FLOKI price soared to a 5-month high after the popular meme coin team shared their new plan. The proposal was summarized as follows:
“The purpose of this proposal is to allow the dao to decide on two critical issues that affect Floki’s future:
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- Original Floki cross-chain bridge
- 3% tax on Floki token”
The developers behind Floki Inu have submitted a proposal to burn approximately $55 million worth of FLOKI tokens and reduce the tax charged on each transaction. According to the proposal in question, the team can burn bridge tokens, thus reducing the tax on each transaction to 0.3%. The developers used the following statements on the subject:
“We understand that the decision to burn bridge tokens is a very important (and permanent!) decision and that the ETH network has a higher percentage of circulating supply, so we are happy to assist major holders looking to migrate to BSC.”
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After the team shared the plan, the meme coin price hit a 5-month high. The intraday low was $0.00001091, after which FLOKI managed to climb as high as $0.00001286. This indicates an increase of over 17 percent.
In addition, the majority of the voters declared that they supported the proposal.
You can follow the current price action here.