A burning statement came from the developers of Floki Inu, one of the most popular meme tokens.
According to Coindesk, Floki developers stated that they plan to burn $11 million worth of tokens.
With this burn, the FLOKI supply decreases by 190 billion, while the burn amount represents 2% of the token's circulating supply.
Accordingly, FLOKI developers will submit a proposal to burn 2% of the token's circulating supply in order to increase the scarcity of the token and improve network security.
Lead developer B stated to CoinDesk that the tokens for the proposed burn will originate from the supply stored on the Multichain bridge:
“We propose to burn 190,918,585,431.84 FLOKI tokens.
This corresponds to approximately 2% of the current circulating supply of the token, which is currently worth over $11 million.
Last year we noticed a few red flags regarding Multichain and immediately started withdrawing the bridge tokens we had with them to Floki multisig.
We believe the only reliable way to ensure they NEVER enter circulation is to incinerate them.”
After the news, FLOKI price increased by up to 13%.
*This is not investment advice.