Floki (FLOKI), a dog-themed cryptocurrency, experienced a staggering 300% price increase in the past 7 days, after the community overwhelmingly voted to burn 2% of the token’s total supply.
FUN FACT: The 190,918,585,431.84 $FLOKI tokens the Floki DAO voted in favor of burning in our latest DAO proposal is now worth $27,301,357. These tokens will be burnt within the week. Stay tuned for more information! 👀️ https://t.co/Nd7ahqkKcQ pic.twitter.com/dgexLqNULC
— FLOKI (@RealFlokiInu) March 3, 2024
This decision, with nearly 90% of votes in favor, aims to permanently remove tokens from circulation, potentially increasing the value of remaining tokens.
The burn event is expected to occur in seven days, following the large community participation.
This isn’t the first time Floki has implemented a burning strategy. In January 2023, a similar event took place.
See Also: Solana Surged To 22-Month High As Bitcoin Rallies
Last week, developers proposed removing 190 billion tokens, valued at $11 million at the time, to enhance network security and boost overall sentiment.
Interestingly, the tokens targeted for burning are stored on the Multichain bridge, a platform that faced a significant exploit in July 2023, resulting in over $130 million stolen.
The FLOKI surge likely benefited from the recent euphoria surrounding meme coins.
Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF) and Bonk (BONK) have all witnessed staggering rallies in the past week.
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