fxstreet.com
- $FLOKI DAO's proposal to burn over 15.2 billion tokens is live and the community is voting.
- The proposal has received a positive response from over 99% of the voters.
- $FLOKI added 9% gains on the day, climbing to $0.0001937 on Tuesday.
$FLOKI holders are currently voting on a proposal to burn over 15.24 billion tokens, with 99% of the voters in favor of the event. The meme coin rallied 9% on the day on Binance.
The burn proposal is a part of continuous effort of the team to enforce decentralization in the governance of $FLOKI.
$FLOKI DAO collects votes on burn proposal
$FLOKI ranked among trending topics on Grok, Elon Musk-led AI project, per the meme coin’s official tweet. The reason for $FLOKI’s relevance among traders is likely the proposal for burning over 15.24 billion tokens worth nearly $3 million.
Typically, token burn is considered bullish for the asset since it reduces the asset’s circulating supply. The community has previously voted on three burn proposals: a burn of 190.91 billion $FLOKI in February, 4.97 trillion token burns in January 2023 and July 2022.
In each case, $FLOKI DAO members decided upon a burn and it was swiftly executed, reducing the circulating supply of the meme coin. Over 99% of the voters have voted positively on the proposal, per the snapshot. The vote is ongoing and will end on May 16.
$FLOKI token burn" src="https://cnews24.ru/uploads/aab/aabead3fd9021ddf030c989134d4962343f1a758.png" size="1996x1034">
$FLOKI token burn proposal
The proposal is aligned with the DAO’s objective of transparency.
At the time of writing, $FLOKI price is $0.000199, up nearly 9% on Tuesday on Binance. $FLOKI surged to a high of $0.000205 earlier on the day before retracing to $0.000199.