Floki, a meme coin inspired by the pet dog “Floki” of Elon Musk, retreated rapidly in January and formed a death cross pattern, putting more down in February.
Floki (Floki) fell at a low of $ 0.0001135 in January, its lowest level from August last year. It was more than 53% of its highest level in November.
Floki’s fall corresponds to the performance of other meme coins such as Dogcoin (Dogin), Shiba Inu (Shib), and Pepe (Pepe).
The accident occurred in a month also when Floki provoked more than 5.8 trillion coins. In the last three months, it has burnt 2.46 billion tokens worth $ 330,000, and in the last twelve months, it has burnt 100.9 million.
Since its establishment in 2021, Floki has burnt 5.87 trillion coins, giving them a circulation on 4.1 trillion. These burn occur when tokens are taken to a address that cannot be accessed. Their purpose is to reduce the number of coins in circulation and promote their value.
Floki also fell despite some important ecosystem news. For example, the token was added to the coinbase, making it available to the residents in New York. The Coinbase also took advantage of Meme coins like Gigachad and Turbo for the residents of New York.
Additionally, as shown below, two Floki whales continued to buy a dip as the coin collapsed. The second largest Floki holder bought an additional 214 million tokens, while another acquired 253 million.
The next major price for Floki will launch the upcoming Vallah on the catalyst mannet.
The Vallah Treasury has a play-to-I game with more than $ 43 million that will strengthen its play-to-I economy. Its goal is to increase the use of Floki as it transfers into a utility coin from a meme coin.
Floki price analysis
The daily chart shows that the Floki value formed a double-top pattern at $ 0.0002840 in November and December. It is an excessive recession pattern made up of two peaks and a neckline, which is at $ 0.0002050.
Floki’s other recession pattern, a death cross, occurred when 200-day and 50-day moving average crossed each other. It has also created a series of lower climb and lower height.
Therefore, if the Floki price crashes below the major support at $ 0.0001135, more negative side will be confirmed. This is a remarkable price as it was its lowest point since July last year.
