Meme Coin FLOKI Cuts Transaction Tax After Burning 5 Trillion Tokens
Floki (FLOKI), the meme coin fondly described as the people’s crypto, has officially reduced its tax transaction on the ecosystem to 0.3%. The Floki team announced the reduction yesterday via its official Twitter, noting that it was in line with the decision of the decentralized autonomous organization (DAO).
The group added that it is attempting to accelerate FLOKI token adoption with the recent decision by lowering the entry barrier, making it easy for users to buy and sell while barely paying any transaction tax seamlessly.
THE #FLOKI TRANSACTION TAX HAS OFFICIALLY BEEN REDUCED TO 0.3%
The reduction of the $FLOKI transaction tax to 0.3% is in line with the decision of the Floki DAO.
With this decision, the $FLOKI transaction tax is almost nonexistent. pic.twitter.com/V32xdx0ibu
— FLOKI (@RealFlokiInu) February 3, 2023
A few weeks ago, Floki DAO proposed to burn nearly 5 trillion units of the FLOKI tokens in the bridge. Interestingly, the proposal passed with a 99.97% majority voting in favor of burning the bridge tokens, while only 0.03% voted against the proposal.
Notably, the 4.97 trillion FLOKI tokens to be burnt were initially worth $55 million when the proposal was initiated. However, by the time the DAO vote ended, they were worth over $102 million.
According to the team, Floki’s DAO vote was one of the finest examples of crypto democracy, clearly showing that Floki represented a people’s cryptocurrency. It is a cryptocurrency birthed by fans and members of the Shiba Inu (SHIB) community.
According to the market tracking website, CoinMarketCap, Floki is working on four flagship utility projects. They include an NFT gaming metaverse called Valhalla and a merchandise marketplace called FlokiPlaces.
It also aims to create a content and education platform called the University of Floki and a suite of decentralized finance products launched under the “FlokiFi” umbrella.
