On May 22, 2024, Floki DAO will burn 15.2 billion FLOKI tokens, following a 99.84% vote in favor, aiming to manage supply and enhance token value.
The Floki DAO will execute a significant token burn, on May 22, 2024, destroying 15,246,000,000 FLOKI tokens. This decision follows a proposal that received overwhelming support from the Floki community, with 99.84% of voters in favor of the burn.
In line with the decision of the #Floki DAO, 15,246,000,000 $FLOKI tokens will be burnt on May 22, 2024.
The #Floki DAO voted in favor of burning 15,246,000,000 $FLOKI tokens, with an overwhelming majority of 99.84% voting in favor of the burn.
Stay tuned for further updates! https://t.co/aHBUmTepbD
— FLOKI (@RealFlokiInu) May 20, 2024
Incentivizing Compliance
According to the proposal, one of several blacklisted wallets, which had previously failed to comply with a deadline, returned 15,400,000,000 FLOKI tokens to the project’s multi-sig wallet.
This prompted the DAO to deliberate on a proposal to return 1% of these tokens to the sender as a goodwill gesture while burning the remaining 99%. This move is aimed at encouraging other holders of excess tokens to return them, promoting the community’s standards on token circulation.
The Floki community has a history of making pivotal decisions concerning token burns. Earlier this year, in February 2024, the DAO approved the burning of approximately 190.9 billion FLOKI tokens. These tokens were recovered from a Multichain bridge. This event followed another burn in January 2023, when about 4.97 trillion FLOKI tokens were burned following the disabling of the Floki cross-chain bridge.
Market Impact and Community Reaction
Following the announcement of the new burn proposal on May 14, 2024, there was a notable uptick in the price of FLOKI. Conversely, at the time of this report, the price of FLOKI is $0.0002132, up 7.86%, with a 24-hour trading volume of $269,082,290.74.
This price movement has sparked discussions of optimism among community members and observers. One commenter questioned the potential for FLOKI to reach $1, reflecting the optimistic sentiment among some investors.
Further, crypto analyst Scofield stated that Floki is in a strong position both technically and fundamentally. The Elon Musk parody account has also posted on this development to its 199K followers.
The account highlighted that the meme coin craze is far from over and that FLOKI is well-positioned for dominance. It cited two catalysts for this belief: the imminent burn of over 15 billion FLOKI tokens and a special announcement expected a few days later.
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