Token

Burn

FLOKI

Floki DAO

<a href="https://coingape.com/price/floki-inu/">Floki (FLOKI)</a> has seen a significant increase in its market value following a monumental token burn. The Floki DAO successfully executed the burning of 190.91 billion FLOKI tokens, valued at over $47 million, across both the Ethereum and Binance Smart Chain networks. This strategic move has not only reduced the circulating supply of the token but also spurred a notable price surge, capturing the attention of investors and traders. 
In the last 24 hours, the <a href="https://coingape.com/floki-storms-times-square-with-major-marketing-push-amid-40-price-surge/?utm_source=cgtelegram">FLOKI price</a> has swayed between an intra-day high and low of $0.0002156 and $0.0002767, respectively. However, FLOKI was up 17% from the intra-day low at press time, trading at $0.0002518. Concurrently, its market capitalization and 24-hour trading volume surged by 17.89% and 34.72% to $2.4B and $2.26B. 
<h2 id="impact-of-the-token-burn-on-market-dynamics">Impact of the Token Burn on Market Dynamics</h2> 
The choice to burn a massive amount of <a href="https://coingape.com/whale-moves-28-bln-floki-tokens-from-binance-rally-to-continue/?utm_source=cgtelegram">FLOKI tokens</a> comes at a time when meme coins have regained the interest of the cryptocurrency market. This token burn has caused the total supply of FLOKI to decrease, and thus, investors have started buying up the token in a bullish run. Following the announcement, the price experienced a sharp rise, surging over 50% as reflected in the weekly gains of over 130% as per CoinMarketCap data. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 190.91 BILLION FLOKI TOKEN BURN SUCCESSFULLY EXECUTED 
 In line with the decision of the <a href="https://twitter.com/hashtag/Floki?src=hash&amp;ref_src=twsrc%5Etfw">#Floki</a> DAO, 190,918,585,431.84 <a href="https://twitter.com/search?q=%24FLOKI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FLOKI</a> tokens have been successfully burnt across the ETH and BNB chains. 
 At the time of this announcement, the burnt tokens were valued at over $47 MILLION.… <a href="https://t.co/gv8gJ6hA6v">pic.twitter.com/gv8gJ6hA6v</a> 
 — FLOKI (@RealFlokiInu) <a href="https://twitter.com/RealFlokiInu/status/1766450642149683352?ref_src=twsrc%5Etfw">March 9, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The decrease in supply and increased demand have often seen the currencies’ value rise. Market analysts perceive such a strategic token burn as an important event for FLOKI, pointing at its capacity for further development and stability in the erratic market of cryptocurrencies. 
<h2 id="floki-s-prospects-and-developments">FLOKI’s Prospects and Developments</h2> 
Following the token burn, the spike in FLOKI prices has provoked talks of what path the meme coin will take. Market participants closely follow the market to identify possible long-term effects of the slashed token supply on price stability and growth. Besides, the Floki team’s ongoing attempts to enhance the coin’s utility and interact with the community may support the favorable momentum. 
Apart from token burns, the team has been working on new features and projects, including the Valhalla play-to-earn metaverse game, which is expected to generate even more interest and increase the <a href="https://coingape.com/floki-meme-coin-reasons-why-floki-price-soars-100/">adoption</a> of the token.&nbsp; 
These developments of strategic marketing ploys, such as the upcoming token burn, will reinforce FLOKI’s position in the lively meme coin market segment and attract more diversified groups of investors willing to profit from dynamic and innovative crypto assets. 
Read Also: <a href="https://coingape.com/shiba-inus-push-for-bone-listing-gains-momentum-on-binance/?utm_source=cgtelegram">Shiba Inu’s Push for BONE Listing Gains Momentum on Binance</a> 
The post <a href="https://coingape.com/flokis-price-soars-following-massive-190-91b-token-burn/">FLOKI’s Price Soars Following Massive 190.91B Token Burn</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

FLOKI’s Price Soars Following Massive 190.91B Token Burn

Table of Contents

Coingape News Media

Other articles published on Mar 9, 2024

Chatgpt Predicts 10x Rally For SHIB, DOGE, PEPE, and WIF Price

Aptos Sets the Stage for a Landmark Event in Seoul: The Aptos Experience

Top Analyst Makes Bold Price Prediction For 2024 Bull Run: Shiba Inu Will Disappoint $1 Hopefuls;...

NFT market experiences a significant rise in sales in a week

Wyoming Enacts Law Establishing Nonprofit Legal Framework for DAOs

Bitcoin Miners Pace Up Energy Consumption by Over 61% Ahead of Halving

Join our free newsletter for daily crypto updates!