Developers of a famous cryptocurrency plan to destroy digital assets worth $ 11 million

The developers of the cryptocurrency Floki propose to burn $ 11 million worth of digital assets to strengthen the project’s security. This is reported by BROKKER.

The creators of the cryptocurrency plan to burn 190.9 billion FLOKI tokens, which is about 2% of the total circulating supply. The total number of coins is aimed at increasing the long-term sustainability and security of the project.

Previously, these tokens were allocated for Floki’s cooperation with the Multichain interconnect service. However, subsequent events have forced the Floki team to transfer the tokens to the team’s secure multi-signature wallet as a precaution against potential security threats or market manipulation.

The main goals of the proposed token burn are to

• eliminate the risk of these tokens being used by malicious actors or having a negative impact on the market after integration with another multi-chain bridge;
• ensure their final exclusion from future circulation.

The final decision on token burning always depends on the vote of the DAO project members. The voting started on February 29 and ended on March 2. 89.49% of the votes approved the burning, while 10.51% were against it.

Like other leading meme coins, FLOKI is currently experiencing a bull market. Last week, the token grew by over 122%, and last Friday alone, it grew by over 35%. This is the largest growth of FLOKI in the last two years.

At the time of the news, the volume of daily transactions with FLOKI fell by 4.87% to $ 1.16 billion. According to the CoinMarketCap analytical tracker, at the time of writing, the coin is showing a daily increase of 8.75% with a market capitalization of $ 1.41 billion.