A competitor to Dogecoin (DOGE) and Shiba Inu (SHIB) has skyrocketed in value following tweets from Twitter CEO Elon Musk that had nothing to do with the actual crypto asset itself.
Floki (FLOKI) is a memecoin created after Musk said he would name his Shiba Inu pup “Floki”.
On Wednesday, the tech mogul posted a couple of photos of his dog.
FLOKI has jumped from around $0.000023 to $0.000037 at the time of writing, up more than 60%.
Despite the recent price surge, the 130th-ranked crypto asset by market cap is still more than 89% off its all-time high of $0.00033651.
It’s not FLOKI’s first price surge this year: in late January and early February, the token jumped from trading by $0.000011 to a high of $0.000035 on Feb. 6, an increase of more than 218%.
This price hike comes after the Floki community voted to burn 4.97 trillion tokens in late January as part of a recent proposal aimed at reducing risk associated with the cross-chain bridge currently in use holding the tokens.
project explained,
“In Floki’s case, an exploit on our main cross-chain bridge would have catastrophic effects on the project as this bridge currently holds 55.7% of FLOKI’s total circulating supply (although it is said to be locked/inactive, an exploit could change that quickly ). That’s LOTS of tokens, and that’s more than enough to drain the project’s liquidity pools and essentially destroy the project if exploited.
Given 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 when the DAO [decentralized autonomous organization] vote for it.”
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Halfway
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.