- If the DAO vote is passed, Floki Inu will use 4.97 trillion FLOKI tokens that are worth more than $55 million.
- The meme coin project plans to also reduce transaction taxes from 3% to 0.3% as well as permanently disable the cross chain bridge.
- FLOKI’s price rose 25% on Saturday, reaching its highest level since August.
Floki-Inu (FLOKI), holders vote on major governance proposal This could lead to the meme cryptocurrency burning millions of nativ FLOKI tokens and permanently taking them out of circulation.
Floki will burn 4.97 Trillion FLOKI, and reduce tax to 0.3%
Here’s the DAO proposal announcement as posted by the official Floki Inu Twitter account.
#FlokiThe latest DAO proposal from’s is now live!
If the proposal passes:
– 4.97 trillion $FLOKI Tokens worth $54 670,000 will be burned at the Floki bridge.
– The #Floki The buy/sell transaction taxes would be decreased to 0.3%
Vote here and read the complete proposalhttps://t.co/nmx4cxJ6v1
— FLOKI (@RealFlokiInu) January 26, 2023
Notably, Floki Inu’s maximum supply is 10 trillion tokens, but more than half of it is currently held in a cross-chain bridge created when the mainnet launched on the BNB Chain.
The proposal is a warning to security experts. It cites the fact that cross-chain bridge attacks have cost more than $2.5 billion over the past two years.
“In Floki’s case, an exploit on our main cross-chain bridge would have a catastrophic impact on the project since this bridge currently holds 55.7% of what should be FLOKI’s total circulating supply,” the developers noted.
Friday’s proposal stated that the goal was to also reduce FLOKI’s 3% tax to 0.3%. This will enhance FLOKI’s utility and the Floki Inu ecosystem as one of the top platforms for decentralised finance (DeFi).
If the DAO vote regarding the two issues passes then 4.97 trillion FLOKI valued at more than $55 millions will be set ablaze. The team will also permanently disarm the cross-chain bridge. Around 99.97% supported the proposal as of January 28, 2023 at 9:00 ET.
Voting ends at 9:16 PM UTC (or 4:16 PM ET) on Saturday 28th January.
FLOKI prices jump 25% due to token burn proposal
The expectation is that token burns will reduce the supply of a token. This will cause the price to rise in line with the basic principles and scarcity. The same outlook applies to Floki Inu.
There is excitement What the future holds for the FLOKI token despite the fact that the meme coin is still gaining upside momentum in 2023?
The price of the Floki Inu utility coin soared to $0.00001715 on Saturday, marking its highest point since August. Data from CoinGecko shows that FLOKI has risen more than 25% in the last 24 hours and is now worth $0.00001643.
Weekly gains are nearly 50% while the token’s value has risen by 96% in the past 30 days.
Share this article