The popular memecoin Floki Inu (FLOKI) has been one of the best performers in the cryptocurrency market lately, surging nearly 410 in the last 30 days.

Here are some of the potential reasons behind the massive price expansion.

Burning Proposal and More Attention From Whales

The team behind the project recently contemplated burning around 5 trillion FLOKI tokens to shrink the tax levied on each transaction to 0.3. The proposal aims to grant additional security to users. FLOKI’s price rose 15 shortly after the disclosure. 

The developers argued that a potential exploit on their main cross-chain bridge would have a “catastrophic impact” because it currently holds over 55 of what FLOKI’s total circulating supply should be. The proposal passed three days later, and the team informed on February 9 that it had burned over $120 million worth of FLOKI through a bridge token burn.