- The Floki community voted to burn 190 billion tokens, reducing the circulating supply by 2%, boosting their value by more than 100% in 24 hours and 343% in one week.
- Following a Multichain exploit in July 2023 with losses of $130 million, the burn seeks to strengthen the security of the Floki network and increase investor confidence.
The participants of this community have opted for a drastic measure, consisting of the elimination of 190 billion FLOKI tokens. This action, equivalent to a 2% reduction of the total number of tokens in circulation, has generated a positive and considerable impact on the market value of Floki, resulting in a rise of over 100% in the last 24 hours and an impressive 343% increase over the course of the week.
IT'S OFFICIAL: FLOKI DAO PASSES VOTE TO BURN 190,918,585,431.84 FLOKI TOKENS
The #Floki DAO has voted in favor of burning 190,918,585,431.84 $FLOKI tokens. At the current market value, this is worth over $24 MILLION.
In line with the decision of the Floki DAO, the tokens will… pic.twitter.com/uGu0XFU5p9
— FLOKI (@RealFlokiInu) March 2, 2024
The source of the tokens chosen for burning, comes from those stored on the Multichain bridge. It is important to note that Multichain suffered a security incident in July 2023, which resulted in a significant loss, amounting to over $130 million.
The decision to focus the burn on these particular tokens pursues two clear objectives: to strengthen the security infrastructure of the Floki network and to raise confidence among current and potential investors.
During the period February 29 to March 2, 2024, the community conducted a voting process for this token burning proposal. The result was overwhelming support, with 84% of the votes in favor.
BIG BREAKING 🚨$FLOKI TVL HITS NEARLY $500M$FLOKI ecosystem just hit a TVL ATH of $494 MILLION. That is more TVL than $PEPE, $DOGE, $SHIB, $WIF, $BONK, and every other memecoin combined! pic.twitter.com/G9egZRFSMH
— BITCOINLFG® (@bitcoinlfgo) March 3, 2024
This majority indicates a clear preference by the community to adopt measures to prevent the reintroduction of these tokens to the market, with the potential to favor stability and growth in the value of Floki.
In the event that the proposal had been rejected, it was planned to retain the tokens within the Floki project treasury, leaving them available for use in future needs or initiatives.
This collective decision-making approach reflects the governance structure that characterizes the Floki community, emphasizing the importance of community participation in strategic decisions.
The current price of FLOKI Inu (FLOKI) is approximately 0.00015383 USDT, up 0.00000758 USDT or about 5.18%. Today, thas seen a change of 5.29%. Over the last week, FLOKI has seen a massive increase of 319.24%, and in the last month, the price has risen 448.52%.
