Floki DAO outlines proposal to burn 190 billion tokens

• New proposal seeks to burn 190 billion FLOKI tokens.
• Over $11 million price of FLOKI tokens to be completely eliminated if vote passes.
• Will FLOKI value explode?

A brand new Floki DAO proposal seeks to scale back the cryptocurrency mission’s complete provide by a staggering 190 billion tokens.

The FLOKI developer group  says the large burn will account for two% of the circulating provide.

“We want to put ahead a proposal for an additional large $FLOKI token burn, just like the one we had in January 2023. This time round, we’re proposing a burn of 190,918,585,431.84 $FLOKI tokens. That’s round 2% of the token’s present circulating provide, which is at the moment price round $11 million,” the proposal reads.

In accordance with particulars of the brand new DAO proposal, the token burn will assist with the long-term safety and stability of the Floki community. By burning these tokens, it ensures they’re completely eliminated.

The tokens in query are held in a multisig pockets since Floki “narrowly” escaped the implosion that hit the cross-chain bridge Multchain after a $130 million exploit. The group says burning these $190 billion FLOKI tokens is the “solely trustless approach to assure that they NEVER enter into circulation.”

A group vote on the proposal runs from February 29, 2024 to March 2, 2024. A snapshot of the vote reveals 84% of votes are to this point in favour of the burn.

“If the Floki DAO votes in favor of burning these tokens, they are going to be burned inside per week of the DAO vote passing. If the Floki DAO votes towards burning these tokens, they are going to be stored within the Floki treasury for future use,” the developer group stated.

FLOKI value

In January 2023, Floki burned greater than $124 million price of its native tokens. The value of the meme coin jumped greater than 70% following the historic burn. In latest weeks, the FLOKI value has additionally jumped as meme cash rally amid Bitcoin’s uptick to a multi-year excessive of $64k.

Additionally notable was experiences that digital asset agency DWF Labs was to market-purchase $10 million of FLOKI over the subsequent two years. FLOKI value soared after the information earlier than paring a few of the beneficial properties.

Costs are nonetheless 67% up previously week on the time of writing.