Floki Inu cautions its community to be aware of scammers

• Floki Inu has plans to transition itself to a decentralized autonomous organization (DAO), FlokiDAO
• Floki Inu decided to turn the project into a DAO following several key findings
• The token’s trading had been disabled on Ethereum and Binance Smart Chain
• Floki Inu will make all upgrade smart contract addresses public to prevent scammers from fooling around at an early stage, awaiting changes brought by the upgrade

Floki Inu is a meme-inspired crypto project that shows a more significant impact. The project has plans to transition itself to a decentralized autonomous organization (DAO), FlokiDAO. According to a few reports, it is revealed that the transition to DAO started on Saturday, January 22, with support from multiple exchanges. Following the scenario and several scam stories, the project cautioned its community to be aware of scams during the transition period.

Why does Floki Inu plan a transition to DAO?

The community behind Floki Inu decided to turn the project into a DAO following several key findings. One of the notable reasons includes centralized exchanges that cited the project’s centralized nature as a critical detractor when asked to list it. Moreover, a migration to a DAO will help position the token firmly.

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According to experts, the transition will bring wider adoption, and the stats show that the project’s future is DAO.

Centralized exchanges will support the transition

Previously Floki Inu was listed only on PancakeSwap and Uniswap. However, it is known that the upcoming transition will be supported by most of the centralized exchanges that have recently listed the token. Token holders who have their FLOKI in a custodial exchange wallet did not need to take any action during and after the upgrade.

According to an official announcement by the brains behind the project, the token’s trading had been disabled on Ethereum and Binance Smart Chain. Notably, the team also took a snapshot of the token holders. All the exchange platforms disabled the token’s withdrawals and deposits until the upgrade finished.

How will the project prevent scammers?

According to a report, Floki Inu will make all smart upgrade contract addresses public. Notably, the measure helps the project prevent scammers from fooling around at an early stage, awaiting changes brought by the upgrade.

The project also warned its community not to entertain messages from those claiming to hold upgraded contracts.

The meme-coin is looking for more utility as compared to Shiba Inu. the ultimate goal of Floki Inu is to overthrow its meme-coin competitor. According to the marketing head of the project, the team really believes that they will have more utility next year than SHIB.