Why Dogecoin Spin-Off Floki Inu Is Exploding Higher, Leaving Bitcoin And Ethereum In The Dust

Floki Inu FLOKI/USD is trading higher by 10.12% to $0.00002604 Thursday morning. The meme crypto is trading higher on continued upward momentum after holders in January voted to burn millions of FLOKI tokens.

What Happened?

The rally in FLOKI price continues as holders voted for a proposal for burning millions of FLOKI tokens. The proposal has been approved, with over 4.97 trillion 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...Read More

For the unitiated- the Floki Inu token was created in 2021, shortly after Tesla CEO Elon Musk tweeted of a Shiba Inu saying "Floki has arrived".

According to data from Benzinga Pro, FLOKI has a 52-week high of roughly $0.000062 and a 52-week low of roughly $0.0000048.

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