Floki Inu (FLOKI), a canine-themed cryptocurrency, has witnessed a remarkable surge in its price, capturing the attention of investors, traders, and enthusiasts alike. The coin’s value has experienced a sharp increase, with the past 24 hours alone seeing a surge of over 50%.
FLOKI Tallies An Impressive 336% Weekly Gain
However, it is the weekly timeframe that has truly astounded market observers, as FLOKI recorded an impressive rally of 336%. This surge in price comes on the heels of a community-backed proposal to burn 2% of the token’s supply.
The proposal to burn tokens was met with overwhelming support from the community, with nearly 90% of votes favoring the initiative. The top voter staked a staggering 117 billion tokens, demonstrating the belief in the long-term security and stability of the Floki project.
IT’S OFFICIAL: FLOKI DAO PASSES VOTE TO BURN 190,918,585,431.84 FLOKI TOKENS
The #Floki DAO has voted in favor of burning 190,918,585,431.84 $FLOKI tokens. At the current market value, this is worth over $24 MILLION.
In line with the decision of the Floki DAO, the tokens will… pic.twitter.com/uGu0XFU5p9
— FLOKI (@RealFlokiInu) March 2, 2024
The burn event is scheduled to take place after a seven-day period, and its purpose is to minimize the risks associated with token exploitation and dumping, thereby ensuring the project’s sustainability.
Social Media Buzz And Positive Sentiment
An investigation by NewsBTC has revealed a surge in social media mentions for Floki Inu in recent days, indicating the continued popularity of the meme coin within the cryptocurrency community.
Moreover, a rise in weighted sentiment suggests that positive views towards the token prevail at the time of writing. This growing social media buzz and optimistic sentiment have played a role in attracting attention to Floki Inu and contributing to its meteoric rise in value.
Source: Santiment
FLOKI Total Value Locked Soars
Meanwhile, Floki has reached a noteworthy accomplishment. Total Value Locked (TVL) across its ecosystem goods has exceeded $400 million. This accomplishment follows the cryptocurrency’s all-time high of $366 million, which showed its quick rise and investor appeal.
FLOKI CROSSES RECORD $400M IN TVL#Floki has just crossed $400M in TVL across two of its key ecosystem products, hours after it hit an ATH of $366 million:
– Floki Staking: $297M+
– FlokiFi Locker: $111M+$FLOKI now has more TVL than that of other top memecoins like $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 eagerly await the outcome of the token burn event and closely monitor the impact of social media trends and cautionary 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 sustain its current momentum or if a correction is on the horizon.
Related Reading: Shiba Inu Just Ballooned To 124% – What’s Pushing The Price Up?
Floki Inu’s recent surge in price, driven by overwhelming community support for a token burn proposal, has captured 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