Shiba Inu Rival FLOKI Prepares to Burn 15,246,000,000 FLOKI Tokens – Rally Ahead?

• The Floki DAO has proposed to burn $2.8 worth of FLOKI tokens, which has so far received overwhelming community support.
• Floki’s price is on the cusp of a major bullish uproar in the coming months after breaking out of a bullish pennant pattern on the weekly time chart.

Floki Inu (FLOKI), a top-tier dog-themed meme coin that gained popularity following the endorsement by tech billionaire Elon Musk, has attracted notable attention from both retail traders and institutional investors. The mid-cap meme coin, with a fully diluted valuation of about $1.9 billion and a 24-hour average trading volume of about $481 million, is on the verge of incinerating tokens worth nearly $3 million.

According to the latest Floki DAO proposal, more than 15 billion FLOKI tokens recovered from the blacklisted wallets, will be burned if the community approves. As of this writing, more than 99 percent of the cast votes had favored the Floki DAO proposal. Notably, the voting process for the proposal is expected to end on May 15, 2024. 

If the Floki DAO votes in favor of this proposal, the core developers announced that they will send 1 percent of the value of the returned tokens, around 154,000,000 Floki tokens, back to the affected party and burn the rest. 

The Floki network has to date burned around 58.68 percent, worth about $1.1 billion, of the total tokens in circulating supply. Earlier in March, as reported by Crypto News Flash, the Floki network burned over 190 billion tokens worth around $11 million.

Floki Emerges Among Top Dog-themed Meme Coins

The rise of fresh meme coins including stock-inspired coins such as GameStop (GME) has significantly helped onboard more investors in the web3 industry. According to the latest market data, the meme coin industry has a total valuation of more than $54 billion and a daily average traded volume of around $8.4 billion. 

As Crypto News Flash recently reported, VanEck, one of the fund managers offering spot Bitcoin ETFs in the United States, has a meme coin index for the too six meme coins. Interestingly, Floki is among the meme coins available to institutional investors for seamless trading. Moreover, Floki is among the crypto projects in the DWF Labs portfolio.

According to on-chain data, FLOKI has more than 413k holders and total liquidity in BNB of around $20 million. Nonetheless, Floki is faced with immense competition from other meme coins such as Pepe (PEPE), and Solana-based meme coins, among others.

Midterm Price Target

Floki’s price is on the cusp of a major bullish uproar, which will likely be triggered by the inevitable approval of the proposed Floki DAO burn. According to a popular crypto analyst alias Captain Faibik, Floki will spike as much as 200 percent in the coming weeks if the bulls consistently close above the recent falling logarithmic trend.

From a technical standpoint, Floki’s price against the US dollar is on the precipice of rallying towards a new all-time high just like frog-themed Pepe.