• Floki Inu, a meme coin birthed by fans and the SHIB community, has seen tremendous performance after its governing DAO issued a developmental proposal.
• This proposal included burning an enormous number of circulating tokens, reducing the tax paid for transacting on the network, and citing potential safety hazards associated with bridges.
• After the proposal was issued, FLOKI saw a massive price increase of 25%.
Floki Inu, the meme coin birthed by the fans and SHIB community, has been experiencing a truly remarkable surge in its performance over the past few hours. This can be attributed to the governing DAO of the coin issuing an important developmental proposal that has the potential to take the coin to greater heights.
The proposal was mainly focused on burning an enormous number of FLOKI tokens that were in circulation. This move was made to reduce the total circulating token supply and increase the asset’s value. It is important to note that the success of this proposal is dependent on the demand of the token remaining unchanged. Additionally, the proposal also stated that the developers wanted to reduce the tax that users pay for transacting on the network.
Finally, the proposal also cited potential safety hazards associated with bridges as an additional reason for burning so many tokens. Reports have stated that over $2 billion have either gone missing or been stolen from cross-chain bridges alone in 2022, indicating the high risk that these bridges pose. Therefore, the developers of Floki Inu are taking the necessary steps to ensure the safety of the users’ funds.
As a result of this proposal, FLOKI has seen a massive price increase of 25%. This is a testament to the fact that the proposal was well-received by the community and will be beneficial for the coin’s growth. The developers have successfully managed to create a cryptocurrency that is governed by a decentralized autonomous organization, which is an important step in the process of becoming a people’s cryptocurrency.
As of now, Floki Inu is one of the rising coins, and its future looks bright. With the developers taking the necessary steps to ensure the safety of the users’ funds, this coin will continue to rise in popularity and value.