u.today
The price of Floki Inu ($FLOKI) has surged more than 50% over the past 24 hours, according to data provided by CoinMarketCap. The token’s market cap has surpassed $200 million.
This came after the Floki DAO voted to burn 4.97 trillion $FLOKI tokens in the Floki bridge and approved the reduction of the Floki transaction tax to 0.3%.
It has been estimated that 4.97 trillion tokens (roughly $102 million) are now set to be burned. This, of course, was perceived as a bullish development by meme coin aficionados.
Floki Inu is an ERC-20 and BEP-20 compliant token, which means that it runs on both the Ethereum and Binance Smart Chain blockchains. This allows for easy 1:1 $FLOKI swaps on the ETH-BSC bridge via atomic swap.
The funds in the treasury are used to develop the ecosystem and promote wider adoption of $FLOKI.
The Floki Inu ecosystem has several unique use cases for the $FLOKI token. NFTs and metaverse gaming are high-potential opportunities within the ecosystem.
Additionally, $FLOKI has real-world utility through partnerships with NOWPayments, a cryptocurrency payment gateway, and digital marketplaces CryptoCart and Curate (XCUR). This allows businesses to easily accept $FLOKI on their websites.
The Dogecoin knock-off also caused a backlash with its aggressive promotional campaign. As reported by U.Today, the U.K.'s Advertising Standards Authority (ASA) ended up banning $FLOKI ads last year.