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.