Floki Burns More Tokens Than Shiba Inu (SHIB), PEPE, Dogwifhat (WIF), and Other Top Meme Coins Combined

March 13, 2024

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Floki, a popular meme-inspired cryptocurrency, has recently made headlines by burning an impressive 212.86 billion tokens in just two weeks. According to a post by BITCOINLFG, this massive token burn, worth over $60 million at current prices, has solidified Floki’s position as the most deflationary meme coin in the market.

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Outpacing Rivals in Token Burns

Floki’s massive token burn has outpaced the combined efforts of other leading meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Bonk (BONK), and DogWifhat (WIF) during the same period. This significant reduction in circulating supply has caught the attention of the crypto community, with many speculating that Floki could be the next Dogecoin and the main meme coin of the current bull run.

Floki’s Deflationary Mechanism

According to data from Crypteye, Floki has burned a total of 5,865,236,697,586.12 tokens, representing approximately 58.652% of its initial supply. This aggressive burn rate is part of Floki’s deflationary mechanism, which aims to create scarcity and potentially drive up the token’s value over time.

As more tokens are removed from circulation, the remaining Floki tokens could potentially increase in value, assuming demand remains constant or grows. This deflationary pressure has been a key factor in attracting investors to Floki, as they seek to capitalize on the token’s potential price appreciation.

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Impressive Price Performance

Floki’s price has been on the rise recently, showcasing impressive gains across various timeframes. In the past 24 hours, Floki has gained 1.9%, while its 7-day performance stands at 89.8%. Looking at the 30-day and 1-year timeframes, Floki has surged by 785.0% and 663.9%, respectively.

These remarkable price gains have fueled speculation that Floki could be poised for even greater heights in the current bull market. As more investors take notice of Floki’s deflationary nature and strong community support, the token’s momentum could continue to build.

Shiba Inu Burn Rate Declines

In contrast to Floki’s aggressive token burn, Shiba Inu has seen a significant decrease in its burn rate. According to Shibburn, Shiba Inu’s burn rate has declined by 96.60% in the last 24 hours, with only 13,092,471 SHIB tokens being burned.

While Shiba Inu has burned a total of 410,723,796,659,659 tokens from its initial supply, the recent slowdown in its burn rate has raised concerns among some investors. As Floki continues to lead the meme coin burn race, it remains to be seen how Shiba Inu and other competitors will respond.

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