Token

BURN

FLOKI

Floki DAO

Shiba Inu

A recent proposal within the Floki DAO sought to reduce the total supply of the cryptocurrency project by a significant 190 billion tokens. This would amount to a 2% reduction in circulating supply. Following the approval of this proposal by the community, the price of the dog-themed token Floki (FLOKI) surged by over 100% yesterday and by 343% today in the last 7 days as per reports. The FLOKI surge in past week 
Developers had recently proposed a token burn that aimed to remove 190 billion tokens valued at $11 million from circulation. This apparently, will enhance network security and boost investor confidence in the tokens. The tokens slated for removal will be sourced from the supply held on the Multichain bridge. <a href="https://news.todayq.com/multichain-halts-operations-after-ceos-disappearance-and-130-million-security-breach/" target="_blank" rel="noopener noreferrer nofollow">Multichain</a>, a platform enabling token transfers across different networks, suffered a major setback in July 2023 when an exploit resulted in the loss of over $130 million.
IT'S OFFICIAL: FLOKI DAO PASSES VOTE TO BURN 190,918,585,431.84 FLOKI TOKENSThe
Investing in meme coins has spawned euphoria, which may have contributed to FLOKI’s value surge. Other meme tokens have seen their prices soar by over 50% over the past week, including Dogecoin (DOGE), Shiba Inu (SHIB) and BONK.
As of press time, FLOKI is currently trading at $0.0001663 with a 30% jump over the past 24 hours, as per data fromCoinMarketCap. What was the DAO proposal? 
“We’re proposing another substantial $FLOKI token burn, similar to the one we did in January 2023. This time, we’re suggesting burning 190,918,585,431.84 $FLOKI tokens, which is roughly 2% of the current circulating supply, valued at around $11 million,” stated the proposal.
The purpose of this token burn as outlined in the proposal, is to enhance the long-term security and stability of the Floki network by permanently removing these tokens from circulation.
As per reports, these tokens are currently held in a multisig wallet following Floki’s narrow escape from the Multchain bridge exploit, which resulted in a loss of $130 million. Burning these $190 billion FLOKI tokens is deemed the only trustless method to ensure they never re-enter circulation.
A community vote on the proposal was conducted from February 29, 2024, to March 2, 2024. The vote results indicated that 84% of voters were in favor of the burn.
“If the Floki DAO votes in favor of burning these tokens, they will be burned within a week of the DAO vote passing. If the Floki DAO votes against burning these tokens, they will be kept in the Floki treasury for future use,” explained the developer team.
<a href="https://news.todayq.com/crypto-burn-why-shiba-inu-ether-burn-tokens/" target="_blank" rel="noopener noreferrer nofollow">Token burns</a> involve permanently removing tokens from circulation by transferring them to a crypto wallet that is dead or one that no one can control. Floki had previously conducted a burn event in January 2023.
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