Floki DAO, the decentralized organization behind the popular memecoin FLOKI, has completed the burn of 15.246 billion FLOKI tokens. This decision comes after an overwhelming vote from the community, with 99% of participants in favor.
The proposal to reduce the token supply, introduced on May 13, 2024, aims to increase the value of the token by reducing the circulating supply. This burn involves tokens previously confiscated from a bridge that was hacked in February 2024 and other tokens from a crosschain bridge that was shut down in January 2023.
The implementation of the token burn reflects strong support within the Floki community, as evidenced by the 99.84% approval rate, representing $460 billion in FLOKI. Only 0.16% of the votes, or 723 million FLOKI, opposed the measure.
Is FLOKI about to increase or decrease?
Despite expectations that a reduction in token supply would boost its price, the immediate market reaction was contrary. Following the burn, the FLOKI price fell 10% from a daily peak of $0.00024 to $0.00021, coinciding with a broader market consolidation trend affecting major cryptocurrencies, including including Bitcoins.
Currently, FLOKI is trading at $0.00022, with a market capitalization of $2.19 billion. Over the past 24 hours, its trading volume has plummeted 35.86%. However, the token still managed to gain around 5% over the past week and 32% over the month.
Source: TradingView
Going forward, if FLOKI can maintain the bullish trend and surpass the 0.000235 USD mark, the price will face two resistance levels at 0.000248 USD and 0.000257 USD which, if it can be overcome, will target the next will be 0.000285 USD.
Conversely, if the token cannot sustain above $0.00021, it could drop to $0.0002 and $0.00019, with the possibility of a further drop to $0.00016.
https://tapchibitcoin.io/floki-dao-dot-15-ty-token-gia-memecoin-lieu-co-dat-muc-cao-moi.html
