Shiba

BURN

FLOKI

Shiba Inu

Floki (FLOKI), one of the biggest dog themed meme tokens, seems to be losing the steam in the ongoing bullish rally. Developers behind FLOKI have come up with a proposal that might help the token to gain momentum. As of now, the <a href="https://news.todayq.com/meme-coins-trading-vol-zooms-93-as-pepe-wif-goes-off-the-roof/" rel="noopener noreferrer nofollow">meme token</a>’s trading volume has taken a major dump. A good news for FLOKI? 
According to Floki’s Decentralized Autonomous Organization (DAO) proposal, the FLOKI dev are looking to burn approx 2% of the token’s circulating supply. It has a circulating supply of 9,572,146,548,601 FLOKI coins. The proposal aims to burn 190,918,585,431.84 FLOKI tokens. The tokens would be valued at around $11 million.
It mentioned that the proposal looks to ensure the long-term security and stability of the Floki project. This will eliminate the risks of exploitation and dumping of these tokens. It added that the burn aims to permanently prevent these tokens from re-entering circulation. This move might help FLOKI to gain an impulse.
Floki came into existence by fans and members of the Shiba Inu (SHIB) community. However, the token’s name came after Elon Musk’s Shiba Inu.
FLOKI Dev mentioned that the tokens that are intended to be burned were initially part of a cross chain bridge with multichain. They cite concerns with Multichain. It turned out to be a reason for withdrawing tokens from the bridge. However, the aim is to secure them by storing them in the Floki multisig.&nbsp; Voting underway 
Now, the fate of the proposed token burn completely depends on a vote by the Floki DAO. If the DAO approves the proposal, the tokens will be burned within a week of the vote passing. However, If the DAO rejects the proposal, the tokens will be retained in the Floki treasury for future use.
As of now, “Yes, BURN THE TOKENS” has received 86% of the votes”, on the other hand, “NO, KEEP TOKENS IN THE TREASURY” received 13% of the votes.&nbsp;
It is important to note that the proposal also has references to a previous token burn in January 2023. That bid also aimed to address similar issues.
FLOKI price dropped by 2% in the last 24 hours. However, its price has gained more than 95% in the last one month. FLOKI is trading at an average price of $0.000057, at the press time. Its 24 hour trading volume is down by 38% to stand at $249 million.
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FLOKI dev looks to burn 190B tokens, proposal floats

Todayq News

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