Dogecoin (DOGE) and Shiba Inu (SHIB) rival Floki Inu, a popular meme-inspired cryptocurrency, has seen its burn rate soar by over 600% over the last 24-hour period after more than 218 million FLOKI tokens were permanently removed from circulation.
The burned tokens, according to tracking platform Crypteye, are worth around $6,900 and top off a month-long burning spree that has seen more than $81,500 worth of the meme-inspired cryptocurrency removed from circulation.
In total, 5,776,634,380,593.47 FLOKI tokens, equivalent to around 57.76% of the meme-inspired cryptocurrency’s supply, have so far been burned.
The rising burn rate comes at a time in which the meme-inspired cryptocurrency’s sister token, TokenFi, announced it’s locking 300 million TokenFi tokens in its staking program for terms between three months and four years. The amount is equal to over one-fifth of the platform’s available tokens.
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TokenFi was unveiled last year and was designed to streamline the tokenization process for both cryptocurrencies and real-world assets. The primary goal is to establish TokenFi as the premier tokenization platform globally.
. The platform aims to become a global leader in the tokenization industry, which is expected to be worth $16 trillion by 2030. BlackRock, the world’s largest institutional investor, also sees significant growth potential in this sector, terming it as “the next evolution in markets.”
Earlier, Floki Inu token holders started being able to purchase products on AliExpress, one of the world’s leading e-commerce platforms, using the meme-inspired cryptocurrency through an integration facilitated by Shopping.io, a platform that allows consumers to make purchases with cryptocurrencies.
The introduction of Floki Inu on AliExpress marked a significant expansion of the FLOKI ecosystem, reflecting the growing acceptance and utility of cryptocurrencies in the world of e-commerce. For Floki Inu, a cryptocurrency inspired by the pet dog of Elon Musk, the Tesla and SpaceX CEO, this represented a critical milestone.
Featured image via Pixabay.
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- Source: https://www.cryptoglobe.com/latest/2024/01/floki-inus-burn-rate-skyrockets-by-600-over-218-million-tokens-torched/
