Market analyst explains what sets Floki Inu apart from DOGE, SHIB, and PEPE

Renowned market analyst Scofield has triggered a stir in the meme cryptocurrency space, revealing how Floki Inu (FLOKI) differs from other top-themed coins.

That comes after Floki launched its recent auto-burn mechanism, and Scofield believes that gave the assets bragging rights over Dogecoin (DOGE), Shiba Inu (SHIB), and PepeCoin (PEPE).

The analyst highlighted Floki’s money printer, which allows the network to (automatically) purchase and destroy FLOKI tokens. That targets improved deflationary mechanisms.

Scofield

@Crypto_Scofield

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$FLOKI has created a money printer that buys and burns FLOKI tokens automatically… Their trading bot: – $100M+ volume with close to 0 marketing – $1M+ in fees – 50% of fees burn FLOKI – Multichain $DOGE, $SHIB, $PEPE having anything like this? Don’t think so! 👀

10:03 pm · 22 Oct 2024

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Notably, Floki developers revealed a significant milestone in the project’s burn initiative on 18 October.

Floki’s buy-burn initiative

The FLOKI team revealed that the trading bot’s buy-burn feature, which paused after failing to work efficiently following a mainnet launch, resumed operations on Friday.

Meanwhile, the auto-burn functionality collects and destroys 50% of trading fees accumulated from Floki’s trading bot.

The announcement stated:

As part of this upgrade, 50% of the $1 million+ in fees accrued from previous trades will be applied to buy and burn FLOKI, in line with our original commitment when we announced the Floki Trading Bot.

Notably, the Telegram-based bot charges a 1% fee on each trade and allows individuals to purchase and sell coins across the Binance Chain, Ethereum, and Base platforms.

Meanwhile, Floki isn’t the only meme token focusing on token burns. Most themed cryptocurrencies leverage these mechanisms to reduce their total supply for enhanced scarcity and demand.

Shiba Inu has an auto-burn mechanism, which destroys 70% of transaction fees on the L2 platform Shibarium – which has seen skyrocketed activity recently.

Nonetheless, the original dog-themed Dogecoin doesn’t have regular token burns.

It uses an inflationary approach, adding fixed amounts of tokens to the overall supply yearly.

Meanwhile, Floki’s auto-burn aligns with the project’s objective to cement the meme asset’s presence in the financial space.

The team entered the mainstream sports world in August 2024 to elevate the token’s status beyond a meme asset.

FLOKI price outlook

The meme token hovered at $0.0001458 after losing over 3% the previous day.

The visible bearishness comes as the broad market retreats following Bitcoin’s recent attempt at regaining the $70K mark.

Meanwhile, themed assets outperformed in the past day, with the market cap of top memes jumping nearly 20% to $74.80 billion, according to Coingecko.

GOAT (+73%), Simon’s Cat (+14%), and SPX (+7%) kept the sector afloat in the past 24 hours.

FLOKI buyers should reverse the current course and push the alt towards the nearest resistance at $0.00017480.

Hitting this obstacle would mean a 20% gain from current prices.

However, FLOKI’s prevailing trajectory signals weakness, and the 30% dip in daily trading volume suggests more declines before possible rebounds.