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HomeCrypto NewsMarketFloki Rallies by 114% As Proposal to Burn 4.9 Trillion Tokens Passes

Floki Rallies by 114% As Proposal to Burn 4.9 Trillion Tokens Passes

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The asset recaptured the territory at $0.000026 for the first time since April 2022.

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Floki Inu, the fast-growing dog-themed multi-chain token, has staged a rally which has seen it surge by 114% in the past seven days, leading to values last seen before the Terra collapse. Floki’s recent price rally was majorly triggered by the recent passing of a proposal which aims to burn 4.97 trillion tokens.

The asset’s recently-engineered rally began on January 27 when it was still consolidating at the $0.000011 price level. The rally saw Floki appreciate by 59% to $0.0000178 overnight. This uptrend spilled into January 29, as the asset attained a 10-month high of $0.00002666 after a further 49% appreciation. The last time Floki saw these levels was before the Terra implosion of May.

Despite facing slight opposition at these levels, Floki’s momentum has not been snuffed out, as it is still registering a 114% gain in the past 7 days. Moreover, the asset holds steady above the pre-Terra price territory at $0.000014, currently changing hands at $0.00002401 as of press time.

The recent rally has captured the interest of several notable players in the industry, as they laud the asset’s solo campaign. Former U.S. Congressional candidate David Gokhshtein highlighted the uptrend in a recent tweet, spurring the asset on.

Gokhshtein has been a stern advocate of Floki ever since its inception, persistently defending and promoting the asset at every opportunity. He noted that the asset has good utility barely four months after it launched in 2021 and was the subject of several attacks. It makes sense that Gokhshtein would be excited by the recent rally.

Floki’s Massive Burn Announcement¬†

The recent passing of a proposal by the Floki DAO has contributed to this latest rally. The team announced on January 28 that the community has voted to pass a proposal that seeks to burn 4.97 trillion Floki tokens and reduce transaction tax rate from 3% to 0.3%. The tokens scheduled to be burned amounted to $103 million at the time the proposal passed. 

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Consequently, to honour the community’s decision, the team has scheduled February 9, 20:00 (UTC) for the incineration of the tokens. The transaction tax rate will also be lowered on February 3 at 20:00 (UTC).¬†

The latest development is one of Floki’s numerous moves at growth which the community expects to fuel adoption rate and provide support for the asset’s value. The team recently partnered with Binance to leverage Binance Pay for its merchandise store.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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