FLOKI will be the one memecoin to rule them all this bull run! More than $400,000 FLOKI tokens burned in just one week, which adds up to tens of millions of dollars of burn in the past month, is pretty impressive.
Good Time to Buy Floki?
Floki Inu ($FLOKI), a cryptocurrency born out of meme culture and now emerging as a serious player in decentralized finance (DeFi), has experienced significant developments in March. Recently, FLOKI has demonstrated remarkable resilience in the face of market volatility, with its price surging by 5.7% over the last 24 hours, currently priced at $0.0002376. This rebound follows earlier declines, positioning FLOKI on a positive trajectory with a 1.7% increase over the week.
Initially introduced in 2021 as a meme coin inspired by Elon Musk’s pet, Shiba Inu, FLOKI has transitioned over time to focus on DeFi services, such as lending and borrowing, conducted directly on the blockchain without intermediaries.
In a recent X post, @RealFlokiInu confirmed a monumental achievement for FLOKI: the burning of over 214,774,104,953 FLOKI tokens in March alone, equivalent to approximately $55,261,377.2. This extraordinary burn rate surpasses that of other leading meme coins like DOGE, SHIB, PEPE, and BONK combined.
On the other hand, the high burn rate of $FLOKI tokens is due to several factors, including token burns approved by the DAO and demand-based sinks. With the upcoming launch of new products, FLOKI expects this burning rate to increase significantly.
Burning off of a token’s supply reduces inflation which can spike the prices. Floki believes that the burning will help in ensuring its long-term security stability. Meme coins are playing a crucial role in the post-BTC ETF approval era. Floki’s Token launch and its various advances surging 400% in the last month serve as evidence.
Read More: SHIB Price Prediction: Shiba Inu Coin Poised To Surge More Than 50% Soon
Factors Driving This Deflationary Impact
The analyst mentioned the key mechanism behind this unprecedented burning, he started with the FLOKI’s staking program imposes a penalty of 5-20% for early unstaking, with all penalties being burned.
The next thing he highlighted is the FlokiFi Locker. This feature buys back and burns $FLOKI whenever it is used on the Ethereum and Binance Smart Chain networks.
Moreover, FLOKI recently announced its partnership with TokenFi as the official crypto partner for the World Table Tennis Championship in South Korea. With an expected viewership of 450 million worldwide, this marketing initiative aims to enhance FLOKI’s exposure and market presence.
Are you adding this hot pick to your meme list?
