FLOKI FLOKI/USD is up over 19% in the last 24 hours and is striking Bitcoin BTC/USD and ether ETH/USD profits.

What happened: The FLOKI price rally came as holders voted on a proposal to burn millions of FLOKI tokens. The proposal was approved, with over $55 million worth of 4.97 trillion FLOKI tokens permanently retired.

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Floki has a maximum supply of 10 trillion tokens, more than half of which are currently held in a cross-chain bridge. This bridge was created when the Floki Inu mainnet was launched on the BNB chain.

The FLOKI development team has highlighted the significant security threats of this scenario, emphasizing in the proposal that cross-chain bridge exploits have caused over $2.5 billion in losses over the past two years.

The second adopted proposal aims to reduce the tax on FLOKI transactions from 3% to just 0.3% to make the Floki ecosystem one of the leading decentralized finance (DeFi) platforms. According to BNB-Swap, FlokiFi Locker surpassed TVL over $8.7 million on Sunday.

price action: At the time of writing, FLOKI was trading at $0.00002393, according to Benzinga Pro.

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