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 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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