Floki Inu, a fierce rival of meme coin Shiba Inu, is gearing up to burn a significant portion of its supply. Its community has now voted in the favor of the burn in a governance proposal that was introduced a couple of days ago by the developers.
Floki Inu Wants To Burn Over $100 Million Worth Of Tokens
In the proposal that was introduced on January 26, Floki Inu developers asked the community to vote on removing the transaction tax for the cryptocurrency, as well as burning the bridge tokens. At the time, the total number of Floki Inu tokens to be burned (4.97 trillion) was worth around $60 million but the value of the token has seen growth since then.
The voting for the governance proposal lasted for two days and in the end, the overwhelming majority (99.97%) of the Floki Inu DAO voted to pass it. At current prices, this means that the community will be burning more than $100 million worth of tokens.
Floki Inu’s tax reduction will see it drop to 0.3% as of Friday, February 3. This is a 90% reduction from the current buy-and-sell transaction tax of 3%. The token burn will also take place six days later on February 6, taking around 40% of the total 10 trillion supply out of circulation. This way, the project is able to stick to its original plan of keeping the total token supply below 10 trillion.
Meme Coin Soars Following Community Vote
Once the announcement for the burn was made, the Floki Inu price saw a significant upside. The meme coin rallied over 100% in a 7-day period following the closure of the vote as the coin trended on Twitter. Floki Inu which is available on both the Ethereum and BSC blockchains has also seen a rise in its trading volume during this time.
Interestingly, the total value locked on the FlockFi Locker DeFi protocol also saw a surge. The TVL is now sitting above $8 million after peaking at $9.22 million. Additionally, the reduction of the supply could see the price of the meme coin surge even more from here on out.
FlokiFi Locker TVL surpasses $8 million | Source: DeFiLlama
Floki Inu is a meme coin that was born after billionaire Elon Musk revealed that he would be naming his pet Shiba Inu dog Floki. The name would quickly go viral as would the coin which was created shortly after. That coin which started from a single tweet is now an almost $200 million market cap token.
In the last 24 hours though, FLOKI has seen some slowdown in its price, falling 5.45% during this time. It is currently trading at $0.00002213 at the time of this writing.
FLOKI price recovers following governance proposal | Source: FLOKIUSDT on TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from InsideBitcoins, chart from TradingView.com
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