Floki Soars As Holders Buoyed By Proposal to Remove 15.24B Tokens Out Of Circulation: The Burn Is Real

Floki FLOKI/USD gained significant positive momentum this week, fueled largely by the combination of the "Roaring Kitty" hype, and a fresh proposal to kick a large portion of the supply out of circulation.

What Happened: The memecoin soared 23% since the week began, riding high on the social media comeback of retail trader "Roaring Kitty," an event that has also pumped meme stocks in the traditional markets.

To top it up, a proposal by the Floki DAO–an organization that votes on decisions concerning the project– to burn a whopping 15.24 billion tokens, boosted the coin further. 

The proposal, polling for which ends on May 16, gained an overwhelming 99.84% votes in favor of the burn. 

Why It Matters: Cryptocurrency holders view burning events with optimism, anticipating that the supply squeeze would drive the price of the asset upward.

In March, the passage of a proposal to burn 190 billion FLOKI tokens was met with similar euphoria, sending the coin 50% higher within a day. 

In the last 24 hours, FLOKI's large transaction volume soared by 88%, according to IntoTheBlock, reflecting increased participation from cryptocurrency whales. Additionally, long-term supply dipped by 0.03%, suggesting increased profit-taking. 

Price Action: At the time of writing, FLOKI was exchanging hands at $$0.0002021, witnessing a 6.22% jump in the last 24 hours, according to data from Benzinga Pro.

Photo by Maurice NORBERT on Shutterstock

Read Next: GameStop Might Have Outperformed Bitcoin’s Yearly Returns In A Single Day But Here’s Why King Crypto Evokes More Optimism