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FLOKI price rises 10% as token burn proposal gains majority support
Floki Inu (FLOKI), a renowned dog-themed meme coin in the cryptocurrency industry, gained considerable popularity today, May 14, as its price increased by almost 10%. Leader in the meme coin industry along with major meme cryptocurrencies such as Pepe coinFloki has immediately emerged on the radar of cryptocurrency investors as another bull event for the meme coin appears to be in the works.
Floki DAO, the decentralized autonomous organization behind Floki Inu, recently issued a token burn proposal, aiming to permanently remove just over 15 billion tokens from circulation. This announcement fueled optimistic sentiments in the market for the future price action of the meme coin.
15 billion Token Burn proposal: what’s the scoop?
In an official statement released by meme coin community on X it was highlighted that the DAO’s proposal aimed to burn as many as 15.24 billion FLOKI tokens. In context, the DAO suggested burning tokens recovered from a blacklisted wallet, with the exception of returning 1% to the affected wallet as a goodwill gesture.
In this regard, 15.40 billion FLOKI, worth $2.8 million, were transferred to the Floki multisig and, in turn, it was proposed to return 1% of the tokens to the affected wallet. At the same time, the proposal aimed to burn 15.24 billion tokens and return 154 million.
It is worth noting that at press time the proposal received 99.84% yes votes, with a total “no” vote of 0.16%. This potentially opens up an optimistic path towards greenlighting the proposal.
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Springs price FLOKI
At the time of writing, Floki Inu price has seen an increase of 10.37% in the last 24 hours and is currently trading at $0.0001917. The meme cryptocurrency’s 24-hour trading volume recorded an increase of 328.22% to $506.27 million, further pushing the market’s optimistic sentiments.
As seen before, Burning of FLOKI tokens the headlines appear to have a profoundly positive effect on the token’s price action, fueling upward momentum. CoinGape Media previously reported that Floki Inu’s price had increased following the incineration of nearly 190 billion tokens earlier this year. This news story further paints an optimistic outlook on Floki’s future price.
Meanwhile, the token’s current gains also occur in the context of the coin’s price Bitpanda meme coin leaders index.
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