FLOKI Burns Tokens Worth IDR 494 Billion, What Impact Does It Have on the Price of Floki Inu?

Bittime - FLOKI, one of the meme coins inspired by Elon Musk's pet dog, is ready to carry out a massive token burning action. The project will remove 2% of the circulating token supply, or about 190.9 billion FLOKI, which is equivalent to $31.5 million or Rp 494 billion.

This token burn is the result of governance decisions taken by Floki DAO, a decentralized autonomous organization that manages the FLOKI project. This burning event is scheduled for March 9, 2024, at 4 pm UTC.

The purpose of this token burn is to increase the scarcity and security of the FLOKI network, as well as drive price increases in the long run. Token burning is a process where a certain amount of tokens is sent to a wallet address that no one can access, thereby permanently reducing the number of tokens available in the market.

FLOKI Up 195% in a Week 

This token burn announcement has given a positive boost to the price of FLOKI, which has gained 195% in the past week, from $0.0000473 to $0.0001396 per token. FLOKI's market capitalization has also increased to $1.3 billion or Rp 20.4 trillion, making it one of the largest meme coins in the world.

FLOKI is one of the meme coins born after Elon Musk, CEO of Tesla and SpaceX, announced that he would adopt a Shiba Inu dog and name it Floki. This triggered a wave of interest and speculation among the crypto community, which then created various meme coins under the name Floki, such as Floki Inu, Super Floki, and others.

However, FLOKI claims that it is the original and official Floki meme coin, backed by a team of professional and experienced developers. FLOKI also claims that it has more utility and innovation than other meme coins, which mostly rely solely on hype and hype.

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FLOKI Launches TokenFi Platform 

One example of FLOKI's utility and innovation was the launch of the TokenFi platform last year. TokenFi is a platform that allows users to create and launch their own tokens easily and quickly, without the need to have any technical knowledge or coding.

TokenFi also offers various features and services that can help users manage and promote their tokens, such as staking, farming, swap, launchpad, and others. TokenFi aims to be a complete solution for anyone looking to dive into the world of tokenization, which is one of the most growing sectors in the crypto industry.

With TokenFi, FLOKI hopes to attract more users and projects to its ecosystem, as well as increase the demand and value of the FLOKI token itself. FLOKI also plans to launch various other products and services in the future, such as Floki NFT, Floki Metaverse, Floki Gaming, and others.

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FLOKI Ready to Welcome a New Era of Crypto Adoption 

The token burning that FLOKI will carry out shows that this project is not just a meme coin, but also has a clear vision and mission to become one of the major players in the crypto industry. FLOKI is also poised to welcome a new era of crypto adoption, triggered by the approval of spot Bitcoin Exchange Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC).

Spot Bitcoin ETFs are investment products that allow investors to buy and sell Bitcoin on a stock exchange, without the need to own Bitcoin directly. This is expected to open the door for more institutional and retail investors to enter the crypto market, as well as increase Bitcoin's liquidity and legitimacy.

With spot Bitcoin ETFs, investors can also more easily allocate a portion of their portfolio to other crypto assets, including meme coins like FLOKI. Meme coins are projected to play an important role in the new era of crypto adoption, as they can offer high profit potential, as well as entertainment and fun for investors.

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Conclusion

However, meme coins also carry a high risk, as their prices are highly volatile and influenced by factors such as market sentiment, hype, news, and celebrities. Therefore, investors who are interested in meme coins should exercise caution and do some research before deciding to invest. Always remember that investing in crypto carries a high level of risk and there is no guarantee of profit.

How to Buy Floki Inu (FLOKI) on Bittime

You can buy and sell Floki Inu (FLOKI) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Floki Inu (FLOKI) is available on Bittime with the FLOKI/USDT market pair. To be able to buy FLOKI USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Floki Inu (FLOKI) on Bittime.

Monitor the price chart movements of Floki Inu (FLOKI), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

FLOKI Token Soars 343% in a Week: Here's Why!

FLOKI INU Bullish, When is the Right Time to Take Profit?

Floki Price Soars 100% After Burn Proposal Approved

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.