SHIB Rival Rises 204% In 1 Month, Votes To Burn Nearly 5T Tokens

One of Shiba Inu’s (SHIB) biggest competitors just voted to burn nearly 5 trillion of its tokens, which is about half of its total supply.

Floki (FLOKI) is a cryptocurrency that competes with Dogecoin (DOGE) and SHIB. It was made when tech mogul and crypto fan Elon Musk said he was going to name his puppy “Floki.”

FLOKI now has a market cap of $231 million, and its price is $0.00002472, which is 92.6% less than its all-time high.

Now, the Floki Inu community has voted to burn 4.97 trillion tokens as part of a new plan to lower the risk of the cross-chain bridge where the tokens are currently held.

The project says,

“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.

In light of this fact, we feel it would be in the best interest of the project to permanently disable our main cross-chain bridge and BURN the tokens in the bridge if the DAO [decentralized autonomous organization] votes in favor of doing so.”

The plan also calls for lowering the transaction tax, which was once used to help pay for development. The people who made FLOKI are now saying that the tax is now 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 plan says that the transaction tax should go from 3% to 0.3%.

At the time this was written, 99.97% of voters agreed with the idea.

From this month’s opening price of $0.0000813, FLOKI is now up 204%, doing much better than its main competitor, SHIB, by a large amount.