The Floki community has proposed burning 15,246,000,000 FLOKI tokens, currently worth $2.8 million.
The community stated that this step aims to remove tokens from blacklisted wallets.
15.2 Billion FLOKI Incineration
Floki announced that the burning of 15,246,000,000 FLOKI was supported by a community vote approving the burning of excess recovered tokens in 2022. The community emphasized that tokens in blacklisted wallets can only be sent to Floki multisig, no other transactions can be made.
In other words, the community thinks it is best to permanently remove these tokens from the market.
“Therefore, in line with the community's expectations for these tokens, we think it is fair to burn the returned tokens to permanently remove them from circulation,” the Floki community said.
The Floki DAO even promised to send 1% of the value of the tokens returned to those who voted, approximately 154 million FLOKI, to those affected as a “goodwill gesture.” This may encourage more wallets to burn their excess tokens. In any case, the proposal received 232 votes.
This isn't the first time the community has voted to burn FLOKI tokens. In February, they voted to burn 190.9 billion tokens recovered from the multi-chain bridge.
“In each of these cases, the decision of the Floki DAO was implemented quickly, making it clear that Floki is a fully decentralized cryptocurrency and that the Floki DAO ultimately determines the direction of the project,” the Floki community said.
Following the announcement, FLOKI increased by more than 11%, from $0.0001872 to $0.0002025. At the same time, trading volume increased by 235.29% in the last 24 hours.
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