Floki Inu Developers Float DAO Proposal to Burn $55M of Its Own Tokens

Burning tokens is a way of reducing supply, which subsequently adds value to each token as long as the level of demand remains the same. The Floki team hopes to position the project as serious decentralized finance (DeFi) contender. “Floki’s latest DAO vote makes it clear that Floki is more than just a memecoin,” B, a Floki core team member told CoinDesk.