Token

Burn

Multichain

FLOKI

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/floki-altcoin-developers-propose-significant-token-burn/" data-wpel-link="internal">Floki Altcoin Developers Propose Significant Token Burn</a> 
The developers of the popular dog-themed <a href="https://coin-turk.com/bitcoin-ve-ethereum-btcde-stabil-grafikler-ethda-boga-hakimiyeti-bekleniyor" data-wpel-link="internal">altcoin</a> Floki (FLOKI) have put forward a significant proposal to burn tokens in order to reduce the circulating supply and support network security. The proposal suggests the permanent removal of 2% of the token’s circulating supply. This corresponds to the withdrawal of approximately 190.9 billion FLOKI tokens from circulation, valued at over $11 million. 
<h2 style="text-align: justify" id="strong-developers-offer-proposal-to-reduce-supply-strong">Developers Offer Proposal to Reduce Supply</h2> 
Lead developer B detailed the proposal, emphasizing the intention to reduce supply and enhance network security. The FLOKI token burn will be achieved by sending tokens to a cryptocurrency wallet without any external control, permanently removing them from circulation. This strategy is particularly significant as it has historically been associated with positive price movements, as demonstrated by a previous token burn event before Floki’s 70% price increase in January 2023. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-321186" src="https://coin-turk.com/wp-content/uploads/2024/02/Floki-Altcoin.png" alt="" width="1280" height="720"> 
The tokens planned for the proposed burn will be sourced from the supply previously stored on the Multichain Bridge. As is known, Multichain was a platform facilitating token transfers between various networks until its collapse in July 2023, following a hack that resulted in the theft of over $130 million. Floki had withdrawn its tokens from Multichain before the major collapse. These FLOKI tokens have since been securely stored in a multi-signature wallet address. 
Developer B cited the Multichain Bridge hack and security concerns as reasons for withdrawing the tokens and proposing their burn. The developers aim to reduce potential risks associated with the tokens re-entering circulation by permanently removing FLOKI from circulation. This decision is part of a commitment to reliable mechanisms to protect token integrity and investor interests. 
<h2 style="text-align: justify" id="strong-floki-price-rises-following-proposal-strong">FLOKI Price Rises Following Proposal</h2> 
The announcement of the token burn proposal coincided with a notable increase in FLOKI’s price. The <a href="https://coin-turk.com/flas-gelisme-binance-de-yatirim-yaptigi-bu-altcoin-arama-motoru-devi-google-ile-ortaklik-kurdu" data-wpel-link="internal">altcoin</a>‘s price saw an approximate 8% increase following the proposal. This rise follows the broader market uptrend observed after <a href="https://coin-turk.com/bitcoin-artti-borsalarda-veriler-yukselise-gecti" data-wpel-link="internal">Bitcoin</a>‘s climb above $60,000. 
The market’s positive response to the proposal reflects confidence in Floki’s proactive approach to reducing supply and enhancing network security measures. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/floki-altcoin-developers-propose-significant-token-burn/" data-wpel-link="internal">Floki Altcoin Developers Propose Significant Token Burn</a></h5>

Floki Altcoin Developers Propose Significant Token Burn

Table of Contents

COINTURK NEWS

Other articles published on Feb 29, 2024

Oduwacoin: A Whale’s Dream?

Binance salvages $4b in botched crypto deposits

Sora, Vision Pro and AIGC developments may boost metaverse concept popping off the charts

Bitcoin (BTC) Kian Ganas, Apakah US$70.000 Jadi Target Selanjutnya?

OKX adds Uniswap API on DEX, launches gas-free trading

New Memecoin Positioned to Surpass Dogecoin (DOGE) and Bonk (BONK)

Join our free newsletter for daily crypto updates!