- Floki Inu will burn 4.97 trillion FLOKI tokens worth over $55 million if the DAO vote passes.
- The Meme Coin Project is also considering cutting the transaction tax from 3% to 0.3% and permanently disabling cross-chain bridges.
- FLOKI prices rose 25% in the early hours of Saturday, hitting their highest level since August.
Floki Inu (FLOKI) holders vote on key governance suggestion A memetic cryptocurrency could burn up millions worth of native FLOKI tokens, banishing them from circulation forever.
Floki burns 4.97 trillion FLOKI, lowers taxes to 0.3%
This is the announcement of the DAO proposal posted by Floki Inu’s official Twitter account.
#floki‘s latest DAO proposal has been published.
If this proposal passes:
– 4.97 trillion $FLOKI Floki Bridge tokens (worth ~$54,670,000) will be burned.
– of #floki Sales 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 has a maximum supply of 10 trillion tokens, of which more than half is currently held in the cross-chain bridge created when the mainnet was launched on the BNB chain.
The developer team highlights the security threat posed by this scenario, noting in their proposal that cross-chain bridge exploits have lost more than $2.5 billion over the past two years.
“In the case of Floki, this bridge currently holds 55.7% of FLOKI’s total circulating supply, so exploiting the main cross-chain bridge could have a devastating impact on the project.’” noted the developer.
According to the proposal introduced on Friday, the goal is to reduce the 3% tax on FLOKI transactions to 0.3%. This strengthens the utility of FLOKI and his Floki Inu ecosystem as one of the top platforms for decentralized finance (DeFi).
If the DAO votes on the two issues pass, 4.97 trillion FLOKI worth more than $55 million will be burned. The team will also permanently disable the cross-chain bridge. As of 9:00 AM ET on January 28, 2023, approximately 99.97% of the votes were in favor of the proposal.
Voting closes on Saturday, January 28 at 9:16 PM (4:16 PM UTC).
FLOKI Price Jumps 25% on Token Burn Proposal
As token burn reduces the supply of a particular token, we expect the price of that token to rise within the scarcity principle. The outlook for Floki Inu is the same.
there is excitement As for what the future holds for the FLOKI token, even as Memecoin continues to show upward momentum in 2023.
The price of the Floki Inu utility token surged early on Saturday, hitting $0.00001715, its highest level since August. According to CoinGecko data, FLOKI is currently up more than 25% in the last 24 hours and is trading around $0.00001643.
The value of the token has increased by 96% over the last 30 days, but the weekly profit is almost 50%.
