🌎 Floki Project Proposes Burning 190.9 Billion Tokens

The Floki project has put forward a proposal to burn 190.9 billion FLOKI tokens, which accounts for approximately 2% of the total circulating supply. This initiative, valued at around $11 million, is aimed at strengthening the project’s long-term resilience and security.

The tokens earmarked for burning were initially allocated for Floki’s collaboration with the cross-chain bridge service Multichain. However, due to recent developments, the Floki team decided to withdraw these tokens into a secure multisig wallet to safeguard against potential security threats and market manipulation.

The final decision on whether to proceed with the token burn proposal rests with the token’s DAO members. The voting process is currently underway and is scheduled to conclude soon. Notably, a significant majority, 88% of the votes, are in favor of the burning.

Like other popular meme coins, FLOKI has been experiencing a bullish trend in the market. The token has seen a remarkable increase of over 122% this week, with a notable surge of 35% on Friday alone, marking its most significant gain in the past two years.

The primary objectives of the proposed token burn include mitigating the risk of exploitation of these tokens post-integration with another bridge and ensuring their permanent removal from circulation to prevent any adverse impact on the market.