Floki Inu (FLOKI) is gearing up with a bullish cup and handle formation amid more bullish news that Floki DAO plans to burn 15.2 billion FLOKI tokens on Wednesday. Find out what this means in FLOKI price analysis.
With a massive 99.84% of the community approved, aiming to cut supply and boost value.
It’s not the first significant burn for FLOKI. Earlier in February 2024, the FLOKI DAO approved burning approximately 190.9 billion tokens recovered from a Multichain bridge.
Keep an eye out for the #FLOKI $FLOKI PUMP. 👀🔥🚀 Another big pump might happen any minute now. This is a kind warning. Nfa. 🙏✌️🚀 @RealFlokiInu pic.twitter.com/zY4j5f7WtF
— Floki Is The Way (@LoveFloki) May 21, 2024
FLOKI Price Analysis: Is Floki Price an Easy 10x From These Levels
Currently valued at $0.0002255, FLOKI has surged by almost 20% over the past week off of news that an Ethereum ETF may soon be approved.
According to Santiment data, FLOKI’s daily trading volume soared to $1.06 billion on May 15th, its highest level since March 28th.
At these levels, the token seems poised for a potential 2-5X, especially if it breaks above the $0.00002250 resistance.
Both 20-day and 200-day SMAs indicate bullish trends, with a golden cross suggesting strong upward momentum.
In line with the decision of the #Floki DAO, 15,246,000,000 $FLOKI tokens will be burnt on May 22, 2024.
The #Floki DAO voted in favor of burning 15,246,000,000 $FLOKI tokens, with an overwhelming majority of 99.84% voting in favor of the burn.
Stay tuned for further updates! https://t.co/aHBUmTepbD
— FLOKI (@RealFlokiInu) May 20, 2024
At press time, FLOKI’s RSI was 52.20, indicating more bullish momentum.
Bearish Signs for Price on Horizon Despite Rally Fundamentals
Despite the price uptick, Floki Inu’s Chaikin Money Flow (CMF) sits negative at -0.11, signaling weak buying pressure.
This suggests the rally is fueled more by short-term hype than solid fundamentals.
The negative CMF during a price increase is a classic sign of weakening buying pressure, hinting at potential short-term volatility.
Could This Multi-Chain Presales Offer Better Meme Coin Play?
While the classic doggy meme coins go viral again, Dogeverse is ready to break out. Picture this as your golden ticket to the first days of the top meme coins, complete with early bragging rights.
Built out as a multi-chain project, the DOGEVERSE presale recently smashed $15m in recorded revenue across Base, Solana, Ethereum and more.
DOGEVERSE, the first multi-chain DOGE spinoff, is gunning for meme coin supremacy in the dogcoin vertical – so jump in now or miss the ride.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Free Bitcoin Crash Course
- Enjoyed by over 100,000 students.
- One email a day, 7 days in a row.
- Short and educational, guaranteed!
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
