- Floki DAO has announced the complete burning of over 15 billion FLOKI tokens, a move that might help price recovery.
- The FLOKI burn underscores the power of the Floki DAO and its community’s influence.
- The price of the memecoin is on the rise with a likely retest of its all-time high.
Floki DAO burns over 15 billion FLOKI tokens, signaling potential price recovery and demonstrating the power of decentralized governance.
FLOKI Advances Deflationary Model
Floki is one of the dominant memecoins in the market. Its relevance is quite pronounced considering it is also featured in the recently launched VanEck Memecoin Index. While the project commands a reasonable following with a dedicated community, its goal remains pursuing the best policies to enhance its utility and value.
Community-Driven Token Burn
The 15,246,000,000 FLOKI tokens sent to dead wallets is a significant move, with 99.84% of the community voting in favor of the burn. This action reflects the overwhelming support from the community, highlighting the decentralized nature of the Floki DAO. The proposal to burn these tokens dates back to May 13, when the protocol announced that the votes were live. Historically, FLOKI DAO has demanded the burning of blacklisted accounts within its ecosystem, requiring these wallets to send their holdings to the Floki Multisig wallet for permanent burning.
How Will Price Benefit?
The price of FLOKI is reacting positively to the token burning news, rising 2.13% to $0.0002252. This price uptick comes at a time when the market is experiencing intense consolidation, with some memecoin tokens losing their accrued gains. For the memecoin, boosts from token burning might help amplify its valuation in the long term. Since rivals like PEPE recently retested their All-Time High (ATH), the token might ride on this current burn fundamental to print similar records. FLOKI’s ATH is pegged at $0.0003437, attained in early November 2021.
Conclusion
The recent burning of over 15 billion FLOKI tokens by Floki DAO is a strategic move that underscores the power of decentralized governance and community support. This deflationary action is expected to positively impact the token’s price, potentially leading to a retest of its all-time high. As the memecoin market continues to evolve, such decisive actions by DAOs could play a crucial role in shaping the future of these digital assets.
