Floki memecoin team proposed to burn 190 billion tokens, FLOKI price increased

The developer of Floki (FLOKI) recently announced a plan to propose burning 2% of the token's current supply to increase scarcity and improve network security for the platform.

The Floki team said on Telegram: “We propose to burn 190,918,585,431.84 $FLOKI, or approximately 2% of the total current supply, estimated to be over $11 million.” Burning is intended to permanently remove tokens from the supply by transferring them to an uncontrollable cryptocurrency wallet.

Floki previously burned tokens in January 2023, causing FLOKI's price to increase by 70% in the days that followed. Developer B said the tokens for the burn will be taken from the supply stored on the Multichain bridge, a cross-chain bridge that closed in July 2023 due to a security attack.

Floki said it withdrew the tokens from Multichain before the platform collapsed and kept them safely in a wallet.

Floki team shares: “We noticed some red flags with Multichain last year and immediately withdrew tokens from the bridge we owned into Floki's multi-signature wallet. We believe the only way to ensure they are NEVER released is to burn them.”

FLOKI price jumped 13% after the above announcement. Currently, this token price has adjusted to $0.00005831