The price of Floki token (FLOKI) surged more than 100% in the last 24 hours. This was triggered by the approval of the burn proposal of 2% of the total token supply by the Floki community, as seen in the proposal data.
Nearly 90% of the votes were in favor of this burn, with top token holders even staking 117 billion tokens to support it. The burning process is estimated to occur after a period of seven days.
For your information, token burning is the process of permanently removing tokens from circulation. Burned tokens will be sent to a crypto wallet that no one controls. Floki himself previously burned tokens in January 2023.
Last week, the Floki development team proposed burning 190 billion tokens, which would be worth around $11 million at the time. This burn is expected to improve network security and encourage optimism towards the FLOKI token. This burning plan was first reported by CoinDesk and since then the price of FLOKI has risen 140%.
The tokens that will be burned come from the supply stored on the Multichain bridge. Multichain is a platform that previously allowed users to transfer tokens between various blockchain networks. However, the platform experienced an incident in July 2023 where hackers managed to steal more than $130 million in funds.
The massive surge in FLOKI prices may also have been influenced by the euphoria of investing in meme coins. The prices of other well-known memecoin tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) also rose more than 50% in the last week.
Overall, the meme coin category on CoinGecko experienced a 40% increase in the last 24 hours. Meanwhile, CD20, a broad-based liquidity index, rose by 4%.
Check Today's Crypto Market:
FLOKI Token Benefits
FLOKI tokens are crypto assets that have various potential benefits, although keep in mind that all investments have risks. Here are some potential advantages of the FLOKI token.
1. Rapid Growth Potential
FLOKI has attracted attention as one of the popular cryptocurrency projects, especially due to the same name as one of the meme characters, the Shiba Inu dog. This has caused great interest from the crypto community and may have the potential for rapid price growth.
2. Strong Community Engagement
FLOKI has a strong and passionate community behind it, which continues to support the project and participate in various initiatives and campaigns. Strong community engagement can help drive adoption and growth of the FLOKI ecosystem.
3. Technology and Innovation
Although FLOKI was initially known for its meme-inspired name and logo, the project also has a focus on technology and innovation. This includes the development of features such as unique tokenomics, staking, and possible integration with other applications or platforms in the future.
4. Potential for Partnership and Integration
As it grows and becomes more popular, FLOKI may attract interest from other companies or projects for partnerships or integrations. This can open new opportunities and increase the value and utility of the FLOKI token.
5. Volatility and Trading Opportunities
The volatile nature of the cryptocurrency market can provide trading opportunities for active traders. FLOKI may experience significant price fluctuations in the short term, which can be exploited to profit from price differences.
Also read How to Buy Crypto:
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH ), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
What is TokenFi (TOKEN)? Floki Inu Project for Asset Tokenization
Floki Burns 2% Tokens to Increase Network Value and Security
FLOKI Soars 420% in 30 Days: Is It Time to Take Profits Before Dumping, Selling to USDT?
DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.