u.today
Shiba Inu's rival, Floki ($FLOKI), continued the massive rally that started on Jan. 27 after the team announced a significant decision to burn a large chunk of tokens if the DAO passed it.
At the time of writing, $FLOKI was up 48.26% in the last 24 hours at $0.00001684, and it was also up 51% weekly. Its 24-hour trading volume increased by 386% as traders took advantage of the recent volatility.
Saturday's move follows after the Singapore-based MEXC exchange announced what would be Floki's first futures listing.
$FLOKI futures just went live on MEXC!https://t.co/2Ztb91CuZx
— $FLOKI (@RealFlokiInu) January 28, 2023
This #$FLOKI's first futures listing and allows interested users to leverage trade $FLOKI with up to 20x leverage on the MEXC exchange! https://t.co/5WBtbOjfjS
The MEXC exchange announced it would be launching $FLOKI/$USDT futures on Jan. 28 at 5:30 a.m. UTC. The Floki team took to Twitter to celebrate the listing: "$FLOKI futures just went live on MEXC. This $FLOKI's first futures listing, and allows interested users to leverage trade $FLOKI with up to 20x leverage on the MEXC exchange.''
4.97 trillion $FLOKI might be burned per new DAO proposal
On Jan. 27, $FLOKI/$USDT printed a massive green daily candle as its price jumped from intraday lows of $0.0000106 to reach a high of $0.0000177.
This followed after the $FLOKI team shared details of its latest DAO proposal, which would see 4.97 trillion $FLOKI tokens (worth over $54,670,000) in the Floki bridge to be burned if passed. Also, the Floki buy/sell transaction tax would be reduced to 0.3%.
The $FLOKI token was initially launched on the Ethereum blockchain with a total supply of 10 trillion tokens before expanding to $BNB Chain. Following this, it had another contract on $BNB Chain with a total supply of 10 trillion tokens.
All the while, it ensured that $FLOKI's total circulating supply at any given time never exceeded 10 trillion tokens, which is $FLOKI's firm maximum circulating supply. A cross-chain bridge was launched to enable users to sync their tokens from the ETH chain to $BNB Chain and vice versa.
The team adds that an exploit on its main cross-chain bridge would have a catastrophic impact on the project since this bridge currently holds 55.7% of what should be $FLOKI's total circulating supply. In light of this, it seeks to permanently disable the main cross-chain bridge and burn the tokens in the bridge if the DAO votes in favor of doing so.