FLOKI Bulls Target Fresh ATH and Beyond After 15.2 Billion Burn

FLOKI Futures Open Interest Climbs 111% as Bullish Rally Strengthens

In a move that highlights the power of decentralized governance, the FLOKI Inu project has burned a staggering 15.246 billion FLOKI tokens. This unprecedented burn was executed by the project's decentralized autonomous organization (DAO) after receiving overwhelming approval from Floki's community holders - a decisive 99% voted in favor of the proposal.

As of press time, FLOKI is currently priced at $0.000229, slightly up 0.07% over the last 24 hours. It has a market capitalization of $2.19 billion. Trading volume for FLOKI over the last 24 hours is at $456.6 million, comprising a hefty 45.26% drop in the same timeframe.

FLOKI Price Chart: CoinMarketCap
FLOKI Price Chart: CoinMarketCap

The burnt tokens originated from two key sources. A sizeable portion had been seized from a vulnerable cross-chain bridge back in February 2024, while the remainder was being held in reserves within another bridge that was decommissioned way back in January 2023. By removing over 15 billion FLOKI from circulation, the community has firmly signaled its intent to control token supply and maintain Floki's scarcity.

This colossal burn represents yet another milestone for Floki and its adherence to true decentralization. The project's DAO has now facilitated multiple community-driven proposals, with voters consistently backing moves aimed at reducing supply and boosting $FLOKI's long-term prospects.

To make amends for a previous misstep, the DAO also voted to restore 1% of tokens to a previously blacklisted burner address, once again highlighting Floki's commitment to self-correction and putting the community first.

FLOKI Technical Analysis

From a technical analysis standpoint, the FLOKI burn has arrived at an opportune time for the token's bullish uptrend. Prior to the burn, FLOKI's price had been trapped within a symmetrical triangle and bullish flag pattern since early March. This persistent range-bound movement followed a 63% correction from FLOKI's yearly high of $0.00031500.

FLOKI Data Chart: TradingView
FLOKI Data Chart: TradingView

However, the token broke out from both the triangle and flag patterns. These patterns are typically categorized as "continuation patterns," meaning the prevailing trend should resume after the pattern is completed. If FLOKI can maintain its momentum above the key ascending trendline, the height of the triangle projects a rally of around 139% to new all-time highs near $0.00038.  

Several key metrics and indicators support this bullish outlook. The FLOKI Long-Short Ratio is elevated, suggesting an influx of new long positions as traders bet on further upside. 

FLOKI Long/Short Ratio: Coinglass
FLOKI Long/Short Ratio: Coinglass

Meanwhile, in the chart above, the Relative Strength Index has climbed to 64, indicating buyers have been in control as momentum builds. The MACD indicator is also shows a strong upward trajectory, with both the MACD line and histogram registering positive values as the shorter 12-period EMA diverges further above the 26-period EMA.

With a massive supply reduction from the burn, continued commitment to decentralization, and bullish technical tailwinds, all eyes are now on whether the FLOKI token can ride this wave of momentum to new all-time highs in the near future.

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