FLOKI developers propose to withdraw 190 billion meme tokens from circulation

The asset reacted to the initiative with an increase of 6,3%

29.02.2024 - 15:20

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3 min

What’s new? The developers of the leading meme token FLOKI will propose to the project’s community to burn 2% of the circulating supply to increase scarcity and improve network security. If the proposal is approved, 190 billion FLOKI worth over $11 million will be burned. The destruction will be accomplished by sending the coins to a crypto wallet without an owner.

Material by CoinDesk

What else is known? Developers offer to destroy tokens that were previously stored in the cross-chain protocol Multichain. It was shut down after a hack worth more than $130 million in July 2023.

The FLOKI team had withdrawn their coins before the incident and have since stored them in a secure Multichain wallet.

FLOKI reacted to the developers’ initiative with a 6,3% rise, at the time of writing the news the asset is trading at $0,00005787 on Binance.

FLOKI is the sixth most capitalized “dog” meme token, using the Shiba Inu as a mascot. The project was launched on the Ethereum blockchain in 2021. Now the project is preparing to launch the Valhalla metaverse, and the developers have also launched the TokenFi asset tokenization platform.

SHIB team has implemented fully homomorphic encryption technology

In the first phase, it is available for transactions with the TREAT ecosystem token

FLOKI ranks seventh in the meme token ranking and 144th in the overall cryptocurrency ranking with a capitalization of $582,6 million, the weekly rate growth was 73%.

On February 27, market maker DWF Labs once again invested in the project, purchasing FLOKI for $10 million, after which the rate of the asset jumped by 33%. On February 24, FLOKI and TokenFi logos were shown during a sports broadcast on Chinese channels CCTV5 and CCTV5+ with an audience of over 340 million people.

Analysts at Santiment reported that FLOKI became one of the leaders in profitability after traders began to transfer profits from investments in bitcoin into the asset.

The FLOKI team also conducted a token burn in January 2023, which led to a 70% increase in the asset’s exchange rate in the following days.

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