As a researcher with extensive experience in the cryptocurrency and blockchain space, I’m excited about Floki DAO‘s recent announcement to burn 15.246 billion FLOKI tokens. Floki is a memecoin project that has made significant strides in the market, gaining relevance due to its dedicated community and utility-focused goals.
The Decentralized Autonomous Organization (DAO), known as Floki DAO, overseeing the FLOKI memecoin has declared the destruction of approximately 15.25 billion tokens. This decision, disclosed by the memecoin team, follows the DAO’s authorization for this action.
FLOKI Advances Deflationary Model
As a researcher studying the memecoin market, I can’t help but notice the significant impact of Floki on the current landscape. Its prominence is undeniable, with its inclusion in VanEck’s newly launched Memecoin Index adding to its relevance. Despite drawing a sizable audience and a devoted community, Floki’s mission continues to be focused on implementing effective strategies aimed at maximizing its utility and value.
15.246 BILLION FLOKI TOKEN BURN SUCCESSFULLY EXECUTED
As a dedicated researcher studying the intricacies of the #Floki DAO, I can confirm that an astounding 15,246,000,000 $FLOKI tokens were irreversibly eliminated from circulation following the authoritative decision made by the community.
This action reflects the community’s overwhelming support, with 99.84% voting in favor of the burn.
TX:…
— FLOKI (@RealFlokiInu) May 22, 2024
As a researcher studying the recent event regarding FLOKI tokens, I’ve discovered that approximately 15.24 billion FLOKI were transferred to inactive wallets. Among the total supply of FLOKI, around 99.84% or roughly 460 billion tokens supported this action. On the other hand, those who opposed the proposal prior to May 15 represented a mere 0.16%, equivalent to 723 million FLOKI.
Starting from May 13, the proposal to eliminate the latest blacklisted tokens in our FLOKI DAO community has been under consideration. Historically, our DAO has advocated for the removal of tainted accounts within our system. To carry out this process, these wallets need to transfer their existing assets to the Floki Multisig wallet, which irreversibly destroys them upon arrival.
In July 2022, when the call was initially made, most of the affected wallets followed suit, but a small number refused. More recently, one of these recalcitrant wallets transferred approximately 15.2 billion FLOKI into the pool and requested a 1% incentive. When this proposal was initially announced, the estimated value of the proposed tokens to be burned was around $2.8 million. Given the market fluctuations since then, the actual worth of the burnt tokens now amounts to roughly $3.43 million.
One significant aspect of the recent vote underscores the influence of the Floki DAO. This decentralized organization has demonstrated its autonomy by contributing to the decision-making process for at least three notable occasions during the past few years.
How Will Price Benefit?
The cost of FLOKI has risen by 2.13%, or $0.0002252, following the announcement of token burning. Amidst current market instability and significant loss for certain meme coin investments, this increase is noteworthy.
As a researcher studying memecoins, I believe that token burning could significantly increase the value of a particular memecoin in the long run. With competitors like PEPE reaching their All-Time Highs (ATH) once again, our memecoin may benefit from this trend by experiencing a similar price surge as a result of its own burn mechanism. The All-Time High for FLOKI stands at $0.0003437, which was achieved in early November 2021.
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2024-05-23 00:06