- A proposal has been made to burn 190 billion FLOKI tokens
- If the vote passes, over $11 million worth of FLOKI tokens will be permanently removed from circulation
- This could potentially cause an explosion in the FLOKI price
The Floki DAO has recently proposed a massive reduction in the total supply of the cryptocurrency project by burning 190 billion tokens, which accounts for 2% of the circulating supply.
The team behind FLOKI states that this burn will help ensure the security and long-term stability of the DAO and the Floki network.
The proposal is currently open for a community vote, with 84% of votes in support of the burn at the time of writing.
If the proposal is approved, the tokens will be permanently destroyed within a week. Otherwise, they will be kept in the Floki treasury for future use.
FLOKI Price
In January 2023, over $124 million worth of FLOKI tokens were burned, resulting in a 70% jump in the price of the meme coin. In recent weeks, FLOKI’s price has also been on the rise, along with other meme coins, as Bitcoin reaches a multi-year high of $64k.
Additionally, it was reported that digital asset company DWF Labs Market purchased $10 million worth of FLOKI in the next two years, causing a temporary spike in FLOKI’s price.
The number of visitors to the site has also increased by 67% in the past seven days.
