Floki Developers Plan to Burn $11M Tokens, Reducing Supply by 190B FLOKI
Summary
Floki (FLOKI) developers plan to propose a burn of 2% of the token's circulating supply, equivalent to over $11 million. The aim is to increase scarcity and enhance network security. The tokens for the proposed burn will come from the supply stored on the Multichain bridge, a platform that collapsed in July 2023 following an exploit that resulted in over $130 million in funds being stolen. Floki had withdrawn its tokens from Multichain prior to its collapse and has kept them in a secure wallet. Floki previously conducted a token burn in January 2023, which led to a 70% price increase. Currently, FLOKI prices have risen nearly 8%, mirroring a broader market spike.
