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.

My Shiba Inu will be named Floki

— Elon Musk (@elonmusk) June 25, 2021

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.

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Thana

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