• Floki Inu, a meme coin birthed by fans and the SHIB community, has seen tremendous performance after its governing DAO issued an important proposal.
• The proposal called for a burn of nearly $55 million worth of FLOKI tokens to reduce the tax that users pay for transacting on the network and to address potential safety hazards associated with bridges.
• After the proposal was issued, FLOKI saw a massive price increase of 25%.
The cryptocurrency world has been abuzz lately with the performance of a surprisingly popular meme coin that has been captivating the attention of investors and traders alike. Floki Inu, a meme coin birthed by fans and the SHIB community, has joined the class of rising coins and recently seen tremendous performance over the past few hours. This impressive performance has been attributed to a developmental proposal issued by its governing DAO.
As a strict Shiba Inu competitor, this meme coin has earned the nickname “Shiba Inu-Killer” and has been rapidly gaining attention from the crypto-world. The proposal issued by the decentralized autonomous organization (DAO) governing Floki called for a burn of nearly $55 million worth of FLOKI tokens. This proposed change was intended to reduce the tax that users pay for transacting on the network as well as to address potential safety hazards associated with bridges.
Reports had indicated that over $2 billion alone had been either misplaced or stolen from cross-chain bridges in the year 2022. Taking this into consideration, the developers of Floki Inu felt that it was necessary to take extra precautions and address the safety risks associated with bridges. This token burn was meant to reduce the total circulating token supply and, in turn, increase the asset’s value, provided demand does not change.
The proposal was met with much enthusiasm and Floki saw a massive price increase of 25%, making it one of the fastest-growing coins on the market. As a people’s cryptocurrency, Floki Inu has been a huge success and the proposal to burn tokens has only added to its popularity. This meme coin is proving to be a serious competitor to the already established Shiba Inu coin and is likely to continue to attract more attention from the crypto-world.