According to a recent announcement, Grove Coin has locked over $300k of their GroveSwap Liquidity Pool (LP) tokens with the FlokiFi Locker protocol for 12 months, showcasing great trust in Floki’s (FLOKI) crypto locker protocol and brand.
The GroveSwap team stated that the move would build trust between investors, communities, and projects, a crucial step in the new era of crypto mass adoption and a healthier, wealthier future.
Floki on fire
In the last 30 days, Floki Inu has been one of the best-performing cryptocurrencies, with an upsurge of nearly 410%. The project’s developers recently proposed burning almost 5 trillion FLOKI tokens to reduce transaction fees to 0.3%, providing consumers with more reliability, and the price of FLOKI increased by 15% soon after the news went public.
Developers explained that a “catastrophic impact” would result from an attack on their primary cross-chain bridge, which stores more than 55% of the entire supply of meme currency. As such, the proposal was passed just three days after it was made. On February 9, the FLOKI team revealed that it had burnt approximately $120 million worth of FLOKI via a bridge token burn.
Supposedly, this made FLOKI more appealing to the 500 biggest whales on the BNB Smart Chain (BSC). One such whale, ranked as the 72nd largest BNB whale by WhaleStats, reportedly acquired 80,000,000,000 FLOKI, at a value of approximately $3.2 million. FLOKI was also among the top 10 choices for Ethereum whales.
FLOKI’s surge was further aided by the fact that the token was listed on the cryptocurrency exchange KuCoin on February 15. The Floki group further lauded KuCoin for its massive user base of over 20 million and its established presence in several different nations.
Furthermore, the recent photo of the pet dog of Twitter CEO Elon Musk, called Floki, sitting on the Twitter CEO’s chair, prompted another price pump for the eponymous meme coin. With these factors contributing to the rise of FLOKI, it remains to be seen how the coin will continue to perform over the coming months as the market starts to recover.
