2024

FLOKI

Floki DAO

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The Floki project has proposed burning 190.9 billion FLOKI tokens, representing about 2% of its total circulating supply. 
Valued at around $11 million, the proposed burning primarily aims to enhance the project’s long-term resilience and security. The proposed tokens were previously <a href="https://ca.finance.yahoo.com/news/floki-proposes-large-token-burn-152000492.html" target="_blank" rel="noopener">allocated</a> for <a href="https://crypto.news/price/floki/">Floki</a>‘s partnership with the cross-chain bridge service Multichain.&nbsp; 
Subsequent developments prompted the Floki team to <a href="https://floki.medium.com/update-on-the-floki-multichain-bridge-a88e598adf8c" target="_blank" rel="noopener">withdraw</a> the tokens into the team’s secure multisig wallet as a measure against potential security threats or market manipulation. 
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Ultimately, deciding to proceed with this burn proposal will depend on the token’s DAO members. The vote is ongoing and is set to conclude by tomorrow. As of now, a staggering 88% of the votes are in favor of burning.&nbsp; 
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 Voting on Floki's DAO proposal to burn a massive 190,918,585,431.84 <a href="https://twitter.com/search?q=%24FLOKI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$FLOKI</a> tokens, currently worth over $11 million, will end in less than 24 hours. The decision of the Floki DAO will be binding. Make sure to cast your vote!<a href="https://t.co/Ue6OgIFDK9" target="_blank">https://t.co/Ue6OgIFDK9</a> <a href="https://t.co/k3u9DeMoEW" target="_blank">https://t.co/k3u9DeMoEW</a> <a href="https://t.co/Gzl9kqJqQN" target="_blank">pic.twitter.com/Gzl9kqJqQN</a>— FLOKI (@RealFlokiInu) <a href="https://twitter.com/RealFlokiInu/status/1763574490896777631?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 1, 2024</a>
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Like the other leading meme coins, FLOKI has been enjoying a bull market rally. The token has gained over 122% this week and over 35% on Friday alone. The rally has been FLOKI’s most significant gain in over two years.&nbsp; 
The core objectives behind this proposed token burn include removing the risk of these tokens being exploited or adversely affecting the market post-integration with another bridge and ensuring they are permanently excluded from future circulation.&nbsp; 
 Read more: <a href="https://crypto.news/binance-nigeria-fine-manipulation/"> Nigeria fines Binance $10b in forex-rate manipulation probe </a>

Floki proposes $11m token burn to improve project security

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