Why Is Floki Up 326% Over A Week? Analyst Says 'Call It What You Want, But It Works'

Floki (CRYPTO: FLOKI)  has seen its value skyrocket by 326% in just a week after its community approved a plan to destroy 2% of its total tokens. The decision was made through a vote where nearly all participants were in agreement.

What Happened: The FLOKI community voted in favor of removing 190 billion Floki tokens permanently from circulation. This token reduction process is set to happen in a few days.

The proposal to get rid of 190 billion tokens worth $27 million is to make the network more secure.

The tokens to be burned are currently held in a supply reserved for Multichain, a platform that is used to facilitate the transfer of tokens across different networks. 

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Why It Matters: The broader excitement around investing in meme-themed cryptocurrencies also seems to have a role to play in Floki’s price jump. Other meme tokens like Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Bonk (CRYPTO: BONK) have also seen their prices go up by more than 50% in the past week.

Floki in a tweet posted, “Our Floki Staking program involves a 5 – 20% early unstaking fee in Floki tokens, which are then perpetually burned whenever someone unstakes early. Secondly, the FlokiFi Locker protocol, which operates on the ETH and BNB chains, buys and burns Floki tokens with every successful transaction.”

Meanwhile, pseudonymous cryptocurrency analyst Inmortal expressed optimism about the potential rise of the dog-inspired meme coin Floki. 

Inmortal said on X, “PEPE pumped. FLOKI next. Muscle memory, contagion. Call it what you want, but it works.”

Upon examination, the analyst indicates that Floki could continue a bullish streak, potentially mirroring the trajectory of Pepe. Looking at his chart, the trader suggests that FLOKI may remain bullish and print a similar price pattern as PEPE after both memecoins broke their December highs.

Price Action: At the time of writing, FLOKI was trading at $0.00014, up 11.45% in the last 24 hours, according to Benzinga Pro.

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