Crypto Named After Musk's Pet Soars 19%, Beating Bitcoin, Ethereum Gains As Holders Vote To Burn $55M Tokens

FLOKI FLOKI/USD is surging over 19% in the last 24 hours, beating Bitcoin BTC/USD and Ethereum ETH/USD gains.

What Happened: The rally in FLOKI price came as holders voted for a proposal for burning millions of FLOKI tokens. The proposal has been approved, with over 4.97 trillion FLOKI tokens, worth over $55 million removed permanently from circulation.

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Floki has a maximum supply of 10 trillion tokens, with more than half of them currently held in a cross-chain bridge. This bridge was created when the Floki Inu mainnet launched on the BNB Chain.

The #FLOKI DAO has spoken!

The proposal has been passed, with 99.97% voting in favor of the proposal while only 0.03% voted against the proposal.

Results

� Transaction tax will be lowered to 0.3% on 3rd Feb☑

� 4.97 trillion $FLOKI tokens will be burned on 9th Feb☑ https://t.co/lOfohwkhhY

— Whale Coin Talk (@WhaleCoinTalk) January 29, 2023

The FLOKI developer team has highlighted the significant security threats posed by this scenario, emphasizing in the proposal that cross-chain bridge exploits have caused over $2.5 billion in losses over the past two years. 

The second proposal that has been passed aims to reduce the 3% tax on FLOKI transactions to just 0.3%,  aiming to make the Floki ecosystem one of the premier platforms for decentralized finance (DeFi). According to BNB swap, FlokiFi Locker TVL on Sunday crossed over $8.7 million.

Price Action: At the time of writing, FLOKI was trading at $0.00002393, according to  Benzinga Pro.

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