Dog-themed meme coin floki inu soared in price following a community proposal that would burn $55 million worth of its tokens.
Floki Inu was trading up 14% to $0.000012 at 6:06 a.m. EST, according to TradingView data. The token price was initially buoyed by the community proposal, which is currently being voted on.
The governance proposal would see 4.97 trillion floki tokens burnt — worth around $55 million. The Decentralized Autonomous Organization (DAO) is also looking to reduce its transaction tax as part of a broader DeFi revamp.
DAOs are decentralized communities that power crypto and blockchain projects.
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Source: https://www.theblock.co/post/206105/floki-inu-price-soars-14-following-dao-proposal-to-burn-55-million-tokens?utm_source=rss&utm_medium=rss