- Burning 15.2 billion tokens, the Floki Inu community purges wallet tokens that are on the blacklist.
- With its integration with Binance Pay, Floki Inu allows 12 million users to make actual transactions.
The community behind Floki Inu has put forth a bold proposal to burn 15,246,000,000 FLOKI, which are now worth $2.8 million. This is a big step in restoring the health and credibility of the ecosystem—removing tokens from wallets that are blacklisted.
NEW DAO PROPOSAL: BURN 15,246,000,000 $FLOKI TOKENS
A new Floki DAO proposal just went live on whether or not to burn 15,246,000,000 $FLOKI tokens.
Please read the proposal and vote here 👇👇👇https://t.co/UVzQdYQUpu pic.twitter.com/j1mi6XrVZ0
— FLOKI (@RealFlokiInu) May 13, 2024
Clearing Tokens on the Blacklist
The community made clear that the goal of this large burn is to remove tokens from blacklisted wallets. Tokens in blacklisted wallets cannot be used or moved; hence, until they are delivered to the Floki multisig, they are practically worthless.
The group wants to make sure these tokens are never again in circulation; hence, they are being burned.
It is not a novel concept to suggest burning these tokens. Its origins are in a 2022 vote in which the community decided to destroy any extra retrieved tokens.
The Floki Inu community has underlined the need for this measure, saying that burning the returned tokens is the only just way to remove them from the market forever and is in line with community expectations.
Affecting Wallets: Receive a Goodwill Gift
The Floki DAO pledged to send people impacted 1% of the value of the returned tokens, or about 154 million FLOKI, as a goodwill gesture in order to encourage other wallets to engage in burning excess tokens. There is strong support for this effort; 232 votes have been cast in favor.
There has been previous voting by the Floki Inu community to burn tokens. A whopping 190.9 billion tokens that were retrieved from the multi-chain bridge were voted to be burned by the community in February.
The Floki DAO quickly implements these decisions, highlighting the decentralized character of the coin and the DAO’s final say over the project’s course.
Current FLOKI Price
CoinMarketCap reports that FLOKI’s price as of writing is at $0,0001956, up 4.2% over the previous 24 hours. The significant 13.23% increase over the previous week indicates that price action has been bullish. The encouraging market response heightens the anticipation surrounding the token burn plan.
On the other hand, a recent ETHNews article highlighting a major development for Floki Inu added to the momentum. More than 12 million people can now use FLOKI for actual transactions thanks to the cryptocurrency’s association with Binance Pay.
For FLOKI owners, this integration creates new opportunities and increases its adaptability and practicality in daily situations.