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Floki Inu DAO is considering a new proposal to burn 15.24 billion FLOKI tokens, aiming to reduce supply and potentially increase market value.
Floki has again made headlines with a new proposal from its decentralized autonomous organization (DAO). Per Floki Inu’s official X page, this initiative could see over 15 billion FLOKI tokens permanently removed from circulation.
Specifically, the DAO is considering a burn of 15,246,000,000 FLOKI tokens, a move that follows a series of previous token burns aimed at reducing supply and potentially bolstering the token’s market value.
NEW DAO PROPOSAL: BURN 15,246,000,000 $FLOKI TOKENS
A new Floki DAO proposal just went live on whether or not to burn 15,246,000,000 $FLOKI tokens.
Please read the proposal and vote here 👇👇👇https://t.co/UVzQdYQUpu pic.twitter.com/j1mi6XrVZ0
— FLOKI (@RealFlokiInu) May 13, 2024
Historical Context of Floki Token Burns
Floki Inu’s community previously participated in key decisions concerning token burns. Notably, in February 2024, the DAO approved the burning of approximately 190.9 billion FLOKI tokens that were recovered from a Multichain bridge, as reported by The Crypto Basic.
Earlier, in January 2023, a decision was made to disable the Floki cross-chain bridge, resulting in the burning of about 4.97 trillion tokens. Another proposal emerged after one of the blacklisted wallets, which had failed to comply with a previous deadline, sent back 15,400,000,000 FLOKI tokens to the project’s multisig wallet.
The DAO is now deliberating on returning 1% of these tokens to the sender as a gesture of goodwill, while burning the remaining 99%. This action is expected to encourage other holders of excess tokens to return them, aligning with the community’s standards on token circulation.
Market Reaction and Comparative Performance
Following the announcement of the new burn proposal, the price of FLOKI has seen an appreciable uptick. As of today, the token is trading at $0.0001907, marking a 15.27% increase in the last 24 hours and a 6.82% rise over the past week.
These figures are particularly notable in contrast to the general market downturn, where the global crypto market has dipped by 2.10%. However, per CoinGecko, Floki Inu’s performance still trails behind similar Ethereum ecosystem cryptocurrencies.
Adding to the positive market sentiment, VanEck, a prominent asset manager known for its Bitcoin ETFs, has included FLOKI in its MarketVector Memecoin Index. This inclusion could also bolster market adoption.