The price of dog-themed token 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,
Nearly 90% of votes favored the burn, with the top voter staking 117 billion tokens. The event is expected to occur after a seven-day period. Burns refers to permanently removing tokens from circulating supply by sending them to a crypto wallet that no one controls. Floki previously conducted a burn event in January 2023.
Last week, developers proposed removing 190 billion tokens, worth $11 million at the time, increasing network security and boosting bullish sentiment for the tokens. The burn plansThe 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.
A euphoria around meme coin investing likely contributed to the massive FLOKI surge, with prices of prominent tokens dogecoin , shiba inu and bonk up more than 50% in the past week.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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