Floki Inu burns 14.5 billion tokens as price rises 455%

Floki Inu (FLOKI) has burned more than 14.5 billion tokens, worth over $3.2 million, in the past seven days.

The project's recent wave of token burn may have contributed to its rally, #FLOKI has been on the path to token burn for some time now, with the Floki Inu DAO burning 4.2 trillion FLOKI tokens in January last year.
The Floki Inu team introduced utility-based burns, automatically removing tokens from circulation. As demand for the products of the Floki Inu ecosystem increases, the number of tokens that Floki Inu burns also increases.

Additionally, the recent surge in Bitcoin prices, which saw the leading cryptocurrency hit a new all-time high near $72,000 on March 11, has created a bullish mindset among investors.
#memecoin rode the BTC wave to surge higher in the recent buying frenzy.
However, the rally stalled after FLOKI bulls attempted to break out of $0.0003, resulting in the Floki Inu token plummeting 18.3% to hit a daily low near $0.000245 l 'March 11th.

Furthermore, the Relative Strength Index or RSI for FLOKI remains overbought, sitting at 84.42 on the daily charts.
The RSI is a momentum indicator for measuring asset price movements to identify overbought or oversold conditions.

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