• Floki Inu, a meme coin birthed by fans and the SHIB community, has seen tremendous performance over the past few hours after its governing DAO issued an important developmental proposal.
• The proposal proposed the burning of an enormous number of its circulating tokens, in order to reduce the tax that users pay for transacting on the network and to reduce potential safety hazards associated with bridges.
• After the proposal issuance, FLOKI saw a massive price increase of 25%.
Floki Inu, a meme coin birthed by fans of the Shiba Inu (SHIB) community, has seen a tremendous surge in performance in the past few hours. The boost in price is a result of an important developmental proposal issued by the coin’s governing decentralized autonomous organization (DAO). The proposal called for the burning of an enormous number of its circulating tokens, in order to reduce the tax that users pay for transacting on the network and to reduce potential safety hazards associated with bridges.
The proposal cited various reports indicating the risks associated with cross-chain bridges, especially ones with a large amount of money. Over $2 billion was either misplaced or stolen from cross-chain bridges alone in 2022, making it necessary to reduce the risk by reducing the circulating token supply. Token burning is a process by which blockchain developers permanently remove certain coins from circulation, in order to increase the asset’s value, provided demand does not change.
The proposal was met with a lot of enthusiasm, and the FLOKI token saw a massive price increase of 25%. The proposal’s success was attributed to the strong community support and the fact that FLOKI is a people’s cryptocurrency, governed by a DAO. The community proposal to burn an enormous number of its circulating tokens has been hailed as a success, and it has been seen as a sign of the growing strength of the coin, as well as a testament to the effectiveness of its governance.
Going forward, FLOKI is expected to continue its strong performance as its developers continue to work on improving the coin’s features and increasing its utility. The proposal’s success has also been seen as a positive sign for the future of the coin, as it shows that the community is willing to support the coin and its developers in their efforts to enhance the coin’s value. With its strong performance and the community’s backing, FLOKI is expected to continue to rise in the ranks of the top coins.