In a move aimed at bolstering its long-term resilience and security, the Floki project has put forward a proposal to burn 190.9 billion FLOKI tokens, equivalent to approximately 2% of its total circulating supply.
Originally earmarked for Floki’s partnership with the cross-chain bridge service Multichain, these tokens have now been withdrawn into the project’s secure multisig wallet in response to evolving developments, including potential security threats or market manipulation.
The decision on whether to proceed with the token burn proposal rests with the project’s DAO members, with voting currently underway and scheduled to conclude tomorrow. Notably, an overwhelming 88% of the votes thus far have expressed support for the burning initiative.
Similar to other prominent meme coins, FLOKI has experienced a surge in value amid the ongoing bull market. The token has recorded impressive gains of over 122% throughout the week, with a particularly notable increase of 35% on Friday alone, marking its most significant rally in over two years.
The primary objectives driving the proposed token burn include mitigating the risk of exploitation or adverse market impact post-integration with another bridge service and ensuring the permanent removal of these tokens from circulation to safeguard against future contingencies.
By taking proactive measures such as this token burn, the Floki project demonstrates its commitment to maintaining robust security protocols and safeguarding investor interests in an ever-evolving crypto landscape.
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