Dogecoin (CRYPTO: DOGE) rival Floki (CRYPTO: FLOKI) burn rate soared above 600% in the last 24 hours.

What Happened: According to Crypteye, a tracker for FLOKI token burns, over 218 million tokens were permanently removed from circulation within a 24-hour window.

This comes as Floki’s sister token, TokenFi (CRYPTO: TOKEN), announced the locking of over 300 million TokenFi tokens within its staking program. The staked amount, set aside for terms ranging from three months to four years, accounts for more than a fifth of TokenFi’s available tokens. 

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Last week, a pseudonymous cryptocurrency analyst Crypto Tony identified a potential turning point for Dogecoin. 

The analyst indicated that upon breaching the resistance level of $0.106, a surge for DOGE is expected.

Crypto Tony said on X, “Flip 0.106 cents into support and we pump hard and kick start #Memeseason..” adding that Floki , another meme-based cryptocurrency,” will be the big pumper to follow too.”

Price Action: At the time of writing, FLOKI was trading at $0.000032, down 6.61% on Thursday, according to Benzinga Pro.

Photo Courtesy: Maurice NORBERT On Shutterstock.com

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