- FLOKI is up more than 10% in the last 24 hours.
- Bullish sentiment remained dominant, but indicators appeared bearish.
Floki Inu [FLOKI] has been the center of attention for quite some time now, as its price has risen significantly.
In the meantime, the meme coin has adopted a major proposal that could have a major impact on its price.
FLOKI approves new proposal
The past 24 hours prospered for FLOKI as its value soared. According to CoinMarketCapthe meme coin is up more than 10% in the past day.
At the time of writing, FLOKI was trading at $0.0001427 with a market cap of over $1.3 billion.
As the price of the coin rose, the community voted in favor of an important proposal, which will soon result in a burning delivery of a large number of FLOKI tokens.
To be precise, 190,918,585,431.84 FLOKI tokens will be burned.
To check the value of those tokens, we used AMBCrypto’s converter and found that those tokens had a value of over $27.5 million.
Source: AMBCrypto
According to the official proposalthe reason behind the burn is to ensure the long-term security and stability of the Floki project by removing the risks of these tokens being exploited and dumped.
The proposal was adopted and more than 89% of voters supported it. Since the burn would reduce the meme coin’s circulating supply, the chances of the meme coin continuing its bull rally seemed high.
What can you expect from FLOKI?
To check if this had any impact on the token’s social metrics, AMBCrypto checked Santiment’s data.
We found that the meme coin’s social volume spiked in recent days, reflecting its popularity in the crypto space.
Weighted sentiment also rose, indicating that bullish sentiment around the meme coin had increased at press time.
Source: Santiment
A few other metrics also looked bullish on the meme coin. In particular, the meme coin’s MVRV ratio has risen sharply.
Network growth also increased, meaning that at the time of writing, more new addresses were being created to transfer the token.
Source: Santiment
Realistic or not, here it is FLOKI’s market cap in terms of BTC
AMBCrypto then looked at FLOKI’s daily chart to better understand what to expect, and found that the indicators were looking bearish on the meme coin.
Notably, FLOKI’s price set fire to the upper bound of the Bollinger Bands. The Relative Strength Index (RSI) was also in the overbought zone at the time of writing – a sign of increasing selling pressure, which could put an end to the current rally.
Source: TradingView