Amidst a resurgence in the meme coins’ ecosystem, Floki stepped into the limelight as over 12 million users gained access to utilize it for transactions at premier merchants via Binance Pay. The integration by the renowned crypto payments platform has not only boosted its utility but also bolstered its competitive stance against fellow meme coins such as Dogecoin [DOGE], Dogwifhat [WIF], and PepeCoin [PEPE].
This means over 12 million active users can use the token to pay merchants for goods and services across the world and within the Binance app’s Marketplace. Emerging as the key payment option, it has also opened up new horizons and possibilities.
Buy luxury cars and properties. Book flights or hotels at Travala or Despegar. Shop at global e-comm retailer Farfetch or Printemps, a leading French department store. Make payments at up to 5,000 POS terminals in Bahrain – Pay for items in supermarkets (Pick N Pay Africa): Pay at pharmacies (ANC Pharmacy Ukraine) Binance Pay enables anyone to make instant, borderless, secure payments directly from within the Binance App. Finally, besides merchant payments, you can also pay friends and family via Binance Pay!
The meme coin ecosystem burned a total of 214 billion FLOKI tokens in March, representing strong utility demand as part of its commitment to improving tokenomics and generating long-term value. This amount exceeds $55 million and surpasses the combined burns of other top meme coins such as DOGE, SHIB, PEPE, WIF, and BONK.
Floki’s Token Burn Strategy
According to the official blog, these burns are primarily driven by Floki’s utility products and a DAO-approved burn mechanism. Firstly, the Floki Staking Program imposes a penalty fee of 5-20% whenever a staker decides to unstake their tokens earlier than the scheduled date. These burnt tokens are effectively removed from circulation, reducing the overall supply of Floki tokens. Secondly, the FlokiFi Locker DeFi protocol further contributes to the burning program by purchasing and burning the token whenever it is used on the Ethereum and Binance Smart Chain [BNB] networks.
Looking ahead, the team anticipates these burns to accelerate with the introduction of more Floki products later in the year.