Floki, a prominent cryptocurrency project, has announced a significant move to bolster its security measures. The proposal involves burning a substantial portion of its tokens, totaling 190.9 billion FLOKI tokens, which amounts to approximately 2% of its current circulating supply. This initiative, valued at approximately $11 million, is geared towards fortifying the project’s long-term resilience and security.

The tokens earmarked for burning were originally designated for Floki’s collaboration with the cross-chain bridge service Multichain. However, subsequent developments have prompted the Floki team to retract these tokens into a secure multisig wallet. This action serves as a precautionary measure against potential security threats and market manipulation.

Ultimately, the decision to proceed with the token burn rests with the project’s DAO members. Voting is currently underway and is scheduled to conclude tomorrow. Presently, an overwhelming 88% of the votes favor the burning proposal.

FLOKI, akin to other prominent meme coins, has been experiencing a surge in its market performance. Notably, the token has witnessed a remarkable uptrend, with a staggering 122% increase in value over the past week, and a notable 35% surge recorded on Friday alone. This rally marks FLOKI’s most substantial gain in over two years.

The primary objectives driving 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, thereby safeguarding the project’s integrity and stability.

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