The team of popular meme coin Floki Inu (FLOKI) has announced a plan to burn millions of dollars worth of tokens.
Floki Inu lead developer “B” recently shared his token burn plans with CoinDesk. Circulating supply of FLOKI $11 million worth of assets, equivalent to 2% Stating that they will submit an offer to the community to burn it, B stated that this will be an important step to reduce the token supply.
Stating that tokens on the Multichain Bridge will be used for the burning process, the developer implied that they could thus reduce the inflationary burden on the supply. If the burning process is approved by the community, the total FLOKI supply 190 billion reduced will be:
We propose to burn 190.9 billion FLOKI tokens. This represents a burn of $11 million, which is equivalent to 2% of the token’s currently circulating supply.
Floki previously held a burning event in January 2023, and the price increased in the days after this event. a 70% increase It happened. We welcomed this cremation proposal of the community and expressed a high rate of “YesIt is thought that he will vote.
According to CoinGecko data, FLOKI took action after the announcement made by the team and within minutes 10% up It rose from 0.00005534 dollars to 0.00006071 dollars.