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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.
Alex Dovbnya
Arman Shirinyan
