FLOKI Token Jumps Over 100% After Supply Burn Proposal

• Floki value surged by over 100% following a community-backed proposal to burn 2% of its supply.
• Floki’s TVL reaches a record $494 million, surpassing the combined TVL of major meme coins.

Floki (FLOKI), a dog-themed digital token, has seen its value skyrocket by over 100% in the past 24 hours. This surge comes on the heels of a community-backed proposal to incinerate 2% of the token’s supply, a decision that received overwhelming support with nearly 90% of votes in favor.

The largest contribution to the vote came from an individual staking a staggering 117 billion tokens, highlighting the community’s commitment to the token’s long-term value.

Strategic Token Burn to Enhance Floki Value

The concept of token burning is not new to the Floki ecosystem, having previously conducted a burn event in January 2023. However, this recent proposal, aimed at removing 190 billion tokens valued at $11 million, is designed to not only enhance network security but also to significantly boost investor confidence in the token. Since the announcement, Floki’s market price has impressively climbed by 140%.

FUN FACT: The 190,918,585,431.84 $FLOKI tokens the Floki DAO voted in favor of burning in our latest DAO proposal is now worth $27,301,357. These tokens will be burnt within the week. Stay tuned for more information! 👀️ https://t.co/Nd7ahqkKcQ pic.twitter.com/dgexLqNULC

— FLOKI (@RealFlokiInu) March 3, 2024

The tokens earmarked for this strategic burn are sourced from the reserves held on the Multichain bridge. This platform, which facilitated the transfer of tokens across various blockchain networks, met its demise in July 2023 following a security breach that led to a loss exceeding $130 million. Despite this setback, the Floki community’s resolve has only strengthened, as evidenced by the recent voting turnout and subsequent price rally.

Adding to the fervor surrounding Floki, a recent tweet from Bitcoin news agency globally BITCOINLFG highlighted another monumental achievement for the Floki ecosystem. The Total Value Locked (TVL) within Floki’s platform has soared to an all-time high of nearly $500 million, reaching $494 million to be precise.

This staggering figure surpasses the combined TVL of other notable meme coins such as PEPE, DOGE, SHIB, WIF, BONK, and more, marking a significant milestone for Floki and its burgeoning ecosystem.

BIG BREAKING 🚨$FLOKI TVL HITS NEARLY $500M$FLOKI ecosystem just hit a TVL ATH of $494 MILLION. That is more TVL than $PEPE, $DOGE, $SHIB, $WIF, $BONK, and every other memecoin combined! pic.twitter.com/G9egZRFSMH

— BITCOINLFG® (@bitcoinlfgo) March 3, 2024

The enthusiasm for meme coin investing has played a crucial role in the meteoric rise of tokens like Floki. Over the past week, leading tokens including Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) have all seen their values increase by more than 50%.

As previously reported by Crypto News Flash, meme coins have been driving the latest altcoin rally, with Bonk Inu making a comeback and Dogwifhat (WIF) making new millionaires due to its fantastic price surge.

However, Floki’s unique blend of community-driven initiatives, strategic token burns, and a robust ecosystem has set it apart, propelling it to new heights in both valuation and investor interest. At the time of writing, the price of FLOKI has risen 25.65% in the last 24 hours, reaching a price of $0.0001561. This represents an increase of 321.93% over the past 7 days.

Meanwhile, the leader of the meme coin, DOGE, has experienced an increase of 24.24% and 91.29% in the same time period, sit around $0.1636.