Floki Inu (FLOKI), a dog-themed meme coin branding itself as a movement, recently addressed the issue of Change in FLOKI Max supply on Coin Market Cap (CMC).
Floki Inu Claim Burning 10.65 Trillion Tokens, But Coinmarketcap Do Not Reflect Such Burnings In Floki Max Supply.
Addressing the "Change" in #FLOKI Supply on CoinMarketCap
TLDR: #FLOKI's max supply did NOT (and will not!) change.
However, CoinMarketCap requires the data to be displayed differently in order to have our rank verified.
— Floki Inu (@RealFlokiInu) January 6, 2022
FLOKI’s team notified the Coinmarketcap that their “Max Supply,” which now shows as 20 trillion on CMC, is wrong.
Further clarifying the supply issue, Floki’s team noted that Floki Inu is present in two chains. The one is Ethereum (ETH), and the other is Binance Smart Chain (BSC). When Floki was launched on the Ethereum chain, the maximum supply was 10 trillion. The token was then launched on Binance Smart Chain with the same supply.
In this way, Floki owns a total max supply of 20 trillion, but the team noted that 10.65T tokens were permanently burnt on both chains, which CMC might be unaware of.
The Floki team also shared a detailed breakdown of FLOKI burns via tweet.
“1.43 trillion Burnt on ETH, 1.16 trillion locked in ETH Bridge, 3.50 trillion Burnt on BSC, and 4.56 trillion locked in BSC Bridge. 10.65 trillion Tokens permanently out of circulation across both chains.”
According to Floki’s team, 10.65 trillion tokens are gone forever; the FLOKI’s actual supply is 9.35 trillion coins. Floki’s team asked CMC to pay attention to the figures and help them get their deserving altcoin ranking.
However, Floki is not alone in CMC’s circulating supply mishandling. Shiba Inu (SHIB), Baby DogeCoin (BabyDoge), and Crypto.com (CRO) have already experienced identical issues in the past.
Recently CryptoCom CEO strongly Criticized Coinmarketcap for providing incorrect information. Baby Doge, another rising meme coin, posted a complaint that Coinmarketcap refuses to verify their supply and demand for a more decentralized version of coinmarketcap.
However, it is deeply concerning as Crypto is supposed to be decentralized, yet everyone gets their info from one centralized source, which Binance owns.