FLOKI Price Soars 10% As Token Burn Proposal Gains Majority Support
Release: 2024/05/14 18:14 Reading: 732
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=196836
Floki Inu (FLOKI), a renowned dog-themed meme coin within the crypto space, has gained significant traction today, May 14, as its price rallied nearly 10%. Leading the meme coin sector alongside prominent meme crypto such as Pepe coin, the Floki has promptly emerged on crypto investors' radar as another bullish event for the meme coin appears to be in the pipeline.
Floki DAO, the decentralized autonomous organization behind Floki Inu, has recently issued a token burn proposal, aiming to permanently remove slightly above 15 billion tokens from circulation. This announcement has fueled optimistic market sentiments for the meme coin's price action ahead.
15 Bln Token Burn Proposal: What's The Scoop?
In an official statement released by the meme coin's community on src="/uploads/20240514/1715684783664345af913cf.png" data-lazy-src="/uploads/20240514/1715684783664345af913cf.png">, it was pointed out that the DAO's proposal aimed to burn a whopping 15.24 billion FLOKI tokens. In context, the DAO suggested burning tokens recovered from a blacklisted wallet, with the exception of returning 1% to the affected wallet as a goodwill gesture.
Concerning this, 15.40 billion FLOKI, worth $2.8 million, was transferred to the Floki multisig, and in turn, 1% of the tokens were proposed to be returned to the affected wallet. Simultaneously, the proposal aimed to burn 15.24 billion tokens and return 154 million tokens.
It's worth noting that the proposal gained 99.84% votes in favor at press time, with 'no' votes totaling 0.16%. This potentially paves an optimistic path for the proposal's greenlight ahead. src="/uploads/20240514/1715684783664345af913cf.png" data-lazy-src="/uploads/20240514/1715684783664345af913cf.png">
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