The team behind memecoin project Floki has unveiled the date to burn 2% of the token’s circulating supply following the governance approval from the DAO.
Taking to its official X account, the project said it plans to actualize the decision of the Floki DAO to take off a total of 190,918,585,431.84 FLOKI from circulation. Per the update, the burning event is slated for March 9, 2024, at 4 PM UTC.
Burning off a sizable chunk of a token’s supply is a deflationary measure that may help drive price growth, should it be accompanied by sustained demand in the long term.
The Floki Token Burn Agenda
Following the approval of spot Bitcoin Exchange Traded Funds (ETFs), the digital currency ecosystem is entering a new era of institutional adoption. Memecoins are projected to play a major role in this new era.
To prepare for this future, every memecoin project has been pushing new frontiers to gain more visibility with this Floki token burning being one of such measures. The 190,918,585,431 FLOKI is worth $31,501,567 and the prospects have been stirring a positive move in the price of the asset.
Over the past week, FLOKI has maintained a growth of 195% to $0.0001396 with the market capitalization pegged at $1,336,443,136.
Beyond the general perception of a valuation boost, Floki said the projected burning will help in “ensuring the long-term security and stability of the Floki project.”
190.9 BILLION $FLOKI TOKEN BURN ON SATURDAY BY 4PM UTC
The 190,918,585,431.84 $FLOKI tokens, which the #Floki DAO voted in favor of burning, will be burned on Saturday at 4 PM UTC!
This represents 2% of FLOKI's circulating supply and is currently valued at $31,501,567. Burning… pic.twitter.com/Vdd8IzUaSx
— FLOKI (@RealFlokiInu) March 4, 2024
Floki Ready to Ride the Bull Wave
As reported earlier by The Crypto Basic, Floki switched its focus last year when it launched the TokenFi platform.
Designed to help the project capture a share of the fast-growing tokenization sector, TokenFi has helped reposition Floki, adding it to the list of memecoins that have more to offer than hype.
With this added utility and the advances Floki has made in its staking venture, it has solidified the interest and demand for its native token, giving more credence to the 400% surge in the past month.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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