Floki developer plans to burn over $11 million worth of FLOKI tokens, accounting for 2% of the token's circulation
The Floki (FLOKI) development team plans to destroy 190,918,585,431.84 FLOKI tokens, accounting for 2% of the token circulation, currently valued at over $11 million to increase scarcity and network security.
Floki stated that they have transferred the tokens to a secure wallet and plan to destroy them to ensure they will not circulate again.
Previously, the platform had conducted a destruction event in January 2023 which resulted in a 70% price increase. The destroyed tokens will come from the supply stored by Multichain bridge connectors after the platform was exploited due to vulnerabilities and destroyed in July 2023.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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