The Floki community voted on a proposal to burn 2% of the token supply, causing the Floki price to surge by more than 100% in the past 24 hours.

Nearly 90% of the votes were in favor of the burn, with the top vote staking 117 billion coins. The event is expected to occur in seven days. Please pay attention.

destruction plan
Burning will permanently remove the circulating supply by sending tokens to wallets that no one controls. Floki previously hosted a burn event in January 2023. Developers are proposing to burn 190 billion tokens, approximately 4.9% of the total supply, to improve network security and boost token prices.

destruction impact
Burning will reduce the circulating supply of Floki, potentially causing the price to rise. Burning may also improve network security, as attackers would need to hold more coins to take control of the network.
market sentiment

Meme coins have been performing strongly overall recently, with tokens such as Dogecoin, Shiba Inu, and Bunker Coin also seeing price increases. Floki’s burn plan could further fuel the meme coin investment craze.