# Floki Creates Death Cross, Weekly Burn Rate Hits 6.1 Billion
Floki, the memecoin influenced by Elon Musk’s dog “Floki”, saw a substantial drop in January, creating a death cross pattern and facing more downside risk in February.
Despite some remarkable ecosystem news, Floki has been on the decrease. For example, the token has been included to Coinbase for New York inhabitants. Coinbase has additionally made memecoins like Gigachad and Turbo available to New Yorkers.
Since its beginning in 2021, Floki has burned 5.87 trillion tokens, with a flowing supply of 4.1 trillion. These burns occur when tokens are moved to inaccessible addresses, intending to reduce the circulating supply and increase their worth.
The price decrease accompanied with Floki burning over 5.8 trillion tokens in the past month. In the last three months, it has burned 2.46 billion tokens worth $330,000, and in the past twelve months, it has burned 1.009 billion tokens.
Additionally, as the token decreased, two Floki whales continued to buy the dip. The second-largest Floki holder bought an additional 214 million tokens, while another bought 253 million.
Floki’s decrease mirrors the performance of other memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
Valhalla, a play-to-earn game with over $43 million in funding, will power its play-to-earn economy. The goal is to increase Floki’s adoption as it transitions from a memecoin to a utility coin.
Toncoin (TON) Value Forecast for March 26th
Floki (FLOKI) dropped to a low of $0.0001135 in January, its lowest level since August of last year. This represents a decrease of over 53% from its peak in November.
The next key price catalyst for Floki will be the upcoming launch of Valhalla on the mainnet.
## Floki Cost Analysis
The daily chart reveals that the Floki cost formed a double top pattern of $0.0002840 in November and December.
This pessimistic configuration comprises a twofold peak alongside a lower boundary, and the lower boundary is situated at $0.0002050.
Moreover, there exists Floki’s demise intersection, a negative configuration that materializes upon the convergence of the 200-day and 50-day trending averages. In addition, it has generated a succession of descending nadirs and ascending zeniths.
Consequently, should Floki’s valuation diminish beneath the vital bolster threshold of $0.0001135, it shall validate supplementary disadvantageous aptitude. This is a valuation to observe, as it embodies the nadir valuation since the month of July of the prior annum.
