Floki Inu (FLOKI), a Shiba Inu (SHIB) competitor and a popular cryptocurrency inspired by meme coins, seems to be in the focus of whales right now. Also, whales gravitate towards big coins like AAVE, DOGE, ADA. Here are the latest data on whales and FLOKI…
FLOKI enters whales’ wallet
FLOKI has recently become the most purchased token among the top 500 whales on the BNB Chain, after the project proposed a massive token burn. According to data from whale watching service WhaleStats, the 500 largest whales on BNB Chain hold an average of 4.9 million FLOK tokens, making it the most widely held token among these whales. The second largest holding was Cardano (ADA).
Other major token assets for these whales include decentralized finance platform Aave (AAVE), Binance’s coin BNB, and Dogecoin (DOGE). It is worth noting that some of these are tokenized versions of these tokens on the BNB Chain, not tokens held directly on their local network. It is also worth noting that the focus of BNB Chain whales is JOJO, YOOSHI and stablecoins BSC-USD, BUSD, USDC.
There have been significant developments in Floki’s ecosystem
cryptocoin.com As we reported, FLOKI’s developers made a proposal late last month to burn approximately $55 million in FLOKI tokens and lower the transaction tax to position Floki as a serious DeFi competitor and address the associated security risks. After that, BNB Chain became the largest holding among whales.
FLOKI is the utility icon of the Floki ecosystem, which “offers a 3D NFT Metaverse, DeFi utilities, a crypto education platform, NFTs, a merchandise store, and more.” The proposal was overwhelmingly endorsed by the cryptocurrency community, arguing that token burning is a way to reduce supply, adding value to every token as long as demand remains stable. Also, the Floki team hopes that by taking this step, the project will demonstrate a strong focus on benefits and fundamentals that will help it stand out in the crowded DeFi market.
The proposal also highlighted the security risks associated with cross-chain bridges, which are the subject of much discussion in the crypto community. The Floki team argued that an exploit in the main cross-chain bridges would have a disastrous impact on the project, as it currently owns 55.7 percent of FLOKI’s total circulating supply. Therefore, more work can be done on security.
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