Sirius is known in various mythologies as the 'scorching' or 'burning' star. It is one of the brighter stars of the Northern Hemisphere's night sky. Interestingly, Sirius is actually a binary star system. The larger star is known as Sirius A and the smaller, cooler star is known as Sirius B. The ancient Egyptians based their calendar upon the rising of this star during dawn. The ancient Greeks considered this time to be the beginning of the hottest part of Summer. The ancient Polynesians considered this star to be extremely important for navigation, some arguing that perhaps it was as important to them as the North Star was to sailors of the Northern Hemisphere.
Loki's torch is not as important for navigation today as it was in antiquity. In many respects, this star has become a footnote in the mythology surrounding Loki. It has been overshadowed by the Lokasenna in a major way. Loki's torch, however, is still important. The history of how this star served as a guide and an important marker of seasons should not be forgotten. Like Loki himself, the good of this star is not known by the populace.
And Loki, like the star, is a source of great inspiration. He is known as the Sly One for a reason. It is not merely his capacity for mischief that he is call this. No, Loki's cunning is said to be the reason why fishermen have nets, why Thor got his hammer back when it was stolen, and how Odin got Sleipnir. I suspect there are other stories of how Loki's cunning resulted in good things that have been lost to history. It doesn't mean that his cunning has come to an end with the modern era.
If you were to take a casual survey of Loki's worshipers, you would find yourself hearing many, many modern stories of how the Sly One helped them out-think, out-wit, and out-maneuver problems they have encountered. It is my humble suggestion that perhaps Loki's torch should be honored as a flame of inspiration and creativity burning through eternity set high in the sky for all to see. If you happen to spy Sirius one evening, consider the possibility that Loki put that spark up there to remind us to keep our wits about us when life turns challenging. That, however, is my humble take on things.