Floki Inu (FLOKI), a renowned dog-themed meme coin within the crypto space, has gained significant traction today, May 14, as its price rallied nearly 10%. Leading the meme coin sector alongside prominent meme crypto such as Pepe coin, the Floki has promptly emerged on crypto investors’ radar as another bullish event for the meme coin appears to be in the pipeline.

Floki DAO, the decentralized autonomous organization behind Floki Inu, has recently issued a token burn proposal, aiming to permanently remove slightly above 15 billion tokens from circulation. This announcement has fueled optimistic market sentiments for the meme coin’s price action ahead.

15 Bln Token Burn Proposal: What’s The Scoop?

In an official statement released by the meme coin’s community on X, it was pointed out that the DAO’s proposal aimed to burn a whopping 15.24 billion FLOKI tokens. In context, the DAO suggested burning tokens recovered from a blacklisted wallet, with the exception of returning 1% to the affected wallet as a goodwill gesture.

Concerning this, 15.40 billion FLOKI, worth $2.8 million, was transferred to the Floki multisig, and in turn, 1% of the tokens were proposed to be returned to the affected wallet. Simultaneously, the proposal aimed to burn 15.24 billion tokens and return 154 million tokens.

It’s worth noting that the proposal gained 99.84% votes in favor at press time, with ‘no’ votes totaling 0.16%. This potentially paves an optimistic path for the proposal’s greenlight ahead.

FLOKI Burn ProposalFLOKI Burn Proposal

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FLOKI Price Springs

While writing, Floki Inu’s price noted an uptick of 10.37% in the past 24 hours and is currently trading at $0.0001917. The meme crypto’s 24-hour trading volume saw a rise of 328.22% to $506.27 million, further pushing optimistic market sentiments.

As seen before, FLOKI token burning chronicles appear to have a profoundly positive effect on the token’s price action, fueling in an upward momentum. CoinGape Media earlier reported Floki Inu’s price rallied following the incineration of nearly 190 billion tokens earlier this year. This chronicle further paints an optimistic outlook on Floki’s price ahead.

Meanwhile, the token’s current gains also come against the backdrop of the coin being listed in Bitpanda’s Meme Coin Leaders Index.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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