Floki DAO Burns 15B FLOKI, Will Price Return To ATH?

Floki DAO, the Decentralized Autonomous Organization (DAO) behind the FLOKI memecoin has announced the burning of 15,246,000,000 tokens. This move, as revealed by the memecoin project comes after the approval from the DAO.

FLOKI Advances Deflationary Model

Floki is one of the dominant memecoins in the market. Its relevance is quite pronounced considering it is also featured in the recently launched VanEck Memecoin Index. While the project commands a reasonable following with a dedicated community, its goal remains pursuing the best policies to enhance its utility and value.

15.246 BILLION FLOKI TOKEN BURN SUCCESSFULLY EXECUTED

Following the decisive vote by the #Floki DAO, 15,246,000,000 $FLOKI tokens have been successfully burned today.

This action reflects the community’s overwhelming support, with 99.84% voting in favor of the burn.

TX:… https://t.co/aHBUmTepbD pic.twitter.com/xtvIf59ocj

— FLOKI (@RealFlokiInu) May 22, 2024

The 15,246,000,000 FLOKI sent to dead wallets is one of a kind with 99.84% of tokens or 460 billion FLOKI supporting the move. Those who voted NO to the proposal as of May 15 accounted for just 0.16% or 723 million FLOKI.

The proposal to burn this latest the token dates back to May 13 when the protocol announced that the votes are live. FLOKI DAO has historically demanded the burning of blacklisted accounts within its ecosystem. It requires these wallets to send their current holdings to the Floki Multisig wallet where they are burnt permanently.

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When it first made the call in July 2022, many affected wallets complied but a few did not. Recently, the team said one of the wallets sent the 15.2 billion FLOKI in and demanded a 1% incentive. At the time the proposal was published, the estimated value of the proposed tokens to burn was roughly $2.8 million. Based on the market dynamics from that time till date, the reported value of the burnt tokens comes in at $3,430,350.

One major highlight of the vote is the power of the Floki DAO. This entity shows its decentralization as it has helped in deciding at least three major events over the past years.

How Will Price Benefit?

The price of FLOKI is reacting to the token burning news as it is up 2.13% to $0.0002252. This price uptick comes at a time when the market is experiencing intense consolidation with some memecoin tokens losing their accrued gains.

For the memecoin, boosts from token burning might help amplify its valuation in the long term. Since rivals like PEPE recently retested All-Time High (ATH), the token might ride on this current burn fundamental to print similar record. FLOKI’s ATH is pegged at $0.0003437, attained in early November 2021.

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