Floki Ends January Gain 200%, While It Votes To Burn Nearly 5 Trillion Tokens
Key Points:FLOKI currently has a market value of $246 million. Prices trade at $0.00002764, which is 90% lower than the all-time highs.
It is currently up 200% over its initial price of $0.00000813 in this month, which is significantly higher than its primary competitor SHIB.
Floki, one of Shiba Inu (SHIB’s) main competitors, just voted for approximately 5 trillion tokens to be burned, or roughly half its total supply. This was in response to a proposal to reduce the risk associated the cross-chain bridge that currently houses these tokens.
An exploit on our main crosschain bridge would have a devastating impact on Floki’s project. This bridge currently holds 55.7% (even though it is supposed be locked/inactive, an attack could quickly change that). This is a lot of tokens. If exploited, it could drain the project’s liquidity pool and essentially endanger the project.
The proposal calls for a reduction in the transaction tax that was previously used to finance development. According to the creators, this tax has become a net negative in crypto bear markets.
We have received a lot of feedback on the transaction tax. We also listened to the industry sentiments and carefully reviewed the data. Our conclusion is that the tax is causing more harm than good, significantly limiting its growth, adoption, and adoption. Many people, both individuals and institutions, would not engage with a token that has a high transaction fee.
The idea calls for a reduction in transaction tax from 3% down to 0.3%. The idea calls for lowering the transaction tax from 3% to 0.3%. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuThanaCoincu NewsTags: Floki coinFloki InuFLOKI tokenFLOKI tokensFloki transactionSHIBShiba Inu