Floki Inu (FLOKI) Plans to Burn 15.2 Billion Tokens
In Brief
- Floki Inu proposes to burn 15.2 billion tokens.
- It aims to improve project management and token value.
- The proposal influenced the FLOKI token price.
The Floki Inu community proposed to burn 15,246,000,000 FLOKI, which are currently worth $2.8 million.
The community explained that these actions intend to remove the tokens from blacklisted wallets.
15.2 Billion FLOKI Burn
Floki Inu detailed that the burning of 15,246,000,000 FLOKI is supported by a 2022 vote, where the community agreed to burn the excess recovered tokens. The community has emphasized that when wallets are blacklisted, nothing can be done with the tokens apart from sending them to the Floki multisig.
In other words, the community sees it as right to remove these tokens from the market permanently.
“As such, we feel it is only fair to burn the returned token to permanently remove it from circulation, in line with the expectations the community has about these tokens,” Floki Inu community explained.
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Floki DAO even promised those who voted to send 1% of the value of the returned tokens, around 154 million FLOKI, to those affected as a “goodwill gesture.” This could encourage more wallets to send their excess tokens to burn. Regardless, the proposal has received 232 votes.
It is not the first time the community has voted to burn FLOKI tokens. In February, they voted to burn 190.9 billion tokens recovered from the multi-chain bridge.
“In each of these cases, the decision of the Floki DAO was swiftly executed, making it clear that Floki is a completely decentralized cryptocurrency and the Floki DAO ultimately determines the direction of the project,” the Floki Inu community said.
Following the announcement, FLOKI rose more than 11%, going from $0.0001872 to $0.0002025. Meanwhile, its trading volume rose 235.29% in the last 24 hours.
