Shiba Inu (SHIB) Rival Surges 204% in Just One Month, Votes To Burn Nearly 5,000,000,000,000 Tokens

One of Shiba Inu’s (SHIB) biggest rivals has voted to burn nearly 5 trillion tokens, roughly half of the total supply.

Floki (FLOKI), a competitor of Dogecoin (DOGE) and SHIB, was created during the era of tech mogul and cryptocurrency enthusiast Elon Musk. Said He named his puppy “Floki”.

With a current market cap of $231 million, FLOKI is trading at $0.00002472, down 92.6% from its all-time high.

As of today, the Floki Inu community has voted to burn 4.97 trillion tokens as part of a recent proposal focused on mitigating the risks surrounding the cross-chain bridge that currently holds the tokens.

The project states:

In the case of Floki, this bridge currently holds 55.7% of Flokis total circulating supply, so exploiting the main cross-chain bridge would have devastating effects on the project (even if locked/inactive (Even though it was supposed to be, an exploit could quickly change that.) It’s a massive amount of tokens that drains a project’s liquidity pool and essentially destroys the project if abused. more than enough.

In light of this fact, we feel it is in the project’s best interest to permanently disable the main cross-chain bridge and, in the case of DAOs, BURN the tokens in the bridge. [decentralized autonomous organization] I vote for doing so. “

of suggestion It also includes reductions in transaction taxes previously used to help fund development. Floki developers are now suggesting that taxes are going negative in a cryptocurrency bear market.

After getting a lot of feedback about the transaction tax, paying attention to industry sentiment about it, and carefully examining the data, we now see that the tax is doing more harm than good to the project, severely limiting its growth. We have come to the conclusion that there are many people (both individuals and institutions) who do not engage in tokens with high transaction taxes.

The proposal proposes to reduce the transaction tax from 3% to 0.3%.

At the time of writing, the proposal is supported by 99.97% of voters.

FLOKI is currently up 204% from its opening price of $0.00000813 this month, significantly outperforming its main rival SHIB.

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Featured Image: Shutterstock/Nafees Zia