FLOKI Approves Major Token Burn of 15,200,000,000 Billion Tokens

On May 22, 2024, Floki DAO will burn 15.2 billion FLOKI tokens, following a 99.84% yes vote, with the aim of managing the offering and increasing the value of the tokens.

The Floki DAO will perform a significant token burn on May 22, 2024, destroying 15,246,000,000 FLOKI tokens. This decision follows a proposal that received overwhelming support from the Floki community, with 99.84% of voters in favor of burning.

Incentivize compliance

According to proposalone of several blacklisted wallets, which had previously missed a deadline, returned 15,400,000,000 FLOKI tokens to the project’s multi-sig wallet.

This prompted the DAO to deliberate on the proposal to return 1% of these tokens to the sender as a goodwill gesture, while burning the remaining 99%. This move is intended to encourage other holders of excess tokens to return them, promoting community standards on token circulation.

The Floki community has a history of making crucial decisions regarding token burns. Earlier this year, in February 2024, the DAO approved the burning of approximately 190.9 billion FLOKI tokens. These tokens were retrieved from a Multichain bridge. This event followed another fire in January 2023, when approximately 4.97 trillion FLOKI tokens were burned following the disabling of the Floki cross-chain bridge.

Market impact and community reaction

Following the announcement of the new burning proposal on May 14, 2024, there has been a notable increase in the price of FLOKI. In contrast, at the time of this report, FLOKI price is $0.0002132, up 7.86%, with a 24-hour trading volume of $269,082,290.74.

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This price movement has sparked optimistic discussions among community members and observers. One commentator questioned the possibility of FLOKI reaching $1, reflecting optimistic sentiment among some investors.

Furthermore, crypto analyst Scofield said that Floki is in a strong position from both a technical and fundamental perspective. Elon Musk’s parody account has it too published about this development to his 199,000 followers.

The account highlighted that the meme coin craze is far from over and that FLOKI is well positioned to dominate. He cited two catalysts for this belief: the impending burning of more than 15 billion FLOKI tokens and a special announcement expected a few days later.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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