Floki was one of the biggest winners of the great meme coin craze in March 2024. It is also important to remember that Floki has shown an increase of over 400% during the last year, despite the market pullback. In this context, an important announcement was made a few minutes ago, and it was announced that voting for a burn in FLOKI had started.
Voting Begins in Floki
The burns conducted in FLOKI last February had a significant impact on the market. It stood out as one of the best during the meme coin craze in March. A new vote was announced in May.
The statement related to the voting was as follows:
We would like to propose the burning of 15.246 billion $FLOKI tokens. Historically, we had three significant DAO votes related to burning:
- A vote in February 2024 for burning 190.918 billion $FLOKI tokens recovered from the Multichain bridge.
- A crucial vote to disable the Floki cross-chain bridge and burn the 4.97 trillion tokens held in January 2023.
- A vote in July 2022 on whether to burn excess tokens recovered from a blacklisted wallet.
In each of these events, the decision of the Floki DAO was quickly implemented, and it became clear that Floki is a fully decentralized cryptocurrency and the project’s direction is ultimately determined by the Floki DAO.
The last time we proposed a burn of excess tokens recovered from blacklisted wallets in July 2022, we had set a deadline for sending these tokens. However, some of the affected wallets did not send the tokens before the deadline.
Recently, one of the affected wallets sent a large amount of 15.4 billion $FLOKI tokens to Floki multisig, currently worth over $2.8 million, and requested a small incentive in return.
As a gesture of goodwill, we propose to return 1% of the tokens returned to the affected wallet and burn the rest for the following reasons:
Returning 1% of the tokens to the affected wallet could encourage other affected wallets to send their excess tokens.
During the last DAO vote, in addition to sending the blacklisted wallets to Floki multisig, we had reported that the unreturned excess tokens should be considered burned and inaccessible. Therefore, in line with the community’s expectations about these tokens, we believe it is fair to permanently remove the returned tokens from circulation by burning them.
If the Floki DAO votes in favor of this proposal, we will return 1% of the value of the returned tokens (154 million tokens) to the affected party and burn the rest (currently worth ~ $2.8 million, 15.246 billion tokens).
How Much is One Floki in Dollars?
While all this was happening, eyes turned to the FLOKI price. The price of FLOKI rose sharply in response to the voting news. Despite the stagnant appearance of the market, FLOKI’s value change in 24 hours indicated a positive outlook of 10%.
Following this, the FLOKI price rose to $0.0001866, reflecting once again that investors‘ attention might have shifted to the meme coin.
Following the price increase, the market cap of FLOKI also rose above the $1.7 billion level. The 24-hour trading volume saw an increase of nearly 400%, reaching $340 million.
