The Burn Floki platform reports 36,285,089 FLOKI tokens burned in one hour, totaling 44,998,414.51 tokens burned in 24 hours.
Key Takeaways
- Burn Floki’s latest report shows a significant token burn of 36,285,089 FLOKI in just one hour.
- FLOKI’s current value stands at $0.00003525 after a 1.20% drop in the last 24 hours.
- The daily chart indicates a potential bearish flag formation.
- Approximately 57.694% of FLOKI’s total supply has been burned so far.
Burning The Tokens
In a startling revelation, Burn Floki, the tracking platform for the popular cryptocurrency Floki (FLOKI), reported an astounding burn of approximately 36,285,089 FLOKI tokens in just one hour. The total value of these burned tokens amounted to approximately $1,289, as per the announcement.
1,363,008 (~$50) $FLOKI tokens burned from the total supply in the past hour. #FLOKIhttps://t.co/9byaZicGPz
— Burn FLOKI (@burn_FLOKI) October 30, 2023
Moreover, the burn tracking platform revealed that within the past 24 hours, a staggering 44,998,414.51 tokens were incinerated. This massive burn accounts for a substantial portion of the 116,965,689.17 FLOKI tokens removed from circulation over the last month.
As of now, an impressive 57.694% of FLOKI’s total supply has been reduced through these burns. It’s important to note that the pace of FLOKI token burns has slowed down, with no burns recorded in the past hour.
FLOKI Is On Peak
However, the coin’s price performance has been less than stellar. At the time of writing, FLOKI is trading at $0.00003525, marking a 1.20% decline in the past 24 hours. The coin’s 24-hour trading volume has also experienced a notable 31% decrease, now standing at $71.04 million. Despite recent setbacks, FLOKI’s weekly performance remains impressive, with a gain of 31.57%. Over the past month, FLOKI’s price has surged by 112.77%.
From a technical standpoint, the daily chart paints a potentially bearish picture, with the RSI line on the verge of crossing below the RSI SMA line. This could indicate weakening buying pressure, possibly leading to a decline in FLOKI’s price in the coming days.
If this bearish flag is confirmed, FLOKI might test the $0.00003315 support level, and further selling pressure could push it down to $0.00002550. However, a bullish resurgence within the next 48 hours could propel the altcoin’s price as high as $0.00004270.
To Conclude
FLOKI’s recent burn activity highlights the ongoing efforts to reduce the token’s supply, potentially increasing its scarcity and long-term value. While recent price dips and technical signals suggest caution, the crypto market’s volatility makes it essential to keep a close watch on developments. As FLOKI’s burn rate evolves and market conditions change, investors and enthusiasts alike will be eager to see where this meme coin’s journey leads next.
