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- Floki Inu will burn 4.97 trillion FLOKI tokens worth more than $55 million if the DAO votes.
- The MemeCoin project will reduce the transaction tax from 3% to 0.3% and disable cross-chain bridging permanently.
- FLOKI’s price rose 25% early on Saturday to hit its highest level since August.
Floki Inu (FLOKI) holders vote for a key governance proposal Millions worth of native FLOKI tokens could be seen burned by Meme Cryptocurrency, permanently removing them from circulation.
Floki burns 4.97 trillion FLOKI and cuts 0.3% tax
Here is the DAO proposal announcement posted by the official Floki Inu Twitter account.
#FlokiThe latest DAO proposal is live!
If this proposal is passed:
– 4.97 trillion $FLOKI Tokens on Floki Bridge (~$54,670,000 worth) will be burned.
– The #Floki Buy/sell transaction tax will be reduced to 0.3%.Read the full proposal and vote here:https://t.co/nmx4cxJ6v1
— FLOKI (@RealFlokiInu) January 26, 2023
Notably, Floki Inu’s maximum supply is 10 trillion tokens, but more than half of that is currently in the cross-chain bridge created when the mainnet was launched on the BNB chain.
The developer team highlights the security threats posed by this situation, noting in the project that cross-chain bridge exploits have cost more than $2.5 billion in the past two years.
“In FLOKI’s case, an exploit on our main cross-chain bridge would spell disaster for the project, as this bridge currently holds 55.7% of FLOKI’s total circulating supply.,” the developers noted.
According to the plan introduced on Friday, FLOKI also aims to reduce the 3% tax on transactions to 0.3%. This will enhance the use of FLOKI and the Floki Inu ecosystem as one of the best platforms for decentralized finance (DeFi).
If the DAO is voted on the two issues, 4.97 trillion FLOKI will be burned, worth more than $55 million. The team will also permanently disable the cross-chain bridge. As of 9:00 a.m. ET on January 28, 2023, approximately 99.97% of the votes were in favor of the proposal.
Voting ends on Saturday, January 28 at 9:16 pm UTC (4:16 pm ET).
FLOKI Price Rises 25% in Token Burn Program
As token burns reduce the supply of a given token, the expectation is that the price of that token will rise amid fundamental principles of scarcity. Floki Inu’s view is no different.
is there excitement As for what the future holds for the FLOKI token, the commemorative coin continues to see upside in 2023.
The Floki’s price The Inu utility token hit $0.00001715 early Saturday, its highest level since August. According to data from CoinGecko, FLOKI is currently up more than 25% in the last 24 hours to around $0.00001643.
Weekly gains are almost 50% with the token rising 96% in value over the past 30 days.
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