- The FLOKI Coin community has decided to burn $3.2 million worth of FLOKI tokens.
- FLOKI was briefly ranked as the #1 altcoin due to its combination of social and trading activity.
- Analysts have marked a bullish pennant for FLOKI, reinforcing new all-time high expectations.
A new proposal from FLOKI’s Decentralized Autonomous Organization (DAO) proposes burning 15,246,000,000 excess FLOKI tokens. The Floki incineration proposal quickly gained traction among community members, who voted almost unanimously to implement it.
According to the results, 99.84% of voters agreed to burn 15.2 billion Floki coins. This is because this proposal outlines three previous burns initiated by the Floki DAO. In July 2022, the Floki community voted on whether to burn excess tokens recovered from blacklisted wallets, and in January 2023, the community’s decision resulted in another 4.97T Floki coins being burned.
Floki holders also voted to burn an additional 190 billion FLOKI coins withdrawn from multi-chain bridges in February 2024. Notably, the latest FLOKI DAO burn campaign leaves fewer Floki coins than the first three burns initiated by the DAO.
However, this certificate is consistent with FLOKI’s goal to remain a deflationary cryptocurrency fully controlled by the decisions of the community. According to the proposal description, the incineration is scheduled to take place one week after approval.
FLOKI named new social champion
With the upcoming $3.2 million FLOKI burn, the Viking horn-themed dog cryptocurrency has recently shown an impressive record in combined social and trading activity. LunarCrush, a social blockchain data company that closely tracks sentiment surrounding the most talked-about cryptocurrencies, calculates this unique metric.
Since last week, FLOKI has been leading the social on-chain metrics, with social mentions, trading volume, and FLOKI market price steadily increasing simultaneously. LunarCrush discovered the beginning of this trend on May 11, 2024, when the Viking dog-themed cryptocurrency rose to the social intelligence firm’s rankings.
Starting from the 977th position on May 11, 2024, FLOKI continued its social dominance to the point where it held the #1 position in LunarCrush AltRank by May 15, 2024. That day, Floki kicked off a 23% bull run and broke a monthly high. According to CoinGecko, it is $0.0002265.
A bullish pennant to stimulate new highs?
As Floki’s bullish momentum expands, traders are looking for validation of FLOKI’s bullish pennant status. A pennant is a continuation pattern formed by flagpoles and converging trend lines, indicating a period of phased consolidation. The pennant is then followed by a breakout in the same direction as the initial large price movement.
According to cryptocurrency analyst World Of Charts, Floki broke the bullish pennant in 12 hours on May 13, 2024. This price movement shows an upside potential of 120% to 130%, claims World Of Charts. If so, FLOKI could hit a new all-time high.
At press time, FLOKI is trading at $0.0002122, up 2.2% over the last 24 hours. Still down 37.7% from its all-time high, FLOKI maintains a bullish stance with a monthly gain of 57.7%.
On the flipside
- Other major on-chain indicators such as Relative Strength Index (RSI) and Chaikin Money Flow (CMF) index showed mixed signals.
- To account for the ambiguity, the CMF index used to define majority shareholder interest was slightly negative at -0.06.
- Meanwhile, the relative strength index (RSI) was completely neutral at 50, neither oversold nor oversold.
Why This Matters
The GameStop stock price recovery this week has given a major boost to the meme coin department, kicking off double-digit gains for the most popular meme currency.
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