The team behind memecoin project Floki has unveiled the date to burn 2% of the token’s circulating supply following the governance approval from the DAO.

Taking to its official X account, the project said it plans to actualize the decision of the Floki DAO to take off a total of 190,918,585,431.84 FLOKI from circulation. Per the update, the burning event is slated for March 9, 2024, at 4 PM UTC.

Burning off a sizable chunk of a token’s supply is a deflationary measure that may help drive price growth, should it be accompanied by sustained demand in the long term.

Floki Ready to Ride the Bull Wave

As reported earlier by The Crypto Basic, Floki switched its focus last year when it launched the TokenFi platform.

Designed to help the project capture a share of the fast-growing tokenization sector, TokenFi has helped reposition Floki, adding it to the list of memecoins that have more to offer than hype.

With this added utility and the advances Floki has made in its staking venture, it has solidified the interest and demand for its native token, giving more credence to the 400% surge in the past month.