TL;DR

• FLOKI doubled in price after the approval of a 2% token supply burn.

Full Story

Meme coins are exactly like they sound:

Tokens created off the back of memes.

People usually buy into them for fun, but a ton of these tokens have created some pretty strong communities around them.

(Uhhhh, hello Doge Father).  

Which brings us here:

FLOKI, a dog related meme coin, recently approved a proposal to burn 2% of the token’s supply ($11M value at the time).

“Cool, cool, so what does that mean?”

Burning coins removes tokens from circulation forever and usually causes the price to go up.

(The less supply we have of something, the more we tend to value it).

Which means for healthier tokenomics. 

And it sure seems to be the case as of right now. The FLOKI token saw a rapid 100% increase in price over 24 hours.

Not bad!