Floki Inu price soars 14% following DAO proposal to burn $55 million tokens

Dog-themed meme coin floki inu soared in price following a community proposal that would burn $55 million worth of its tokens.

Floki Inu was trading up 14% to $0.000012 at 6:06 a.m. EST, according to TradingView data. The token price was initially buoyed by the community proposal, which is currently being voted on. 

The governance proposal would see 4.97 trillion floki tokens burnt — worth around $55 million. The Decentralized Autonomous Organization (DAO) is also looking to reduce its transaction tax as part of a broader DeFi revamp. 

DAOs are decentralized communities that power crypto and blockchain projects.

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