Floki proposes $11m token burn to improve project security

The Floki project has proposed burning 190.9 billion FLOKI tokens, representing about 2% of its total circulating supply.

Valued at around $11 million, the proposed burning primarily aims to enhance the project’s long-term resilience and security. The proposed tokens were previously allocated for Floki‘s partnership with the cross-chain bridge service Multichain. 

Subsequent developments prompted the Floki team to withdraw the tokens into the team’s secure multisig wallet as a measure against potential security threats or market manipulation.

Ultimately, deciding to proceed with this burn proposal will depend on the token’s DAO members. The vote is ongoing and is set to conclude by tomorrow. As of now, a staggering 88% of the votes are in favor of burning. 

Like the other leading meme coins, FLOKI has been enjoying a bull market rally. The token has gained over 122% this week and over 35% on Friday alone. The rally has been FLOKI’s most significant gain in over two years. 

The core objectives behind this proposed token burn include removing the risk of these tokens being exploited or adversely affecting the market post-integration with another bridge and ensuring they are permanently excluded from future circulation.