Floki burn rate rises as expert predicts a 92% surge

Floki price rose to its highest level since June 8, following the listing on Coinbase, the largest US crypto exchange, and the continuation of the crypto bull run.

Floki (FLOKI), one of the top meme coins, is up 172% from its August low to $0.00028.

This rally occurred in a high-volume trading environment in both futures and spot markets. Spot market volume reached $1.68 billion; This is a significant figure considering Floki’s market capitalization exceeds $2.5 billion. Floki’s open positions on the futures market rose to $40 million, the highest level since September 28.

Since the exchange has millions of users, its volume is expected to increase further after the Coinbase listing. Typically, cryptocurrency prices see significant increases once they are listed on a tier-one exchange like Coinbase.

The Floki token also benefited from the reduction in circulating supply due to the burn mechanism. Data from Cryptoeye shows that token burns have accelerated recently, with the circulating supply falling to over 4.12 billion tokens after 5.8 billion tokens were burned since inception.

These burns are primarily due to Floki’s ecosystem, which includes platforms such as Valhalla, TokenFi, and FlokiFi.

Floki’s rise is in line with the ongoing crypto bull run that has pushed Bitcoin (BTC) close to $100,000. Meme coins and altcoins generally perform well during such periods, especially when the crypto fear and greed index rises.

Javon Marks, a well-known crypto analyst, predicts further upside for Floki, predicting a 92% upside from current levels based on the falling wedge pattern on the 3-day chart.

Floki price may increase by 32% Floki chart | Source: crypto.news

The daily chart shows a strong rise for Floki following the August low of $0.0000965. A golden cross pattern was formed when the 50-day and 200-day Exponential Moving Averages crossed.

The MACD indicator has moved above the zero line and the coin remains above the key support level of $0.00021, the swing high on June 22.

More gains could be confirmed if Floki breaks above the key resistance level at $0.00028, a weekly high. If this happens, the next target will be the June high of $0.00035, representing a 32% increase from current levels.