What Is Floki Inu? Why Is It Getting So Much Popular?

Usha  |  Nov 21, 2021

Floki Inu is something that has grabbed everybody's attention in the cryptocurrency market. FLOKI price was once only $0.00000002, as recently as August 2021. However, it quickly soared over a period of months, with the current price being $0.0001909.

The world of cryptocurrency is ever-evolving, and every minute something exciting takes place. Typically, new currencies get introduced into the market, they receive popularity, and users usually witness the fading fame of these little-known crypto tokens.

In late October, the Floki Inu token's price had risen to $0.00006, indicating a significant increase in community participation. Taking profits at that point, however, would have been a huge mistake. That's because the price of Floki Inu skyrocketed, featuring $0.00034 on November 4th.

It's difficult to comprehend this minuscule pricing, but we're talking about an almost 17,000 percent increase from the bottom in August. It has dropped below $$0.00025, which could be a good time to buy if you aren't already invested.

The price has increased by more than 500 percent since October, putting Floki Inu among the top 3,000 cryptocurrencies by market cap, ahead of Baby Floki Doge and Floki Elon. According to CoinMarketCap, there are 27,500 total Floki holders, whereas the Floki website claims 130,000.

How It Gained the Community's Attention

Floki still has a long way to go before establishing itself as a viable investment and demonstrating that it is more than a meme currency (after all, it is based on a billionaire's dog, is preying on investors' fears, and has poured over a billion dollars into a marketing campaign).

Currently, the twinkling star is Floki Inu - A popular meme coin. 

Floki Inu is a community-owned crypto platform that has joined the Million Garden Movement, a project run by Elon Musk's brother, Kimbal Musk. It has goals that it plans to fulfill with the help of the "Floki Vikings," a large community. Both the Ethereum blockchain and the Binance Smart Chain (BSC) network are used in the project.

Let' get some details about the meme coin,

Meme coins are digital currency based on popular social media jokes, sarcasm, and puns. Shiba Inu and Dogecoin are two of the most well-known meme coins on the market.

Meme coins are highly volatile cryptocurrencies, Although there does not appear to be a compelling rationale for this incredible leap.

Floki Inu has become one of the known dog copycat coins in the market. This comes into existence with the trending tweet of Elon Musk, the CEO of the electric car manufacturer Tesla. Well, the name of meme coin creators has been a mystery. It was introduced by an unknown team of developers who were huge fans and members of the Shiba Inu community.

The project works on both the Ethereum blockchain and the Binance Smart Chain (BSC) network. Experts are trying to figure out why these meme coins have become so popular. The existence of a robust community behind these coins is one of the reasons for their spread. Another factor is that a strong personality cult backs these coins. 

Elon Musk, for example, has thrown his support behind Floki Inu in a series of tweets. The third reason is that the low entry threshold encourages retail investors to rush to meme coins, increasing their price.

But you must be wondering, How did it all start? Let us inform you about the past.

The History of FLOKI

The very idea of creating FLOKI was initiated on June 25, 2021, with a trending tweet of Elon Musk. He announced in a tweet to name his Shibu Inu as Floki. 

Within no time, after Musk's statement, the world has a new dog coin with the same name as the Tesla CEO's anticipated in his tweet. The unknown team of FLOKI developers quickly took advantage of Musk's influence in the price fluctuation. 

Not surprisingly, before the official announcement of Musk regarding the adoption of the puppy, the meme coin FLOKI was already trading in the market.

No doubt, the tweet of such an influencer has marked a more significant impact on the price of the newly launched meme coin. This results, within the first few months of its existence, the FLOKI Inu received a significant price increase. 

In the early stage, FLOKi was listed for millionths of a cent. But soon, in September, the price soared by more than 250,000% and reached the new all-time high. 

Floki Inu has a total supply of 10 trillion tokens, with nearly 50% presumably burned on Ethereum and Binance Smart Chain. FLOKI has a market cap of $2.1 billion; this figure was on November 1, 20201. 

How do the token metrics work?

The Floki Inu token's tokenomics states that 11% of every transaction will be distributed:

  • Two percent goes to holders.
  • Six percent buys back and burns supply automatically.
  • Three percent goes to the market pocket.
  • Through the buyback mechanism and reflections, the burn wallet will become more prominent with each transaction. This has a hyper-deflationary impact, which means that the longer you retain it, the bigger the share of the market cap you will own.

    Who Are the Floki Vikings, and What Do They Do?

    The project's online community is known as the Floki Vikings. The name 'Floki' comes from the TV show 'Vikings,' where 'Floki' appears.

    The Floki Vikings community assisted the project in reaching the top 10 leaderboards of LunarCRUSH, a cryptocurrency social media analytics platform. The liquidity of the Floki Inu (FLOKI) token is locked on the BSC & ETH contract for 265 years to sustain the token price. There is a bridge between the two networks via which users can link their tokens across these two major blockchain networks.

    The Exclusive Features of the Floki Inu

    Multi-Chain Protocol (MCP) is a protocol that allows you to connect.

    As previously stated, Floki Inu is hosted on both Ethereum and Binance Smart Chain, giving it access to both the Ethereum and Binance Smart Chain communities. For FLOKI holders, a 1:1 swap over the ETH-BSC bridge is available, and no transaction tax is applied during the bridging procedure.

    The Marketing Dedication of Floki Inu

    Every Floki transaction costs a small fee that goes directly to the marketing and development teams of the enterprise. This marketing money will be used to onboard influencers and pay for donations, while cash for the development team will go into new Floki Inu ecosystem improvements.

    The project has a monthly marketing budget of over $2 million. Allowing it to run aggressive marketing campaigns such as in London Underground for three weeks, having 300 buses in London displays the FLOKI logo for three weeks, at the Times Square for 3.5 months, and in Los Angeles with billboards and buses for three months, among other things.

    NFT Portal Floki

    The Floki Inu ecosystem contains several NFT portals, including the Floki Diamond-Hands NFT Portal, the Floki Inu Ruby NFT Portal, and others.

    Flokitar features a Floki NFT collection that can be purchased by connecting your wallet and placing a bid. Valhalla, an NFT game metaverse, and FlokiPlaces, an NFT and retail marketplace, are in the early stages of development.

    Holders of Floki Inu tokens can receive prizes by keeping them in their possession. On the BSC and ETH blockchains, 4% rewards are granted to Floki holders anytime someone swaps tokens on a crypto market. The prize percentages are not set in stone and may alter in the future based on upgrades.

    The Floki Inu token is also hyper-deflationary, which means that as the burn wallet grows in size, the reflationary incentives for Floki holders also grow. A decline in circulating supplies will also boost demand for Floki and its price as time goes on.

    Application in the Real World

    Unlike the bulk of meme tokens, FLOKI has practical applications. Through its relationship with CryptoCart, it enables buying things from over 1500 different retailers (CC). FLOKI holders can also use the XCUR platform to pay for tangible products, which are set to launch soon. Other future utilities will include features such as purchasing NFTs, gaming, and paying for services and goods.

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