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The plan to burn more than 15.2 billion tokens is now being voted on, and FLOKI is up 9% on Tuesday
Voting on FLOKI DAO's plan to burn more than 15.2 billion tokens has begun.
More than ninety-nine percent of voters are in favor of the proposition.
On Tuesday, FLOKI rose to $0.0001937, a 9% increase for the day.
Presently, FLOKI holders are debating whether or not to burn more than 15.24 billion tokens; the event has 99% support. On Binance, the meme currency surged by 9 percent during the day.
The team's ongoing endeavor to mandate decentralization in FLOKI's governance includes the burn proposal.
AVOID burn suggestion is now being voted on by FLOKI DAO.
This parody currency, FLOKI, was mentioned in an official tweet by Elon Musk's AI project Grok, where it was trending. The plan to burn more than 15.24 billion tokens, valued at roughly $3 million, is perhaps why FLOKI is relevant among traders.
Burning tokens lowers the supply of the asset in circulation, which is usually seen as a positive sign for the asset's value. Three burn proposals have already been voted on by the community: one in February involving 190.91 billion FLOKI, and two in January 2023 and July 2022 involving 4.97 trillion tokens.
Every time, the FLOKI DAO members quickly reduced the meme coin's supply by deciding on a burn and then carrying it out. As seen in the snapshot, the plan has received affirmative votes from more than 99 percent of the voters. You have until May 16 to cast your ballot.
There is harmony between the idea with the DAO's goal of openness.
The current price of FLOKI on Binance is $0.000199, representing an almost 9% increase on Tuesday. FLOKI spiked earlier in the day to $0.000205 before tumbling to $0.000199.
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