Floki Spikes To 27-Month Highs With 69% Rally, Trader Sees It As 'The Next Doge'

Floki Inu FLOKI/USD is up 69% on the week on increasing total value locked, recent token burns and whale transactions.

What Happened: On March 9, the Floki team announced the successful burn of 190.91 billion FLOKI tokens across Ethereum and BNB Chain on its official X page. This brings the total value of burned tokens to over $47 million.

The team said Floki's utility would burn more tokens in the long run. It also stressed the increased momentum of utility-driven burns.

In another update, FlokFi Locker’s total value locked has reached an all-time high of $148.8 million. FlokiFi Locker is a crypto locker protocol utilizing FLOKI as its primary utility token.

The ecosystem’s total value locked stands at $756 million, all-time high levels. The team added that "robust fundamentals" set it apart and position it "for dominance" compared to other meme coins.

Floki Inu's total value locked figures surpass those of its rivals Dogecoin Shiba Inu and Dogwifhat.

Also Read: Will Floki Inu Be The Next Dogecoin? Crypto Community Buzzes After $10M Investment

Why It Matters: Floki has defied a stalling meme coin rally and is Monday's star performer of this sector.

Floki’s trading volumes have also surged alongside its price. With a trading volume of $2.1 billion, it surpasses the combined trading volume of Pepe ($1.59 billion) and Bonk ($450 million).

A Dogecoin-related account announced on X that a whale purchased $512,176.59 in FLOKI tokens in a single transaction. This follows another whale's $707,476 token purchase on Sunday.

The tweet said “it seems people are starting to realize that #FLOKI is the next #DOGE.”

Long-term crypto and stock investor Jelle:

Safe to say $FLOKI stepped back into the spotlight.

Absolute rampage. https://t.co/Pawp61RNB1 pic.twitter.com/RSgc1xoXao

— Jelle (@CryptoJelleNL) March 11, 2024

Floki has overtaken Dogwifhat in market capitalization and is looking to capitalize on the token's bullish momentum.

Read Next: Floki Staking Hits Record $105M, Surges Ahead Of Dogecoin, Pepe Coin, Shiba Inu In Total Locked Value

Image: Shutterstock.