Following Shiba Inu's meteoric ascent this week, Floki Inu continues to soar amidst transaction tax revisions and a marketing push. Shiba Inu was the major meme crypto winner yesterday, extending its recent rally and surpassing Dogecoin in total market worth. But it's newer upstart competition Floki Inu that's generating the most talk today, with shares up more than 200 percent in the last day.
According to CoinGecko, Floki Inu is presently priced at $0.00019519 per coin, named after Elon Musk's Shiba Inu pet. Earlier today, the cross-chain Ethereum and Binance Smart Chain token, which launched in July, reached an all-time high of $0.00021552. The token began its significant ascent yesterday and has continued to grow today, with a current gain of 223 percent in the previous 24 hours.
While it's often difficult to identify why a meme coin spikes—especially because they're so subject to shifting social media sentiment—there have been a handful of significant changes recently around Floki Inu.
First, the crypto token's founders recently started a marketing campaign across London's public transportation networks, including bus and subway station advertisements. Investors who missed out on Dogecoin's early buzz could instead buy Floki Inu, according to the advertising.
While the commercials first appeared in October, a slew of news pieces on the campaign just hit the streets this week, including one in the Financial Times.
Second, the developers have modified the fee structure dramatically, cutting the transaction tax and eliminating "reflections," or royalties handed out to other holders depending on overall transaction volume. SafeMoon, another joke currency that was popular earlier this year, used a similar reflection technique.
The makers of Floki Inu cited regulatory concerns as a major reason for deleting the royalty-like incentives feature in a twitter thread released Wednesday. Payments to token holders that resemble royalties might make a token appear to be an unregistered security, a problem that certain NFT initiatives have lately faced.
The message adds, "We're in negotiations with many large CEXs regarding listing FLOKI." “Compliance is the first priority for these exchanges. In other words, even if FLOKI were to be classified as a security, obtaining a listing would be difficult. This is fixed by removing reflections!"
Floki Inu's transaction fee has been reduced from 8% to 3%, and the money raised will be utilized to expand the meme token's broader ecology, including a potential "Valhalla" video game metaverse project. Floki Inu claims more than 170,000 total holders on its official website, albeit that number may have grown in light of recent activity. Over the previous 24 hours, CoinGecko indicates a total trading volume of more over $203 million, a new high for the cryptocurrency.
According to CoinGecko, the value of Floki Inu has increased by approximately 250,000 percent since its introduction in July.
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