Floki forms numerous bullish patterns, which observers say could point to more upside— potentially to an all-time high this year.
Floki (FLOKI), the sixth-biggest meme coin, was trading at $0.000256, pushing its market cap to over $2.4 billion.
The coin could have more upside, helped by the ongoing 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 over 9.6 trillion. According to Dune Analytics, the number of these circulating tokens has continued to fall in the past few months.
These token burns will continue in the longer term, following a vote earlier this year that authorized the elimination of 15.2 billion tokens. Token burns help to boost a crypto asset’s value by making the existing ones more valuable.
The Floki price is also doing well, helped by the ongoing inflows into the Floki Locker. Data shows that the total value locked in the network rising to a record high of over $57 million. This is a strong number since it started the year at around $10 million.
Analysts are upbeat about Floki. In an X post, Shelby noted that the meme coin could become the next Dogecoin (DOGE).
He noted that the coin had survived the harshest bear market, and built real utility. He believes that the coin’s fundamentals were unmatched.
FLOKI price analysis
Floki has remained in a consolidation phase in the past few days. On the daily chart, the coin has formed a bullish pennant pattern, which is made up of a vertical line and a symmetrical triangle pattern.
It often leads to more upside in the long term.
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 each other.
Therefore, more upside will be confirmed if the Floki price rises above the key resistance at $0.00029, its highest level in November.
Should that happen, and the crypto bull run continues, there are signs that the coin will jump by 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, Sabre, and MrBrown Whale.
It has since expanded its vision, focusing on developing an NFT gaming metaverse, called Valhalla, and aims to bring real-world utility and decentralized applications to its ecosystem.
