Floki Inu (FLOKI) saw a notable 10% price surge in FLOKI Price signaling significant traction in the meme coin space.
FLOKI, a well-known dog-themed meme coin in the cryptocurrency field has increased by about 10% today, May 14 indicating that it has achieved substantial traction in the cryptocurrency space.
An additional positive event for the meme coin appears to be in the works and the Floki has quickly become a significant topic of discussion among cryptocurrency investors.
Floki is leading the meme coin industry alongside other prominent meme cryptocurrencies such as Pepe Coin. The decentralized autonomous organization that is responsible for Floki Inu, known as Floki DAO has just published a proposal for the burning of tokens with the intention of permanently removing slightly more than 15 billion tokens from circulation.
As a result of this revelation, market emotions have become more hopeful about the meme coin’s future price action. The community of the meme coin on X pointed out in an official statement that the DAO’s proposal aimed to destroy a staggering 15.24 billion FLOKI tokens.
Given the circumstances, the DAO proposed the destruction of tokens retrieved from a blacklisted wallet, except for the return of one percent of the affected tokens as a gesture of goodwill.
In response to this issue, we transferred 15.40 billion FLOKI or $2.8 million to the Floki multisig.
We requested the return of one percent of the tokens to the affected wallet as compensation for this. The proposal also predicted the destruction of 15.24 billion tokens and the return of 154 million tokens.
It is important to note that the proposal received 99.84% of votes in favor at the time of publication, while the total number of votes against it was 0.16%.
FLOKI Price Springs
This could potentially facilitate the approval of the plan in the upcoming process. As I write this article, the FLOKI price has surged by 10.37% in the last 24 hours, currently trading at $0.0001917.
The 24-hour trading volume of the meme cryptocurrency increased by 328.22%, reaching $506.27 million, which further pushed optimistic market sentiments that were already present.
The FLOKI token burning chronicles appear to have a profoundly beneficial effect on the token price action, feeding into an upward momentum.
We have previously observed this phenomenon. According to a previous post by CoinGape Media, Floki price increased after burning approximately 190 billion tokens earlier this year.
This chronicle presents an even more hopeful picture of Floki price in the future.