The Floki Inu ecosystem has been one of the best-performing altcoins in the past two weeks. With Bitcoin price signaling more upsides in the near future, more money has been identified flowing to more volatile altcoins.
According to our latest crypto oracles, the Floki Inu price has gained about 200 percent in the past week to trade around $0.00002381 on Monday. Additionally, the Floki Inu traded volume has spiked about 224 percent in the past seven days.
What’s Fueling Floki Inu (FLOKI) Price?
With a holder base of about 64,628, the Floki Inu community has passed a governance proposal geared towards burning about 4.2 trillion FLOKI tokens worth about $100 million. Notably, approximately 99 percent of the Floki Inu community voted in favor of the governance proposal.
With the proposal almost unanimously approved, the Floki Inu traders will only pay about 0.3 percent in transactions tax from 3 percent.
The Floki Inu developers have been looking for ways to bridge the Ethereum network and the BNB chain safely. Moreover, most of the heinous crypto attacks have taken place on weakly-designed network bridges including the Harmony One $100 million by Lazurus group.
“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 FLOKI’s total circulating supply should be. 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,” Floki Inu developers noted.
Bad Tokenomics?
An overwhelming vote to burn Floki Inu tokens is an indicator the project needs to check on its tokenomics. Indeed, the community has shown it is not pleased by the high number of Floki Inu in circulation, both on Ethereum and Binance’s network.
Source: https://coinpedia.org/altcoin/floki-inu-price-doubles-in-a-week-fueled-by-4-2-trillion-floki-burn/