Proposal data indicates that the community approved a proposal to burn 2% of the token’s supply, which caused the price of the dog-themed token Floki (FLOKI) to soar by more than 100% in the last 24 hours.Â
As of writing, the price of the Floki token increased by more than 78%, and the current price is $0.0001128, as per the data shown in CoinmarketCap. With the top voter staking 117 billion tokens, nearly 90% of votes were in favor of the burn. The event is anticipated to transpire following seven days.
Burning is the process of shifting tokens to an uncontrollably large cryptocurrency wallet to permanently remove them from circulation. A burn event was previously held by Floki in January 2023.
To improve network security and foster a more optimistic outlook for the tokens, developers suggested last week eliminating 190 billion tokens, which were valued at $11 million at the time. Prices have increased 140% since the initial news of the burn plans came out.
From the supply kept on the Multichain bridge, the tokens for the proposed burn will come. Users were able to move tokens between other networks on the Multichain platform, but the platform collapsed in July 2023 due to a vulnerability that resulted in the theft of over $130 million in cash.
The enormous FLOKI spike was probably caused by the frenzy surrounding meme coin investing, as the prices of well-known tokens like dogecoin (DOGE), shiba inu (SHIB), and bonk (BONK) have increased by more than 50% in the last week.
Over the last 24 hours, the meme coin category tracked by CoimarketCap has increased by 30%, while the broad-based liquid index CD20 has increased by 4%.
Also Read: DWF Labs Fuels Floki’s Momentum with a $10M Token Purchase
