Floki Inu (FLOKI) saw a sharp price increase of nearly 30% in 24 hours, driven by a social media post from Elon Musk where he humorously declared his Shiba Inu dog, Floki, as the CEO of X. This triggered the 'Musk effect,' reminiscent of his past impact on Dogecoin, with FLOKI's trading volume soaring over 500% to an intraday peak of $0.00008457.
Simultaneously, market analyst Scofield emphasized FLOKI's unique auto-burn mechanism, which he claims gives it an advantage over other major meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and PepeCoin (PEPE). Scofield highlighted that FLOKI's trading bot has achieved over $100 million in volume with minimal marketing, accruing more than $1 million in fees, with 50% automatically used to buy and burn FLOKI tokens, enhancing deflationary properties.
The Floki team recently resumed this buy-burn feature after a pause, committing to burn 50% of accumulated fees. In comparison, Shiba Inu burns 70% of transaction fees on its Shibarium layer-2 platform, while Dogecoin uses an inflationary model without regular burns. At the time of reporting, FLOKI was trading around $0.0001458, with analysts noting resistance at $0.00017480 and mixed signals from technical indicators.
