The Floki (FLOKI) coin tracking platform, Burn Floki, announced on X yesterday that approximately 36,285,089 FLOKI tokens were burned from the total supply in just 1 hour. The burned FLOKI was worth about $1,289, according to the post.
36,285,089 (~$1,289) $FLOKI tokens burned from the total supply in the past hour. #FLOKI @RealFlokiInuhttps://t.co/9byaZicGPz
— Burn FLOKI (@burn_FLOKI) October 29, 2023
Meanwhile, FLOKI’s burn tracking platform indicated that about 44,998,414.51 tokens were burned in the past 24 hours. Yesterday’s massive burning was a big chunk of the 116,965,689.17 FLOKI tokens that were removed from the supply throughout the past month.
So far, about 5,769,420,432,475.91 (57.694%) of the token’s total supply has been burned. However, it is worth noting that the FLOKI token burns are slowing down a bit as there have been zero burns in the past hour.
Along with its burn rate, FLOKI’s price performance also took a dip. At press time, CoinMarketCap indicated that FLOKI was trading at $0.00003525 after its price slipped by 1.20% throughout the past day of trading.
The meme coin’s 24 hour trading volume also experienced a more than 31% decrease, which caused it to drop to $71.04 million. On the other hand, FLOKI’s success from last week was still evident on its longer time frames as its weekly performance was up by 31.57%. FLOKI’s price also climbed 112.77% in the past month as well.
Daily chart for FLOKI/USDT (Source: TradingView)
From a technical perspective, a significant bearish flag was on the verge of being triggered. At press time, the daily RSI line was attempting to cross below the daily RSI SMA line. This suggested that buyers were losing strength, which could lead to FLOKI’s price dropping in the next few days.
If this technical flag is confirmed and validated, then FLOKI’s price could be at risk of breaking below the $0.00003315 support level. Thereafter, continued sell pressure may force the meme coin’s price down to as low as $0.00002550. However, if bulls step in within the coming 48 hours, it could boost the altcoin’s price to as high as $0.00004270.
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