In a dramatic turn of events, the price of the dog-themed cryptocurrency token, FLOKI (FLOKIUSDT), has surged by more than 100% within the past 24 hours. This astonishing leap comes in the wake of a community-driven proposal to burn 2% of the token’s supply, according to data on proposal outcomes.
The decision to implement the burn garnered overwhelming support, with nearly 90% of the votes cast in favor of the initiative. Notably, the top voter demonstrated significant confidence in the proposal by staking a staggering 117 billion tokens. The burn event is slated to take place following a seven-day waiting period.
For the uninitiated, ‘burns’ in the cryptocurrency realm entail the permanent removal of tokens from circulation by transferring them to a crypto wallet devoid of any control. This strategic move is intended to curtail token inflation and enhance scarcity. FLOKI had previously executed a burn event in January 2023.
Developers recently tabled a proposal to eliminate 190 billion tokens from circulation, valued at $11 million during the proposal phase. This measure aims to bolster network security and has infused the market with bullish sentiment toward the token. The plans for the burn were first brought to light by CoinDesk, coinciding with a remarkable 140% surge in prices.
Interestingly, the tokens earmarked for the proposed burn are slated to originate from the supply stored on the Multichain bridge. Multichain, a platform facilitating token transfers across various networks, met an unfortunate demise in July 2023 following an exploit that led to the theft of over $130 million from the platform.
The meteoric rise in FLOKI’s price can be attributed in part to the burgeoning euphoria surrounding meme coin investments. This sentiment has also propelled the prices of other notable tokens within the meme coin category, including Dogecoin (DOGEUSD), Shiba Inu (SHIBUSD), and Bonk (BONKUSDT), which have witnessed gains exceeding 50% over the past week.
According to data from CoinGecko, the meme coin category has surged by an impressive 40% within the past 24 hours, while CD20, a comprehensive liquid index, has experienced a 4% uptick.
As the cryptocurrency market continues to evolve, with meme coins gaining traction and community-driven initiatives shaping token dynamics, the surge in FLOKI’s price serves as a testament to the power of collective decision-making and the allure of innovative tokenomics. Investors and enthusiasts alike eagerly await the outcome of the impending burn event, which could further reshape the landscape for this canine-inspired token.
Figures | Details |
---|---|
FLOKIUSD Price Increase | Surged by over 100% in the past 24 hours |
Votes in Favor of Burn | Nearly 90% |
Top Voter’s Stake | 117 billion tokens |
Tokens Proposed for Burn | 190 billion |
Previous Burn Event | January 2023 |
Funds Stolen from Multichain | Over $130 million |
Price Increase Since Proposal | Up 140% |
Dogecoin (DOGEUSD) Increase | Over 50% in the past week |
Shiba Inu (SHIBUSD) Increase | Over 50% in the past week |
Bonk (BONKUSDT) Increase | Over 50% in the past week |
Meme Coin Category Increase | Up 40% in the past 24 hours |
CD20 Index Increase | Up 4% in the past 24 hours |
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