Floki (FLOKI) has witnessed a substantial surge in its market valuation following a monumental token burn. The Floki DAO successfully executed the immolation of 190.91 billion tokens, valued at over $47 million, across both the Ethereum and Binance Smart Chain networks. This strategic maneuver has not only diminished the circulating supply of the token but also spurred a remarkable price upswing, grabbing the attention of investors and traders.
In the past 24 hours, the price has fluctuated between $0.0002156 and $0.0002767, respectively. However, the token price was up 3% at the writing time, trading at $0.0002418. Simultaneously, its market capitalization and 24-hour trading volume surged by 17.89% and 34.72% to $2.4B and $2.26B.
Impact of The Token Burn
The decision to burn a substantial quantity of tokens comes at a juncture when meme coins have attracted the interest of cryptocurrency market. This token burn has caused the complete supply of FLOKI to decrease, and consequently, investors have commenced acquiring the token in a bullish run. Following the announcement, the price witnessed a steep ascent, surging over 50% as mirrored in the weekly gains of over 130%, according to data.
190.91 BILLION FLOKI TOKEN BURN SUCCESSFULLY EXECUTED
In line with the decision of the #Floki DAO, 190,918,585,431.84 $FLOKI tokens have been successfully burnt across the ETH and BNB chains.
At the time of this announcement, the burnt tokens were valued at over $47 MILLION.… pic.twitter.com/gv8gJ6hA6v
— FLOKI (@RealFlokiInu) March 9, 2024
The contraction in supply and heightened demand have frequently observed the appreciation in the currencies’ value. Market analysts perceive such a calculated token burn as a pivotal occurrence for FLOKI, pointing to its potential for further evolution and stability in the unpredictable market of cryptocurrencies.
Prospects & Advancements of FLOKI
Following the token massive burn, the upswing in the token prices has sparked discussions regarding the trajectory the meme coin will undertake. Market participants closely monitor the market to discern possible enduring effects of the curtailed token supply on price stability and growth. Moreover, the ongoing efforts of the Floki team to enrich the coin’s utility and engage with the community may bolster the favorable momentum.
Apart from token burn, the team has been diligently working on new features and projects, including the Valhalla play-to-earn metaverse game, anticipated to generate even more interest and boost the adoption of the token.
These developments of calculated marketing strategies, such as the impending token burn, will fortify FLOKI’s stance in the dynamic meme coin market segment and allure more diversified groups of investors eager to profit from dynamic and innovative crypto assets.
About Floki
Floki Inu (FLOKI) is a meme coin on the Ethereum (later BSC) blockchain that emerged after Elon Musk tweeted that he named his dog Floki. As always, Musk’s tweet led to excitement in the crypto market, as well as the creation of a new token.
The original smart contract had problems with tokenomics – rapid growth in supply, that is, noticeable inflation, and in addition, large fees in favor of the developer. As a result, the original developer was removed, and a new team is now working on the project, launching Floki V2.
