Floki developer plans to burn over $11 million worth of FLOKI tokens, accounting for 2% of the token's circulation

The Floki (FLOKI) development team plans to destroy 190,918,585,431.84 FLOKI tokens, accounting for 2% of the token circulation, currently valued at over $11 million to increase scarcity and network security.

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

Previously, the platform had conducted a destruction event in January 2023 which resulted in a 70% price increase. The destroyed tokens will come from the supply stored by Multichain bridge connectors after the platform was exploited due to vulnerabilities and destroyed in July 2023.