Floki Ends January Gain 200% While It Now Votes To Burn Nearly 5 Trillion Tokens

Key Points:

  • FLOKI presently has a market valuation of $246 million, with prices trading at $0.00002764, 90% lower than all-time highs.
  • It is currently up 200% from its beginning price of $0.00000813 this month, significantly surpassing its primary competition SHIB.
Floki which is one of Shiba Inu’s (SHIB) main competitors just voted to burn approximately 5 trillion of its tokens or roughly half of its total supply.

Floki (FLOKI) is a Dogecoin (DOGE) and SHIB competitor that was developed after tech billionaire and crypto enthusiast Elon Musk announced his intention to name his puppy Floki.

It presently has a market valuation of $246 million, with prices trading at $0.00002764, 90% lower than all-time highs.

The Floki Inu community has now voted to burn 4.97 trillion tokens as part of a recent proposal aimed at mitigating the risk associated with the cross-chain bridge that currently houses the tokens.

In Floki’s case, an exploit on our main cross-chain bridge would have a catastrophic impact on the project since this bridge currently holds 55.7% of what should be FLOKI’s total circulating supply (even though it is supposed to be locked/inactive, an exploit could quickly change that). This is A LOT of tokens, and that’s more than enough to drain the project’s liquidity pools and essentially destroy the project if exploited.

The proposal also calls for a cut in the transaction tax, which was formerly used to fund development. According to the creators, the tax has now become a net negative in the crypto bear market.

We’ve gotten a lot of feedback about the transaction tax, paid attention to industry sentiments about it, and carefully looked at the data, and our conclusion is that the tax is currently causing the project more harm than good and significantly limiting its growth and adoption. Many people (both individuals and institutions) would NOT engage with a token with a high transaction tax.”

The idea calls for lowering the transaction tax from 3% to 0.3%. At the time of writing, 99.97% of voters supported the idea.

FLOKI is currently up 200% from its beginning price of $0.00000813 this month, significantly surpassing its primary competition SHIB.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

1 hour ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

1 hour ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

4 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

6 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

9 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

10 hours ago

This website uses cookies.