Floki Inu dropped over 50% amid FLOKI contract upgrade

Floki Inu dropped over 50% amid FLOKI contract upgrade
image from medium.com

Key Takeaways:

  • Floki Inu, a meme-coin spawned from the parade of canine-inspired cryptos climed 13% after a losing half its value in the previous week, but lost the bullish momentum.
  • The protocol underwent a contract upgrade, as Floki announced on Jan 23.

YEREVAN (CoinChapter.com) – Floki Inu (FLOKI) token price crashed over 50% in the previous week, along with the rest of the crypto market. In detail, the Bitcoin (BTC)-led crash wiped over $500 billion off the total crypto market cap. On Jan 23, Floki Inu attempted to recover, and gained 13% in the Asian-Pacific session, but lost the momentum, and crashed hours later.

Floki Inu (FLOKI) price daily chart.
Floki Inu (FLOKI) price daily chart. Source: CoinMarketCap.com

After a 10-day plunge, FLOKI/USD exchange rate slid to 0.000032 in the European session, as the digital asset broke down from a significant support trendline. In detail, the canine meme-coin traded in a Descending Channel since early November.

Floki Inu (FLOKI) broke the Descending Channel's support.
Floki Inu (FLOKI) broke the Descending Channel’s support. Source: FLOKIUSDT on TradingView.com

The formation features two parallel trendlines, that enclose the price action, and prevent sharp breakouts. Despite the Channel’s inability to predict a future bias, it was instrumental in determining short-term price moves. However, since FLOKI complied with the sell-off pressure on the crypto market, bears can expect further losses.

Moreover, on Jan 23, FLOKI dropped to its three-month low at $0.000014.

Also read:Floki Inu token (FLOKI) eyes a 45% uptrend, amid max supply confusion.

Meanwhile, Floki upgraded its contract and “figured out a way” to migrate the liquidity from old contracts onto the upgraded contracts.

Floki Inu Contract Upgrade

On Jan 23, the Floki Inu team updated its following that they seeded the upgraded FLOKI contracts on both Binance Smart Chain (BSC) and Ethereum (ETH). The starting liquidity was at around $3 million on each chain, from the Floki multisig wallet.

Floki team added, that the upgraded contracts have a liquidity tax. The latter will auto-increases liquidity in the pool with a percentage of every buy/sell.

In other words, liquidity for the upgraded contract on both chains will increase significantly in the coming days and eventually be more than what we had on the old contract.

commented the team.

Also read: Floki Inu coin price drops 13% after Elon Musk-led weekend soar.

In hindsight, on Jan 22 Floki Inu transitioned into a DAO (decentralized autonomous organization). The project listed the reasons behind their decision to become a DAO.

Specifically, we’ve been told that FLOKI becoming a DAO positions the project strongly, makes it further decentralized, and makes it easy to achieve our goals of getting listed on key CEXs

added Floki Inu.

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