This week, after a long break, meme coin breeze blew in the market. Popular meme coins Dogecoin and Shiba Inu witnessed strong price increases. Floki Inu, who received approval to burn next to this, left them behind.
Floki Inu community accepted the ‘burn’ offer, token is flying!
Last week, meme coin Floki Inu (FLOKI) introduced a burn proposal. Accordingly, the project aimed to remove 2% of the tokens from circulation through the burning process. With the community accepting this offer, FLOKI has seen an increase of more than 100% in the last 24 hours. About 90% of the votes supported incineration. The person who voted the most staked 117 billion tokens. The event is expected to take place over a period of seven days. In this context, Floki Inu announced the development on his official X account as follows:
It’s official: Floki DAO passed the vote to burn 190,918,585,431.84 FLOKI tokens. Floki DAO voted in favor of burning 190,918,585,431.84 FLOKI tokens. Based on current market cap, this is worth over $24 million. In accordance with the decision of Floki DAO, tokens will be burned within a week.
Meme coin wind is blowing in the market!
Burning refers to permanently removing tokens from the circulating supply by sending them to a crypto wallet that no one controls. cryptokoin.comAs you follow from , Floki previously held a burning event in January 2023. Last week, developers proposed removing 11 billion tokens worth $190 million at the time, improving network security and increasing bullish sentiment for the tokens.
Tokens for the proposed burning will originate from the supply stored on the Multichain bridge. Enthusiasm for meme coin investments likely contributed to the massive surge in FLOKI, with prices of leading meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) rising more than 50% over the past week.
Background of FLOKI price 3X
Floki Inu (FLOKI) has experienced a significant increase in its price recently. The token rose above $0.0001114, a staggering 80% increase on a daily basis. In addition, the weekly increase of the token exceeded 200%. Cryptocurrency market players also noticed this increase. Hence, it has attracted a lot of attention from investors and enthusiasts alike. Such rapid price movement highlights the inherent dynamism and volatility of the crypto space, with Floki emerging as a major player amidst this volatility.
The sudden increase in Floki’s price has sparked controversy and speculation, reflecting the growing interest in alternative cryptocurrencies and meme coins in particular. As Floki continues to garner attention, its performance serves as a barometer for broader sentiment and trends shaping the crypto market. Meanwhile, the latest development, the ‘burning’ action, also played an important role in this increase.
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