Floki Inu Plans to Burn 15.2 Billion Tokens

The Floki Inu community proposed to burn 15.2 billion FLOKI tokens, valued at $2.8 million, to remove them from blacklisted wallets.

Specifically, Floki Inu announced that the burning of 15,246,000,000 FLOKi is supported by a 2022 community vote to burn excess recovered tokens. The community believes permanently removing these tokens aligns with their expectations and maintains market integrity

“As such, we feel it is only fair to burn the returned token to permanently remove it from circulation, in line with the expectations the community has about these tokens,” Floki Inu community explained.

Floki DAO has even promised to send 1% of the value of the returned tokens, approximately 154 million FLOKI, to those affected as a “goodwill gesture”. This could encourage more users to send their excess tokens to burn. Regardless of the initiative, the proposal has garnered 232 votes.

This isn’t the first token burn for Floki Inu. In February, the community voted to burn 190.9 billion tokens recovered from a multi-chain bridge. These decisions, executed swiftly by the Floki DAO, highlight the project’s decentralised nature and community-driven direction.

Following the burn announcement, FLOKI’s price increased by over 11%, from $0.0001872 to $0.0002025, with trading volume surging 235.29% in the last 24 hours.