Shiba Inu and Dogecoin Competitor, FLOKI Skyrocketed Over 100 Percent in the Last Week!

Floki Inu. (Photo; Doc. CoinTurk)

JAKARTA – Floki Inu (FLOKI) has strengthened its role as a rival to the top two meme coins Dogecoin (DOGE) and Shiba Inu (SHIB). FLOKI recorded the highest increase in the last few days.

This crypto meme was inspired by a tweet by Elon Musk in June 2021 when Musk bought a Shiba Inu dog. “My Shiba Inu will be named Floki.”

Over time, Floki Inu, an Ethereum-based token, managed to end January with a significant increase of almost 200 per cent. Floki's current market valuation stands at US$246 million, with a trading price of US$0.00002764, 90 per cent less than its all-time high (ATH).

Considering the risks associated with the network, the Floki Inu community decided to burn 4.97 trillion tokens. This was done as part of a recent proposal to increase token security and minimize the risks associated with it.

Fans of Floki Inu are very enthusiastic about this proposal and hope that it will help drive the growth and stability of the token price.

“In the case of Floki, the exploitation on our main bridge cross-chain will have a major impact on the project as this bridge currently holds 55.7% of the total supply of FLOKI that should be circulating (even if it is supposed to be locked/inactive, exploits can quickly change that). This is a LOT of tokens, and it is more than enough to deplete a project's liquidity pool and basically destroy the project if exploited”, wrote the Floki community.

Cut Transaction Tax

As reported, a new proposal to cut transaction taxes in the crypto market is being rolled out. This proposal claims that transaction taxes previously used to finance development have now become net negative and hurt the market.

“Based on feedback from the industry and analysis of data, the proposal makers concluded that the current transaction tax is limiting the growth and adoption of tokens”, reads the announcement of the proposal.

In response to this, the proposal calls for lowering the transaction tax from 3 per cent to 0.3 per cent. At the time this article was published, 99.97 per cent of voters supported the idea. With this support, FLOKI tokens are up almost 200 per cent from their initial price of $0.00000813 this month and beat their main competitor, SHIB.

This shows that cutting the transaction tax can impact the crypto market significantly and help increase adoption and growth within the industry. How the proposal makers will implement this idea will be an interesting thing to follow.