The FLOKI token, inspired by our favorite dog memes, has just seen an incredible surge, soaring over 100% in the last 24 hours! This leap comes on the heels of the community’s overwhelming approval of a proposal to burn 2% of the token’s supply, a move aimed at reducing the total circulating supply and, in turn, potentially increasing the token’s value.
An impressive 90% of participating voters gave a thumbs up to the burn, with the leading vote coming from an enthusiast staking a whopping 117 billion tokens. The anticipation is sky-high as the burn event is slated to happen after a brief seven-day waiting period.
Burning tokens means they are permanently taken out of circulation, effectively sent off to a digital vault that’s beyond anyone’s reach. This isn’t FLOKI’s first rodeo, as a similar event took place in January 2023, sparking interest and excitement within the community.
In a recent twist, developers put forward a plan to obliterate 190 billion tokens, valued at $11 million, aiming to tighten network security and fuel bullish sentiment. Since the announcement, first shared by CoinDesk, FLOKI’s price has rocketed by 140%.
These tokens, earmarked for the burn, are being pulled from the reserves on the Multichain bridge, a platform previously enabling users to swap tokens across various networks. However, Multichain faced its downfall in July 2023 after a significant security breach led to a loss of over $130 million.
The meme coin frenzy is undoubtedly adding to FLOKI’s allure, with fellow tokens like dogecoin (DOGE), shiba inu (SHIB), and bonk (BONK) also enjoying substantial gains. According to CoinGecko, the meme coin category has surged 40% in the last day alone, a clear indicator of the thriving interest in these playful assets.
