Key Takeaways:
- Floki Inu, a canine meme-coin descended from Shiba Inu (SHIB) and subsequently from Dogecoin (DOGE), had a rough week.
- However, its native token FLOKI could partially recover in the sessions ahead, gaining 45%.
- The team behind the project difused the max supply confusion on CoinMarketCap.
- Floki strives to discard its meme-coin status, but still lacks utility.
YEREVAN (CoinChapter.com) – Floki Inu token, an addition to the Dogecoin-knockoff litter, has crashed 35% since Jan 3, complying with the bleeding crypto market.
The meme coin changed hands at $0.00007249, 82% lower than the $0.00040 all-time high of Nov 4. However, the Floki Inu price could pick up in the upcoming sessions based on a technical setup that has been relevant since late October.
The Viking-horned canine coin formed a Descending Channel, which could take the Floki Inu coin price up 45% in the upcoming week. The Channel features two parallel trendlines with a negative slope, which enclose the price action and prevent sharp moves in either direction.
Although the formation does not entail a continuation bias, it is instrumental in predicting short-term sentiment. FLOKI retested the Channel’s support in the Asian-Pacific session Friday, thus could shortly take off to retest the resistance.
Also read: Floki Inu coin price drops 13% after Elon Musk-led weekend soar.
Moreover, FLOKI hopes to gain value by applying a token burning mechanism and creating a supply squeeze. But the holders got confused in the process.
Floki Inu supply changed on Coinmarketcap?
Token’s official Twitter page announced on Jan 7 that NO change in Floki Inu supply is possible. However, they noted that the issue stemmed from the crypto-tracking website CoinMarketCap and its requirements.
The FLOKI whitepaper claims the maximum supply stands at 10 trillion, whereas Floki Inu supply on CoinMarketCap read 20 trillion, confusing many Floki Inu followers.
FLOKI initially launched with a max supply of 10 trillion on the ETH chain — shortly after, we launched on the BSC chain with the same supply. However, in reality, a total of 10.65T tokens is permanently out of supply/burnt on both chains.
explained the team in a Twitter thread.
Also read: Floki Inu rallies 60% as anticipation builds around its Burj Khalifa showoff.
Aside from defusing the max supply confusion, Floki Inu adopted a more ‘serious’ persona. The token strived to gain back the traders’ fading attention in light of the latest bearish rut. After the spectacular and pricey worldwide advertising campaign, the knockoff meme coin took the philanthropist approach.
In late December, the Floki Inu token vouched to build three schools; in Nigeria, Guatemala, and Laos. The team announced that the project is “in line with its vision to build a school in every underdeveloped nation.” Despite the admirable effort to give back to less fortunate communities, Floki Inu’s meme coin status remains undeniable due to low utility.
