YEREVAN (CoinChapter.com) — FLOKI Staking TVL (total value locked) is at a record high of $80 million. However, before diving into the statistics, let’s examine the token price and the reasons behind the uptrend. In detail, Floki Inu (FLOKI), a memecoin of the canine-inspired puppy litter, briefly jumped 23% to $0.000041 on Dec. 4 but corrected shortly after, stabilizing at $0.000035. However, technical indicators point to another 50% uptrend for Floki Inu by 2024.
FLOKI technicals bullish
As a result of the noted price increase on Dec. 4 and Floki’s record Staking TVL, the token’s price action confirmed a technical setup known as the ‘pennant.’ A pennant resembles a small symmetrical triangle. It occurs when there is a large price movement (in FLoki’s case – bullish), followed by a consolidation period with converging trendlines, and then a breakout movement in the same direction as the initial large movement.
A pennant is considered a continuation pattern, suggesting that the price would copy the same direction and the same movement height as the trend that was in place before the pattern formed. Thus, the FLOKI target price is $0.000055, over 50% higher than the current value.
Meanwhile, the blockchain achieved another significant milestone. Here are more details on the Floki Stakin TVL record.
FLOKI Staking TVL at Record High
According to the blockchain team’s announcement on Dec. 4, Floki Staking TVL reached a record high at $80 million.
That is over 21% of the total Floki supply, or over 22% of the circulating supply, locked away in the Floki staking program for a minimum duration of 3 months and up to 48 months. This further enhances FLOKI’s utility value, strengthens its utility, and ensures its long-term stability.
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Floki team also commented that Hypr Network has locked nearly 50% of their liquidity on Floki’s token locker protocol FlokiFi Locker. In detail, Hypr is a layer two blockchain built on top of Ethereum.
