- Floki Inu price has made a spectacular comeback in the past few days.
- The community announced a major vote to burn $100M tokens.
- The token is slowly forming a double-top pattern on the 4H chart.
Floki Inu price pulled back after going in a spectacular rally during the weekend. The meme coin surged to a high of $0.000030 on Sunday and then pulled back to $0.000023. It is still one of the best-performing cryptocurrencies of the month, with its price up by about 207% above the lowest level in 2023.
Why Floki Inu is soaring
Floki Inu is one of the top dog-themed meme coins that came to life in 2021 during the meme coin frenzy. Other popular tokens that came out during the period are Shiba Inu, Baby Dogecoin, and Dogelon Mars among others.
Like Shiba Inu, Floki Inu has been attempting to move past its meme coin credentials. The developers launched several features in a bid to make the project successful. They launched Valahala, a play-to-earn metaverse project. It is a turn-based combat game where participants are rewarded using FLOKI.
Find out how to buy Shiba Inu.
Further, the developers launched FlokiFi, which is a DeFi platform where people can swap tokens and trade NFTs. According to its website, it has a total value locked (TVL) of over $7.8 million. It supports 12 blockchains like Ethereum and BNB. Further, Floki Inu runs FlokiPlaces, a merchandise and NFT marketplace.
Floki Inu price soared during the weekend after the community members voted to burn tokens worth about $100 million. This is an important thing considering that all Floki Inu tokens in circulation are worth over $206 million.
The proposal will also do other things for the Floki Inu ecosystem. According to the website, the developers will permanently disable the Ethereum and BNB Chain bridge. This bridge was created when the developers introduced the BNB version of Floki.
The other part of the proposal will be the removal of Floki Inu’s transaction costs. It will remove the 3% buy and sell FLOKI transaction costs.
Floki Inu price prediction
The 4H chart shows that the Floki price has been in a strong bullish trend in the past few weeks. As it rose, it surged above the important resistance point at $0.0000127, the highest point on January 24. It has surged above all moving averages.
Recently, however, these gains have started to disappear, as the token has plunged by over 22% from the highest level this year. It seems like it is about to form a double-top pattern, which is usually a bearish pattern.
Therefore, the coin will likely continue rising as buyers target the key resistance point at $0.000030 (double-top). If this happens, the token will likely plunge since the pattern is usually a bearish sign.
Contributors
