The
price
of
dog-themed
token
floki
(FLOKI)
surged
by
more
than
100%
in
the
past
24
hours
as
a
proposal
to
burn
2%
of
the
token’s
supply
was
passed
by
the
community,
proposal
data
shows.
Nearly
90%
of
votes
favored
the
burn,
with
the
top
voter
staking
117
billion
tokens.
The
event
is
expected
to
occur
after
a
seven-day
period.
Burns
refers
to
permanently
removing
tokens
from
circulating
supply
by
sending
them
to
a
crypto
wallet
that
no
one
controls.
Floki
previously
conducted
a
burn
event
in
January
2023.
Last
week,
developers
proposed
removing
190
billion
tokens,
worth
$11
million
at
the
time,
increasing
network
security
and
boosting
bullish
sentiment
for
the
tokens.
The
burn
plans
were
first
reported
on
CoinDesk
and
prices
have
been
up
140%
since.
The
tokens
for
the
proposed
burn
will
originate
from
the
supply
stored
on
the
Multichain
bridge.
Multichain
was
a
platform
that
let
users
transfer
tokens
between
various
networks
–
but
imploded
in
July
2023
after
an
exploit
saw
over
$130
million
in
funds
stolen
from
the
platform.
A
euphoria
around
meme
coin
investing
likely
contributed
to
the
massive
FLOKI
surge,
with
prices
of
prominent
tokens
dogecoin
(DOGE),
shiba
inu
(SHIB)
and
bonk
(BONK)
up
more
than
50%
in
the
past
week.
The
meme
coin
category
tracked
on
CoinGecko
is
up
40%
in
the
past
24
hours,
while
CD20,
a
broad-based
liquid
index,
is
up
4%.