A market commentator teased innovatory bragging rights that Floki has over Shiba Inu, Dogecoin, and PEPE after the launch of an auto-burn feature.
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 notable meme coins like Shiba Inu and Dogecoin.
Scofield noted that Floki has a money printer that automatically buys and burns the FLOKI token, enhancing the meme coin’s deflationary course. Notably, his comments came after the Floki team announced a major breakthrough in its burn mechanism.
Floki Buy/Burn Mechanism Now Live
On Friday, the Floki team announced that its trading bot’s buy/burn mechanism has resumed operation after overcoming technical challenges. The X post noted that the feature failed to work effectively following its mainnet launch, resulting in 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 mainnet launch of the bot. From today, all trades conducted… pic.twitter.com/rvaL7Dk3PO
— FLOKI (@RealFlokiInu) October 18, 2024
Notably, the auto-burn feature automatically collects and incinerates 50% of transaction fees generated from the Floki Trading Bot. For context, the Floki Trading Bot is a Telegram-based marketplace that allows users to buy and sell tokens across the Ethereum, Base, and Binance Chain networks.
Meanwhile, the Floki team announced that 50% of the fees raised from transactions on the trading bot before now will also be incinerated. The project further disclosed it has accrued over $1 million in fees since the Telegram-based trading platform went live.
It bears mentioning that the Floki Trading Bot charges 1% in transaction fees for any trading activity on the platform. Also, the remaining 50% of the fee will be transferred to the Floki Treasury.
Floki’s Burn Mechanism Compared to Other Chains
Floki’s new burn mechanism is similar to that of most of its meme coin counterparts. For context, most meme coins implement models to downsize their total token cap and maintain deflation.
Notably, Shiba Inu also has an automated burn mechanism in which 70% of base transaction fees on the Shibarium network are incinerated. The ecosystem confirmed the introduction of the new deflationary model on the back of a hard fork announcement in August.
However, Dogecoin does not support periodic token burns. The project adopts an inflationary model, ensuring it adds a fixed amount of coins to its total supply yearly.