Floki Inu Up 68%: Dogecoin, Shiba Inu Rival To Burn 190B Tokens, Trader Says ‘Range About To Break’
By Benzinga
Floki Inu (CRYPTO: FLOKI) developers have proposed to burn 190 billion tokens amid the token’s 67.5% weekly rally. Analysts foresee a potential bull run for Floki Inu.
What Happened: The Floki community took to X to highlight that it plans to burn 190.9 billion FLOKI tokens to ensure the long-term security and stability of the project.
The burn will account for 2% of the token’s current circulating supply, worth around $11 million.
The move mirrors a similar burn in January 2023, when 218 million tokens were removed in a single day. Since then, Floki has gained 79%.
The community has called for a vote from its members on whether to burn the tokens or keep them in the Treasury. If the vote passes, the burning will be carried out within a week.
According to Crypteye, a tracker for FLOKI token burns, the community has burned around 58% of its total supply in the past year, amounting to 9.97 billion FLOKI tokens.
See Also: Will Floki Inu Be The Next Dogecoin? Crypto Community Buzzes After $10M Investment
Why It Matters: Web3 investment firm DWF Labs announced its plans to purchase $10 million in FLOKI tokens from the community treasury over the next two years.
An X user has requested Brian Armstrong to list Floki on Binance. The tweet adds that it's "almost impossible" to buy Floki in the United States and that it is "likely to be the top memecoin of this cycle.”
Crypto trader and analyst, Moustache took to X state that a good example of Altcoin leaving its years-long accumulation range is Floki.
Floki Inu, named after Tesla CEO Elon Musk's pet Shiba Inu, Floki, has been tipped as a potential heir to the throne of Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
Per CoinMarketCap, Floki Inu was founded by pseudonymous crypto creators that go by B PetaByte Capital, Sabre and Mr Brown Whale.
What's Next: It remains to be seen whether Floki Inu can become a credible Dogecoin rival in this bull run.
Price Action: In the past 24 hours, Floki dropped 3.4%, with volumes contracting 39.5%. Crypto “OG Investor” and chart analyst Crypto Dona tweeted yesterday, Feb.28, that amid extremely bullish news on Floki, he is looking for a retest of the support zone to enter.
Image edited via Canva
