🔥💥Floki Soars as Owners Propose to Take 15.24 Billion Tokens Out of Circulation
#Floki (CRYPTO: #FLOKI ) has gained significant positive momentum this week, fueled largely by a combination of the "Roaring Kitty" hype and a new proposal to throw a large part of the supply out of circulation.
What Happened: Memecoin has risen 23% since the week started, boosted by the social media comeback of retail trader "Roaring Kitty," an event that also pumped up meme stocks in traditional Sundays.
In addition, the proposal of the Floki dao, an organization that votes on decisions related to the project, to burn 15.24 billion tokens, increased the coin Oct.
The ballot proposal, which expires on May 16, received an overwhelming 99.84% of votes in favor of burning.
Why It Matters: Cryptocurrency holders are viewing the burning events with optimism, predicting that a supply shortage will push up the asset's price.
In March, the passage of a proposal to burn 190 billion FLOKI tokens was met with similar enthusiasm, sending the coin 50% higher in one day.
According to Intotheblock, floki's huge trading volume has increased by 88% in the last 24 hours, reflecting the increasing participation of cryptocurrency whales.
