Floki developers plan to burn over $11 million worth of FLOKI tokens, amounting to 2% of the token's circulating supply.

TechFlow reports that the Floki (FLOKI) development team plans to burn 190,918,585,431.84 FLOKI tokens—2% of the circulating supply—currently worth over $11 million, to increase scarcity and network security.

Floki stated that they have transferred the tokens to a secure wallet and intend to burn them to ensure they never re-enter circulation.

Previously, the platform conducted a token burn in January 2023, after which prices rose by 70%. The tokens to be burned will come from the supply held in the Multichain bridge, which was compromised and shut down in July 2023 due to a vulnerability exploit.