Hong Kong's SFC spotlighted Floki's annual percentage yield (APY) dance from 30% to 100%. Meanwhile, Shiba Inu's (SHIB) burn rate soared by over 660%, igniting a 2.04% price surge.
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In a blog post, Floki Inu (FLOKI) reacted to the Hong Kong Securities and Futures Commission’s (SFC) warning about their staking programs. The SFC highlighted Floki's high APY, which ranged from 30% to more than 100%. Floki highlighted that TOKEN, their sister project's utility token, drove the APY through a unique token allocation process.
The team highlighted compliance initiatives, such as warnings and bans on Hong Kong users. Floki acknowledged his respect for authorities but contended that the warning was only based on the high APY.
Shibburn's most recent data showed a 660% increase in the Shiba Inu burn rate. This surge was driven by the Shiba Inu community's active transfer of 111.66 million SHIB to a defunct wallet address. Two wallet addresses (beginning with 0xc60 and 0xa9d) were responsible for the rise in SHIB usage. A total of 1.66 million SHIB were burnt. Traders and investors took note of this.
The memecoin’s price has increased by over 1.50% this week. The continued surge is due to the community's attempts to change SHIB tokenomics by reducing its circulating supply.
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Floki Inu's unique APY approach and Shiba Inu's blazing fury drive the market. Floki's response to the Hong Kong SFC's warning demonstrates dedication, whereas Shiba's 660.22% burn rise causes a 2.04% price increase.
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