Floki Inu (FLOKI), a dog-themed cryptocurrency, has witnessed a remarkable price increase, capturing the attention of investors, traders and enthusiasts alike. The value of the coin has risen sharply, with an increase of more than 50% in the last 24 hours alone.
FLOKI delivers an impressive weekly gain of 336%
However, it is the weekly time frame that has really surprised market observers, as FLOKI noted impressive rally of 336%. This price increase follows a community-backed proposal to burn 2% of the token’s supply.
The token burning proposal received overwhelming support from the community, with almost 90% of votes in favor of the initiative. The top voter staked a whopping 117 billion tokens, demonstrating belief in the long-term security and stability of the Floki project.
IT’S OFFICIAL: FLOKI DAO GOES VOTE TO BURN 190,918,585,431.84 FLOKI TOKENS
The #Floki DAO voted in favor of burning 190,918,585,431.84 $FLOKI Coins. At today’s market value, this is worth over $24 MILLION.
In accordance with the Floki DAO’s decision, the tokens will… pic.twitter.com/uGu0XFU5p9
— FLOKI (@RealFlokiInu) March 2, 2024
The burn event will take place after a period of seven days and aims to minimize the risks associated with token exploitation and dumping, ensuring the sustainability of the project.
Social media buzz and positive sentiment
An investigation by NewsBTC has revealed a flurry of social media mentions for Floki Inu in recent days, indicating the meme coin’s continued popularity within the cryptocurrency community.
Additionally, an increase in weighted sentiment suggests that positive views of the token prevail at the time of writing. This growing social media buzz and optimistic sentiment has played a role in drawing attention to Floki Inu and contributed to its rapid increase in value.
Source: Santiment
FLOKI total value locked increases
Meanwhile, Floki has achieved a remarkable feat. Total Value Locked (TVL) for all its ecosystem assets has exceeded $400 million. This performance follows the cryptocurrency’s all-time high of $366 million, demonstrating its meteoric rise and investor appeal.
FLOKI EXCEEDS RECORD OF $400M IN TVL#Floki just surpassed $400 million in TVL for two of its key ecosystem products, hours after hitting an ATH of $366 million:
– Floki stake: $297 million+
– FlokiFi vault: $111 million+$FLOKI now has more TVL than that of other top memecoins such as $PEPE,… pic.twitter.com/rjCXPF7y6H— FLOKI (@RealFlokiInu) March 2, 2024
As the crypto market continues to evolve, all eyes remain on Floki Inu and its future trajectory. Market participants are eagerly awaiting the outcome of the token burn event and are closely monitoring the impact of social media trends and warning indicators on the coin’s price.
Total crypto market cap at $2.3 trillion on the daily chart: TradingView.com
The coming days will shed more light on whether Floki Inu can maintain the current momentum or if a correction is on the horizon.
Related reading: Shiba Inu Just Soared to 124% – What’s Driving the Price Up?
The recent price increase of Floki Inu, caused by overwhelming community support for a symbolic burning proposal, has attracted widespread attention. The coin’s popularity on social media and positive sentiment within the cryptocurrency community further contribute to its rise.
Featured image from Pexels, chart from TradingView
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