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

Benzinga- FLOKI (CRYPTO: FLOKI) jumped over 19% in the past 24 hours, beating Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) wins.

What happened: The FLOKI price rally came as holders voted for a proposal to burn millions of FLOKI tokens. The proposal was approved, with over 4.97 trillion FLOKI tokens, worth over $55 million, permanently removed from circulation.

See more: Best Crypto Day Trading Strategies

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

The #FLOKI DAO has spoken!

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

Results

� The transaction tax will be lowered to 0.3% on February 3☑

� 4.97 trillion FLOKI tokens will be burned on February 9 ☑ 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, noting 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 was passed aims to reduce the 3% tax on FLOKI transactions to just 0.3%, aiming to make the Floki ecosystem one of the leading decentralized finance (DeFi) platforms. According to BNB swap, FlokiFi Locker TVL crossed over $8.7 million on Sunday.

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

Read more: Bitcoin, Ethereum, and Dogecoin Rise Amid Risk Rebound: Analyst Sees Apex Crypto Violating $24,000 If It Happens

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