Floki Inu (FLOKI), with its price reflecting the recent surge in meme coins, has carved out a niche for itself in the market. On the other hand, an important proposal that could affect the meme coin was also accepted.
New Proposal on the FLOKI Front
The last 24 hours for FLOKI have been a period of attracting all attention with its value increase. According to data provided by CoinMarketCap, the meme coin has seen an increase of more than 25% in the last 24 hours. As of the time of writing, FLOKI is trading at $0.0001567 with a market value of over $1.3 billion.
While the FLOKI price continues to rise, the community also conducted an important vote, paving the way for the burning of a large number of FLOKI tokens soon. To be precise, it was decided to burn 190,918,585,431.84 FLOKI tokens.
The value of the tokens to be burned is calculated to be over $27.5 million as of the time of writing. According to the approved proposal, these tokens will be burned to eliminate the risk of them being used against the project later, thereby ensuring the long-term security and stability of the Floki project.
The proposal was accepted as a result of the support given by more than 89% of the participants. The burning process could significantly reduce the circulating supply of the meme coin, potentially creating a great chance for the meme coin to continue its bull rally.
The Future of FLOKI
Checking Santiment’s data to see if the token burn had any impact on social metrics could be beneficial. It would not be wrong to say that the social volume of the meme coin has increased in recent days, reflecting its popularity in the crypto space.
During this period, there was also an increase in FLOKI’s Weighted Sentiment, indicating a rise in positive sentiment around the meme coin as of the time of writing.
Several other metrics also outline a rising trend in the meme coin. In particular, the MVRV ratio of the meme coin is clearly signaling an uptrend. Network Growth has also increased during the same period, indicating a rise in the number of new accounts wanting to transact as of the time of writing.
While all this was happening, FLOKI’s market volume was also seen to increase by 32%. After this increase, FLOKI’s market volume surpassed the $1.4 billion level. Despite this, the trading volume was gradually decreasing. In the last 24 hours, the trading volume has decreased by 15%, falling to $1.1 billion.
