tl;dr
FLOKI Token Price Surge The FLOKI Token Price Surge The price of FLOKI tokens has skyrocketed by over 100% following the passing of a proposal to burn 2% of the token's supply, with nearly 90% of votes in favor. The burn event, expected to occur after a seven-day period, aims to permanen...
FLOKI Token Price Surge The FLOKI Token Price Surge
The price of FLOKI tokens has skyrocketed by over 100% following the passing of a proposal to burn 2% of the token's supply, with nearly 90% of votes in favor. The burn event, expected to occur after a seven-day period, aims to permanently remove tokens from circulation, originating from the supply stored on the now-defunct Multichain bridge. This surge in FLOKI price is likely attributed to the overall euphoria around meme coin investing, with prominent tokens like DOGE, SHIB, and BONK also experiencing significant increases.
The Proposal and Votes
The price of dog-themed token floki (FLOKI) surged by more than 100% in the past 24 hours as a proposal to burn 2% of the token’s supply was passed by the community, with nearly 90% of votes in favor. The top voter staked 117 billion tokens with the event expected to occur after a seven-day period.
Removing Tokens and Network Security
Last week, developers proposed removing 190 billion tokens worth $11 million at the time to increase network security and boost bullish sentiment for the tokens. The burn plans were first reported on CoinDesk, and prices have been up 140% since. The burn event aims to permanently remove tokens from circulating supply by sending them to a crypto wallet that no one controls.
Origin of the Tokens for Burn
The tokens for the proposed burn will originate from the supply stored on the Multichain bridge. Multichain was a platform that let users transfer tokens between various networks – but imploded in July 2023 after an exploit saw over $130 million in funds stolen from the platform. The surge in FLOKI price is likely attributed to the overall euphoria around meme coin investing, with prices of prominent tokens like DOGE, SHIB, and BONK up more than 50% in the past week. The meme coin category tracked on CoinGecko is up 40% in the past 24 hours, while CD20, a broad-based liquid index, is up 4%.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.