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Floki Inu proposes to burn 15.2 billion tokens

The Floki Inu community has offered to burn 15,246,000,000 FLOKI, currently worth $2.8 million.

The project team explained that these actions are aimed at removing tokens from blacklisted wallets.

Why would Floki Inu burn 15.2 billion tokens?

Burning 15,246,000,000 FLOKI supported 2022 vote, as a result of which the community agreed to burn the excess restored tokens. When wallets are blacklisted, nothing can be done with the tokens other than sending them to a multisig wallet, so holders feel it is right to permanently remove these coins from the market.

“We believe it is fair to burn returned tokens to remove them from circulation forever, in accordance with community expectations,” explained The project team.

In addition, Floki DAO promised to send 1% of the value of returned tokens, or about 154 million FLOKI, to voters as a sign of goodwill.

This is not the first time the community has voted to burn FLOKI. In February, a similar situation occurred with 190.9 billion coins recovered from a multi-chain bridge.

“In each of these cases, the Floki DAO solution was quickly implemented, which confirms that Floki is a fully decentralized cryptocurrency and the Floki DAO ultimately determines the direction of the project,” the Floki Inu community commented.

Following the announcement, FLOKI's price increased by over 11%, rising from $0.0001872 to $0.0002025, with trading volume increasing by 235.29% in the last 24 hours.

Source: Cryptocurrency

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