Cryptocurrency

2024

FLOKI

Floki DAO

<div class="coinjournal">
 <ul>
 <li>New proposal seeks to burn 190 billion FLOKI tokens.</li>
 <li>Over $11 million worth of FLOKI tokens to be permanently removed if vote passes.</li>
 <li>Will FLOKI price explode?</li>
 </ul>
 A new Floki DAO <a rel="noopener noreferrer nofollow" title="proposal" href="https://thebittimes.com/tag/proposal.html">proposal</a> seeks to reduce the <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a>currency project’s total supply by a staggering 190 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s.
 The FLOKI developer team&nbsp; says the massive burn will account for 2% of the circulating supply.
 “We would like to put forward a <a rel="noopener noreferrer nofollow" title="proposal" href="https://thebittimes.com/tag/proposal.html">proposal</a> for another massive $FLOKI <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> burn, similar to the one we had in January 2023. This time around, we’re proposing a burn of 190,918,585,431.84 $FLOKI <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s. That’s around 2% of the <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>’s current circulating supply, which is currently worth around $11 million,” the <a rel="noopener noreferrer nofollow" title="proposal" href="https://thebittimes.com/tag/proposal.html">proposal</a> reads.
 According to details of the new DAO proposal, the token burn will help with the long-term security and stability of the Floki network. By burning these tokens, it ensures they are permanently removed.
 The tokens in question are held in a multisig wallet since Floki “narrowly” escaped the implosion that hit the cross-chain bridge Multchain after a $130 million exploit. The team says burning these $190 billion FLOKI tokens is the “only trustless way to guarantee that they NEVER enter into circulation.”
 A community vote on the proposal runs from February 29, 2024 to March 2, 2024. A snapshot of the vote shows 84% of votes are so far in favour 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,” the developer team said.
 <h2 id="span-style-font-weight-400-floki-price-span">FLOKI price</h2>
 In January 2023, Floki burned more than $124 million worth of its native tokens. The price of the meme coin jumped more than 70% following the historic burn. In recent weeks, the FLOKI price has also jumped as meme coins rally amid Bitcoin’s uptick to a multi-year high of $64k.
 Also notable was reports that digital asset firm DWF Labs was to market-purchase $10 million of FLOKI over the next two years. FLOKI price soared after the news before paring some of the gains.
 Prices are however 67% up in the past week at the time of writing.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/floki-dao-outlines-proposal-to-burn-190-billion-tokens-tbt81163.html">https://thebittimes.com/floki-dao-outlines-proposal-to-burn-190-billion-tokens-tbt81163.html</a>

Floki DAO outlines proposal to burn 190 billion tokens

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TheBitTimes

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