Floki Inu Unveils Auto-Burn Feature, Teasing Innovatory Bragging Rights over Shiba Inu and Dogecoin

According to a tweet from community enthusiast Scofield, Floki's latest auto-burn mechanism among other features has given it an edge as it trumps those of

A market commentator has highlighted the innovative advantages that Floki holds over other popular meme coins, including Shiba Inu, Dogecoin, and PEPE, following the launch of an auto-burn feature.

According to a tweet from Scofield, a community enthusiast, Floki’s latest feature, among others, has given it an edge over the likes of Shiba Inu and Dogecoin.

Scofield pointed out that Floki Inu has a money printer that automatically buys and burns the FLOKI token, boosting the meme coin’s journey toward deflation. His comments came after the Floki team announced a major development in its burn mechanism.

Floki Inu Buy/Burn Mechanism Now Live

On Friday, the Floki Inu team announced that the buy/burn mechanism of its trading bot has gone live after overcoming technical challenges.

The X post noted that the feature failed to work effectively following its mainnet launch, leading to a pause in usage.

FLOKI TRADING BOT BUY/BURN CONTRACT UPGRADE IS LIVE

The highly anticipated buy/burn mechanism of the Floki Trading Bot is now live after overcoming initial technical hurdles that prevented it from working since the bot’s mainnet launch. From today, all trades conducted… pic.twitter.com/rvaL7Dk3PO

— FLOKI (@RealFlokiInu) October 18, 2024

https://x.com/thecryptobasic

The auto-burn feature, to be specific, automatically collects and incinerates 50% of transaction fees generated from the Floki Trading Bot. For those unaware, the Floki Trading Bot is a Telegram-based marketplace that enables users to buy and sell tokens across the Ethereum, Base, and Binance Chain networks.

Meanwhile, the Floki team announced that 50% of the fees collected from transactions on the trading bot prior to this will also be burned. The project also disclosed that it has accrued over $1 million in fees since the Telegram-based trading platform went live.

It is worth noting that the Floki Trading Bot charges 1% in transaction fees for any trading activity on the platform. Furthermore, the remaining 50% of the fee will be transferred to the Floki Treasury.

Comparing Floki Inu’s Burn Mechanism to Others

Floki Inu’s new burn mechanism is comparable to those employed by several other meme coins. For perspective, a majority of meme coins often implement models to reduce their total token supply and achieve deflation.

Notably, Shiba Inu also has an automated burn mechanism in which 70% of base transaction fees on the Shibarium network are burned. The introduction of the new deflationary measure was confirmed by the ecosystem following an announcement of a hard fork in August.

However, periodic token burns are not supported by Dogecoin. The project follows an inflationary model, ensuring the addition of a fixed amount of coins to its total supply each year.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.