- There was a reduction in tax rate by Floki DAO for the Tokenfi coin.
- The tax reduction was around 0.3%.
The Floki DAO and its team surprised the crypto industry after announcing the creation of a new coin. So, there’s a new development regarding this new coin with regard to tax rates in transactions. Let’s find out more about this new development.
The Introduction of Tokenfi by Floki DAO
- Tokenfi is a new token within the Floki ecosystem with the aim of enhancing utility in the ecosystem. So, Floki DAO was majorly behind the introduction of this token, and things seem to be going well. After the introduction on October 26, there were also listings on decentralized cryptocurrency exchanges Uniswap and PancakeSwap. So, one of the major occurrences during these listings was Floki DAO setting the initial tax rate at 20% for the first hour of the launch.
- There was a reason why Floki DAO was keen on making the initial tax rate stand at 20%. So, they didn’t want investors to manipulate the market value of the asset upon listing. So, after the first hour, their plan was to reduce the tax rate by 5%. But there’s a new development around this crypto project. So, this new development is about the tax rate reduction by Floki DAO.
Floki DAO Reduces Tokenfi Tax Rate
- In their latest announcement, Floki DAO said there will be a reduction in the tax rate of the Tokenfi crypto. So, the major reason here was to reduce entry barriers and attract more users to the TokenFi ecosystem.
- With the new decrease in the tax rate, one can invest in this token with much ease and interest. Already, this Tokenfi coin is tearing the crypto market apart with the massive increases it is making. According to new data, there’s more than a 200% increase within the past seven days. So, it even gets better with the monthly charts as there’s more than a 78797.79% increase in the charts. This shows how much returns for those who made their investments in the early stages.
Major Exchanges Are Showing Interest in Listing Tokenfi
- Many major exchanges are showing massive interest in listing the Tokenfi crypto. So, immediately after going live, there were several listings from many crypto exchanges. Uniswap and PancakeSwap were slight in the first exchanges listing this token. However, other exchanges such as Binance, KuCoin, and Bybit are already joining the train.
- There was a major incident in the listing of this token. So, Bitget was among the first exchanges to list TOKEN after its release but was quick to step back. There was an accusation of price manipulation from the Bitget team. However, the Floki Inu team was quick to address the issue.
Conclusion
The Floki DAO recently made some important decisions regarding their new coin, Tokenfi. So, this decision was mainly about reducing the amount of tax rate during transactions. The major purpose of this decision was to attract more investors by making things better.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. so, the content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
