- Floki DAO votes to burn 190.9B $FLOKI tokens for project stability.
- Shiba Inu’s SHIB climbs to top 10 market caps, surpassing $20.72 billion.
- Analyst sees meme coin surge as the start of a new market wave.
In a dynamic weekend move, the Floki DAO has voted to burn a staggering 190.9 billion FLOKI tokens, equivalent to 2% of its circulating supply. The burn, scheduled for Saturday at 4 PM UTC, holds a current valuation of $31.5 million.
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This strategic move aims to enhance the long-term security and stability of the Floki project by permanently removing a substantial portion of tokens from circulation. The FLOKI community is eagerly awaiting another significant surge for the token following the burn.
At the same time, Shiba Inu’s SHIB asserts its dominance in the meme coin space. With an impressive performance, SHIB has secured a spot in the top 10 cryptos by market cap, boasting over $20.72 billion. Following a recent burn after an initial surge in price, SHIB continues its upward trajectory.
Despite concerns in some quarters about meme coins signaling an overheated market, a crypto analyst counters this perspective. According to the analyst, the recent surge in DOGE and other meme coins marks the beginning of retail investors returning to the market.
The familiarity of these coins attracts a significant portion of traders, indicating the initiation of a new market wave. The surge in these meme coins is seen as the starting point of a broader upward trend.
As SHIB and FLOKI command attention with strategic moves and remarkable performances, the broader crypto community observes with anticipation, speculating on the trajectory of the meme coin sector and its implications for the overall market.
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