Floki DAO outlines proposal to burn 190 billion tokens

Floki DAO outlines proposal to burn 190 billion tokens

By Benson Toti - min read
Updated 22 April 2024
  • New proposal seeks to burn 190 billion FLOKI tokens.
  • Over $11 million worth of FLOKI tokens to be permanently removed if vote passes.
  • Will FLOKI price explode?

A new Floki DAO proposal seeks to reduce the cryptocurrency project’s total supply by a staggering 190 billion tokens.

The FLOKI developer team  says the massive burn will account for 2% of the circulating supply.

We would like to put forward a proposal for another massive $FLOKI token burn, similar to the one we had in January 2023. This time around, we’re proposing a burn of 190,918,585,431.84 $FLOKI tokens. That’s around 2% of the token’s current circulating supply, which is currently worth around $11 million,” the proposal reads.

According to details of the new DAO proposal, the token burn will help with the long-term security and stability of the Floki network. By burning these tokens, it ensures they are permanently removed.

The tokens in question are held in a multisig wallet since Floki “narrowly” escaped the implosion that hit the cross-chain bridge Multchain after a $130 million exploit. The team says burning these $190 billion FLOKI tokens is the “only trustless way to guarantee that they NEVER enter into circulation.”

A community vote on the proposal runs from February 29, 2024 to March 2, 2024. A snapshot of the vote shows 84% of votes are so far in favour of the burn.

If the Floki DAO votes in favor of burning these tokens, they will be burned within a week of the DAO vote passing. If the Floki DAO votes against burning these tokens, they will be kept in the Floki treasury for future use,” the developer team said.

FLOKI price

In January 2023, Floki burned more than $124 million worth of its native tokens. The price of the meme coin jumped more than 70% following the historic burn. In recent weeks, the FLOKI price has also jumped as meme coins rally amid Bitcoin’s uptick to a multi-year high of $64k.

Also notable was reports that digital asset firm DWF Labs was to market-purchase $10 million of FLOKI over the next two years. FLOKI price soared after the news before paring some of the gains.

Prices are however 67% up in the past week at the time of writing.