CoinMarketCap takes a deep dive into Floki Inu (FLOKI), a project that claims to be a movement instead of a memecoin.
Floki Inu (FLOKI) is one of the many dog-meme currencies, like Shiba Inu and Dogecoin, that is inspired by the founder and CEO of Tesla, Elon Musk. Floki Inu claims to be a community-owned crypto platform and has partnered with Million Garden Movement, a project run by Kimbal Musk, brother of Elon Musk. It is aimed at helping home gardeners online deal with some of the most critical global issues.
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Recent Surges in the Price of Floki Inu (FLOKI)
Elon Musk’s Twitter handle is quite legendary in the crypto community. Even a single tweet from him can shoot a coin up or bring the whole market down. The same goes for Floki Inu, as the multi-billionaire recently named his new dog “Floki,” which took the dog-meme currency to new highs.
The recent tweet came two days ago, in which Musk’s puppy, ‘’Floki’’ can be seen sitting on a Tesla car.
The price of FLOKI had already spiked on the 3rd of October, and after the tweet, the price went for another all-time high of $0.00007477. However, soon after the price took a nosedive, and currently it is around $0.00004954.
FLOKI was relaunched just three months ago and since then its price has increased more than 120x, the credit goes to the Floki Vikings community on social media platforms.
How Does Floki Inu (FLOKI) Work?
Floki Inu was launched on the Ethereum blockchain and now the meme coin is also present on the Binance Smart Chain (BSC), making it one of the few crypto projects that offer the multi-chain protocol feature.
Who Are Floki Vikings?
The online community of the project is known as the Floki Vikings. This name originated from the TV series known as 'Vikings' in which there is a character named 'Floki.'
The Floki Vikings community has helped the project get listed in the top 10 leaderboard of LunarCRUSH - a social media analytics platform for cryptocurrencies.
To maintain the price of the token, the liquidity of the Floki Inu (FLOKI) is locked on the BSC & ETH contract for 265 years and a bridge is present between the two networks through which users can link their tokens across these two major blockchain networks.
The Team Behind Floki Inu (FLOKI)
As per the official whitepaper of Floki Inu (FLOKI), its team consists of the top crypto influencers and developers which include:
- BPeta
- Byte Capital
- Sabre
- MrBrown Whale
- Jackie Xu
Floki Inu token has also partnered with several companies to provide utility to FLOKI hodl-ers. An example of this is EPay, a platform that allows FLOKI holders to make purchases from the (developing) Floki marketplace.
Floki Inu (FLOKI) Roadmap
Phase 1 of Floki Inu (FLOKI) is complete as the token has been re-launched without significant bugs, launched on BSC, and listed on CMC. Phase 2 is almost completed as Floki Inu surpassed 90,000 holders, thanks to Elon Musk's tweet.
Phase 3 and Phase 4 include creating decentralized applications & games, forging major partnerships, hosting giveaways, donating $100k+ to dog shelters, and reaching 150,000 holders, among other goals.
Unique Features of Floki Inu (FLOKI)
Multi-Chain Protocol
As highlighted above, Floki Inu is hosted on both Ethereum and Binance Smart Chain which gives it access to both ETH and BSC community. The 1:1 swap through the ETH-BSC bridge is possible for FLOKI holders and the transaction tax is not charged during this bridging process.
Floki Inu’s Dedication Towards Marketing
Every Floki trade charges a small fee that goes directly to the marketing and development teams of the project. These marketing funds will be used to onboard influencers, pay for donations while the funds towards the development team will contribute towards new updates in the Floki Inu ecosystem.
The project has a monthly marketing budget of over $2 million, which allows it to run aggressive marketing campaigns, like locking down London Underground, having 300 buses in London feature the FLOKI logo for three weeks, locking down Times Square for 3.5 months, locking down Los Angeles with billboards and buses for three months, among others.
Floki NFT Portal
There are multiple NFT portals inside the Floki Inu ecosystem, such as Floki Diamond-Hands NFT Portal, Floki Inu Ruby NFT Portal, and Flokitar, which has a collection of Floki NFTs that can be bought by connecting your wallet and placing a bid.
An NFT gaming metaverse, named Valhalla, and an NFT and merchandise marketplace, named FlokiPlaces, are also in the development phases.
Rewards For Holding Floki
Floki Inu holders can hold their tokens to earn rewards. 4% rewards are distributed to Floki holders on the BSC and ETH blockchains, whenever anyone swaps tokens on a crypto exchange. The reward percentages are not final and may change depending on future upgrades.
The Floki Inu token is also hyper-deflationary, which means that an increase in the size of the burn wallet also increases the reflationary rewards for Floki holders. Also, as time goes on, a decrease in circulating supply will increase the demand for Floki and its price.
Real-World Usage
Unlike the majority of meme tokens, FLOKI offers real-world utility. It can be used to purchase items from 1500+ stores through its partnership with CryptoCart (CC). FLOKI holders can also pay for physical goods on the XCUR platform which is going to be launched soon. Other utilities in the future will include multiple features like buying NFTs, gaming, and paying for services and goods.
How to Buy FLOKI?
Buying the FLOKI token can become a little tricky, especially for crypto users who aren’t familiar with the buying process of Uniswap and PancakeSwap. Here is a step-by-step guide on how you can buy FLOKI and add the token into your digital wallet:
1. Go to this link: https://app.uniswap.org/#/swap?outputCurrency=0x43f11c02439e2736800433b4594994Bd43Cd066D&use=V2
2. Connect your MetaMask wallet. Click the MetaMask tab and enter your password to unlock it.
3. Enter the amount of equivalent currency you want to buy Floki with, and click ‘Swap’.
4. Then click on swap and follow the steps to finish the swapping process. Remember to set an appropriate amount of slippage to avoid loss of funds.
5. Then click on confirm swap.
Congratulations! Now you are a FLOKI holder too!
Floki Inu (FLOKI) Tokenomics
The maximum and total supply of FLOKI is set at 10,000,000,000,000 with the current circulating supply at 9,413.53B FLOKI. For more information please check FLOKI’s tokenomics on the project’s official page.
Floki Inu (FLOKI) Price
Floki Inu (FLOKI) is now trading at around $0.00005032, as of Oct. 6, 2021. Its 24-hour trading volume on exchanges is around $6,579,525.
Floki Inu (FLOKI) Price Prediction and Future Outlook
Perhaps the biggest reason most crypto enthusiasts have FLOKI in their portfolio is because of Elon Musk. The founder of Tesla & SpaceX, Musk is popularly known as the ‘DOGE father’ in the world of crypto, mainly due to his relentless backing of dog-meme coins, especially Dogecoin (DOGE). The biggest spikes that Floki Inu (FLOKI) has experienced so far are due to the tweets of Elon Musk. Even the recent all-time high of $0.00007477 was hit after the multi-billionaire posted a photo of his Shiba Inu dog named “Floki” sitting on a Tesla vehicle. This indicates that whenever Elon Musk will tweet about his dog, the price of FLOKI will possibly break the previous all-time highs.
While Elon Musk’s tweets can be a game-changer for Floki Inu (FLOKI), it can also pose a threat to the token, as the sentiment of Musk can quickly change as previously seen in the case of Bitcoin. Yes, we know that it was due to “environmental concerns” but if you read between the lines, it all comes down to Musk’s sentiment - a change of heart and build or break FLOKI.
The puppy of Elon Musk may be named ‘Floki’, however, the breed of the dog is Shiba Inu, which is perhaps the only dog-meme coin worthy of giving competition to Dogecoin (DOGE). This theory was proven right again after Elon’s tweet, where the Shiba Inu’s price spiked even higher. In the long run, it can be deduced that if Shiba Inu’s price increases, it will have a direct impact on FLOKI’s price as well.
The NFT market has overshadowed the crypto world. With games like Axie Infinity (AXS) breaking every major record, and NFT art being sold for millions of dollars, there is no doubt that NFTs are the next big thing in the blockchain world. The NFT portal of Floki Inu can attract the attention of NFT enthusiasts and probably take the price of Floki Inu to new highs.
The long-awaited ‘Project X’ has been unveiled by Floki Inu, which is an NFT metaverse game called Valhalla. Valhalla is a play-to-earn NFT metaverse game run on the Floki Inu token. The game rewards tokens to its players for participation in various in-game activities, and everything that players earn inside the metaverse become their ownership. The project has the capacity to disrupt the crypto industry.
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