token burn, investors are bullish on FLOKI because the team behind it is very proactive in marketing the token. Earlier in the day, the FLOKI team announced through X that they had arrived in Hong Kong to reveal Valhalla and an upcoming Play-to-Earn game. This will likely draw in new Chinese investors to FLOKI, further adding to the token’s underlying demand.
The #Floki team has landed in Hong Kong, ready to showcase #Valhalla at the WOW Summit on March 26-27!
Alongside the trailer of our flagship #PlayToEarn NFT Metaverse game, we have many more things lined up to showcase WOW’s massive network and audience! 🔥 pic.twitter.com/zIXVGT21bj
— FLOKI (@RealFlokiInu) March 25, 2024
FLOKI is also getting a boost because it is a readily available meme coin. FLOKI is easily available on Binance, KuCoin, HTX, and other top-tier exchanges, making it easy for retail money to FOMO.
FLOKI Price Prediction – Why A 50% Or More Pump Is Underway
When going to press, FLOKI was trading at $0.0002466, up by 2.33%. Trading volumes were also on the rise, up by 73% to $734.34 million.
For the past 5-days, FLOKI has been on a rebound after a correction earlier. It has been closing higher with each passing day, and today, buying volumes are rising, signifying rising bullish momentum. If bulls can push FLOKI through the $0.00031416 resistance, then FLOKI could double in price today.
With the broader market turning bullish and news of FLOKI accelerating token burns, such a price rally for FLOKI seems likely today.
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