Token

2024

FLOKI

Floki DAO

<ul>
 <li>Floki DAO has burned 15.246 billion FLOKI tokens, following a community vote with 99% approval.</li>
 <li>FLOKI’s price fell by 10% from $0.00024 to $0.0002175 post-burn.</li>
</ul>
Floki DAO, the decentralized organization behind the popular FLOKI <a href="https://thenewscrypto.com/memecoin-mania-pepe-and-floki-report-double-digit-gains/" target="_blank" rel="noopener noreferrer nofollow">memecoin</a>, has completed the burning of 15.246 billion FLOKI tokens. This decision follows an overwhelming vote from the community, with 99% of the participants favoring the burn.
The <a href="https://thenewscrypto.com/floki-dao-approves-15-25b-token-burn-proposal-with-99-84-positive-voting/" target="_blank" rel="noopener noreferrer nofollow">proposal</a> to reduce the token supply, put forth on May 13, 2024, aimed to enhance the token’s value by decreasing its circulation. This burn involved tokens previously seized from a compromised bridge in February 2024 and others from a decommissioned cross-chain bridge in January 2023.
However, the execution of this <a href="https://x.com/RealFlokiInu/status/1793359676114976983" target="_blank" rel="noopener noreferrer nofollow">token burn</a> reflects the strong support within the Floki community, as evidenced by the 99.84% approval rate, representing 460 billion $FLOKI. Only 0.16% of the votes, or 723 million $FLOKI, opposed the measure.
<h3 class="wp-block-heading" id="h-floki-set-to-rise-or-fall">FLOKI set to rise or fall?</h3>
Despite the expectation that reducing the token supply would boost its price, the immediate market reaction has been contrary. Following the burn, the price of <a href="https://thenewscrypto.com/floki-floki-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">FLOKI dropped</a> by 10% from its daily peak of $0.00024 to $0.0002175. This decline coincides with a broader market consolidation trend affecting major cryptocurrencies, including Bitcoin.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="515" src="https://thenewscrypto.com/wp-content/uploads/2024/05/image-120-1024x515.png" alt="" class="wp-image-98885" srcset="https://thenewscrypto.com/wp-content/uploads/2024/05/image-120-1024x515.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-120-300x151.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-120-768x386.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-120.png 1300w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">FLOKI Price Chart (Source: <a href="https://in.tradingview.com/symbols/FLOKIUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Currently, FLOKI is trading at $0.0002278, with a market cap of $2.15 billion. Over the past 24 hours, its trading volume has plummeted by 35.86%. However, the token has still managed to rise by approximately 5.85% over the past week and 32% over the last month.
Looking forward, if FLOKI can maintain a bullish trend and surpass the $0.000235 mark, it could encounter resistance at $0.000248 and $0.000257, potentially driving its price up to $0.000285. Conversely, if the token fails to stay above $0.0002129, it may decline to $0.000203 and $0.000196, with further potential dips to $0.0001605.

Floki DAO Executes 15B Token Burn; Will FLOKI Hit New Highs?

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