The popular meme coin, Floki Inu, is making waves in the crypto community with its proposal to burn nearly 5 trillion FLOKI tokens, worth almost $55 million. This move is aimed at reducing the tax applied on each transaction to 0.3%. The team behind the project believes that this decision will not only reduce the risk of a potential “catastrophic impact” but also protect the liquidity pools and overall stability of the project.
The proposal has been met with overwhelming support from the community, with the native token, FLOKI, surging by almost 15% shortly after the plan was announced. At the time of writing, FLOKI is trading at a 5-month high of $0.00001258, according to CoinGecko’s data.
What is FLOKI?
Floki Inu is one of the many dog-meme currencies, like Shiba Inu and Dogecoin, that is inspired by the founder and CEO of Tesla, Elon Musk. The project claims to be a community-owned crypto platform and has partnered with Million Garden Movement, a project run by Kimbal Musk, brother of Elon Musk. Its goal is to help home gardeners online deal with some of the most critical global issues.
The recent surge in the price of FLOKI can be attributed to a tweet by Elon Musk, in which he named his new dog “Floki”. The tweet caused the price of the coin to spike to an all-time high of $0.00007477. However, the price took a nosedive soon after, and currently, it is around $0.00004954.
FLOKI was relaunched just three months ago and since then its price has increased more than 120x, thanks to the Floki Vikings community on social media platforms. The online community of the project is known as the Floki Vikings, which originated from the TV series known as ‘Vikings’ in which there is a character named ‘Floki.’ The Floki Vikings community has helped the project get listed in the top 10 leaderboard of LunarCRUSH – a social media analytics platform for cryptocurrencies.
Floki Inu is launched on the Ethereum blockchain and now the meme coin is also present on the Binance Smart Chain (BSC), making it one of the few crypto projects that offer the multi-chain protocol feature. To maintain the price of the token, the liquidity of the Floki Inu (FLOKI) is locked on the BSC & ETH contract for 265 years and a bridge is present between the two networks through which users can link their tokens across these two major blockchain networks.
The team behind Floki Inu (FLOKI) consists of top crypto influencers and developers such as BPeta, Byte Capital, Sabre, MrBrown Whale, and Jackie Xu. The token has also partnered with several companies to provide utility to FLOKI holders, such as EPay, a platform that allows FLOKI holders to make purchases from the (developing) Floki marketplace.
The decision to burn nearly 5 trillion FLOKI tokens is a bold move by the team behind Floki Inu. The proposal has been met with overwhelming support from the community and has caused the price of the token to surge by almost 15%. The project, which is inspired by Elon Musk and his new dog “Floki”, has a strong online community known as the Floki Vikings and has partnerships with several companies to provide utility to FLOKI holders. The Floki Inu team continues to work on the project’s roadmap and it will be interesting to see how the project develops in the future.