Floki Announces Massive 15.24 Billion Token Burn: What’s Next?

Floki Announces Massive 15.24 Billion Token Burn: What’s Next?
The Floki DAO has overwhelmingly approved a token burn, with a staggering 99.84% consensus to incinerate 15.246 billion tokens within the week.
According to market analysts, FLOKI crypto is poised for a potential uptrend, signaling the onset of a new bullish phase.

The Floki crypto is experiencing a significant upswing, propelled by the overall market's recovery. Additionally, a recent declaration from the FLOKI DAO regarding a massive token burn of 15.24 billion tokens could further elevate its value.

The token burn by FLOKI DAO is set to significantly reduce the number of tokens in circulation, potentially leading to a scarcity that could enhance the tokens' value over time.

Let's explore the effects of this recent development and assess if it could positively influence Floki's market price.
FLOKI DAO Passes Vote To Burn A Massive 15.246 Billion Tokens

According to the latest update from FLOKI's official Twitter (X) account, the FLOKI DAO has overwhelmingly agreed to a token burn, with an impressive 99.84% of participants supporting the decision to destroy 15.246 billion FLOKI tokens. As per the tweet, the whole process is set to occur within the next week.

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">IT&#39;S OFFICIAL: FLOKI DAO PASSES VOTE TO BURN 15,246,000,000 FLOKI TOKENS<br><br>The <a href="https://twitter.com/hashtag/Floki?src=hash&amp;ref_src=twsrc%5Etfw">#Floki</a> DAO has voted in favor of burning 15,246,000,000 <a href="https://twitter.com/search?q=%24FLOKI&amp;src=ctag&amp;ref_src=twsrc%5Etfw"> FLOKI </a> tokens, with an overwhelming majority of 99.84% voting in favor of the burn.<br><br>In line with the decision of the Floki DAO, the tokens will… <a href="https://t.co/zrnytjJ6N2">https://t.co/zrnytjJ6N2</a> <a href="https://t.co/TGRA8hzVj4">pic.twitter.com/TGRA8hzVj4</a></p>&mdash; FLOKI (@RealFlokiInu) <a href="https://twitter.com/RealFlokiInu/status/1790835679364006220?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Moreover, the current circulating supply of 9.557 Billion FLOKI tokens and 9.707 Billion tokens in the total supply.
Can FLoki Price Explode Soon?
The daily chart has shown a breakout and subsequent retest within a parallel channel pattern, signaling an end to the corrective trend and the possibility of an upcoming bullish wave.

Furthermore, Floki's price trajectory is forming an ascending pattern of peaks and troughs, reinforcing the likelihood of a bullish trend. This, coupled with the broader market's recovery, could further enhance its value.

On the higher side, Floki is yet to reach its annual peak, suggesting there could be an upside potential of approximately 47%.

However, if the crypto fails to benefit from the recent news and broader market's positivity and falls below the $0.0002 level it may invalidate a breakout and extend the correction phase.

Floki crypto is on the rise, driven by market recovery and a FLOKI DAO-approved token burn of 15.24 billion tokens, aiming to create scarcity and boost value. A 99.84% majority voted for the burn which is set to happen within a week.

Moreover, Technical analysis shows a breakout pattern, hinting at a bullish trend and a potential 47% increase if Floki reaches its yearly high. However, dropping below $0.0002 could negate this positive outlook and prolong the correction phase.

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