Data: Floki Developer Program to burn over 11 million USD worth of FLOKI tokens, accounting for 2% of the token circulation

ChainCatcher news, according to coindesk, the Floki (FLOKI) development team plans to burn 190,918,585,431.84 FLOKI tokens, accounting for 2% of the token circulation, currently valued at over 11 million dollars, to increase scarcity and network security.

Floki stated that they have transferred the tokens to a secure wallet and plan to burn them to ensure they will not circulate again.

Previously, the platform had conducted a burn event in January 2023, after which the price rose by 70%. The tokens to be burned will come from the supply stored in the Multichain bridge, which was destroyed in July 2023 due to exploitation of a vulnerability.