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4 Th07 2022

What Is Floki Inu: More Than a Musk-Inspired Meme Coin

In June 2021, Elon Musk tweeted that he would be naming his pet Shiba Inu “Floki.” This led to the birth of the Floki Inu coin. Floki Inu, now known simply as Floki, may have had its beginnings as a dog-memed currency, much like Dogecoin, but a closer look reveals that it’s so much more than that.

Floki follows in the footsteps of Shiba Inu in giving utility and even charity to its ecosystem. Its creators see it as a movement, rather than just a meme coin. It holds a vision of building schools in less developed countries, and has also partnered with the Million Gardens Movement, a gardening campaign founded by Elon Musk’s brother, Kimbal Musk. The ingenious combination of meme movement and charitable actions has earned Floki recognition by NASDAQ as one of the best metaverse currencies to buy in 2022.

What Is the Floki Inu Token (FLOKI)?

FLOKI is an ERC-20 and BEP-20 compliant token. This means that it’s a multi-chain coin that runs on both the Ethereum and Binance Smart Chain (BSC) blockchains. Users can easily perform a 1:1 FLOKI swap on the ETH-BSC bridge via atomic swap.

Interestingly, there’s a 3% tax on the buying and selling of the Floki token (FLOKI), which doesn’t apply to the bridging of the tokens between the two networks. Floki Inu maintains that the tax goes to the Floki Inu treasury. The treasury funds are used to develop their ecosystem, as well as promote FLOKI for wider adoption. The white paper does highlight, however, that the tax will be lowered once Floki Inu has amassed sufficient funds, though there’s no specific mention of their target, or by how much the fee will be lowered.

Key Floki Projects

Floki Inu Ecosystem

Source: Floki.com

Valhalla

With the NFT gaming metaverse all the rage, it’s no surprise that Floki Inu has its own NFT metaverse game called Valhalla (the “heaven” for Vikings when they die). Valhalla is a play-to-earn game with rewards distributed based on participation, and gamers have full ownership of the FLOKI tokens earned in the game. FLOKI tokens serve as the in-game currency, and can be used to purchase assets in the game.

DeFi

Through the use of a smart contract, Floki Inu has integrated Chainlink price feeds into its network. This has enabled Floki to offer financial services via two DeFi platforms, Inverse Finance and BarnBridge.

The FLOKI pool in Inverse Finance allows users to stake their FLOKI tokens and earn interest, or to use their tokens as collateral to borrow other cryptocurrencies, such as ETH and WBTC. Meanwhile, the FLOKI pool in BarnBridge protects users against the risks of hyper-volatility and inflation in the crypto space by letting them lock their FLOKI tokens in a Senior or Junior pool. The pools are timed in a weekly epoch, meaning investors who lock their FLOKI tokens won’t be able to retrieve them within the week.

Users who invest in the Senior pool are ensured downside protection of up to 35% per week if the price of FLOKI falls, but their gains will also be lower if the price increases. On the other hand, investors in the Junior pool get greater leveraged gains if the price of FLOKI rises, but are also exposed to greater losses if it falls.

FlokiPlaces

With the boom in NFTs, Floki Inu intends to expand beyond Valhalla with an NFT and merchandise marketplace. The FlokiPlaces NFT and Merchandise Marketplace would foster the buying and selling of NFTs and other digital products. Beyond entering the NFT space, this move looks to establish Floki as a payment alternative to Bitcoin, Dogecoin — and even the U.S. dollar.

Floki University

Floki Inu also aims to educate the ever-growing audience on crypto through its uniquely constructed metaverse university, while boosting awareness of the Floki Inu ecosystem. While most of the curriculum will be free to all to drive the learning of crypto worldwide, certain specialty courses might require the use of FLOKI tokens.

What Can FLOKI Be Used For?

Most meme coins have no real use cases, as they’re very speculative in nature. FLOKI seems to be a little bit different from other meme coins. Firstly, within the Floki Inu ecosystem itself, NFTs and metaverse gaming are a high-potential opportunity for the token. Also, though originally created to exist only within the Floki Inu ecosystem, FLOKI may now offer real-world utility.

Floki Inu has partnered with NOWPayments, a cryptocurrency payment gateway that allows businesses to seamlessly accept FLOKI on their websites. You can also use FLOKI to buy physical goods in not just one but two digital marketplaces, CryptoCart and Curate (XCUR).

Its latest project in the making, Project L, slated for release in July 2022, also aims to enhance its utility by making FLOKI more deflationary and expanding its adoption..

FLOKI NFT Portal

Floki Inu has an NFT portal for gifting NFTs to FLOKI VIP holders. These NFTs can also be purchased by any FLOKI holders. Floki currently has two NFT collections in its portal, the Genesis or Diamond Hands NFT collection and the Floki Gemstone Collection. These NFTs are poised to have utility functions in the future as the Floki Inu ecosystem expands.

Floki Price Statistics

Note: Figures below are accurate as of this writing (4/7/2022) and are approximated up to two decimal places.

Floki Inu price chart on 4 July 2022

Source: CoinMarketCap|Floki Inu

FLOKI is a hyper-deflationary coin with an auto-burn mechanism. Its liquidity has also been locked in both the Ethereum blockchain and BSC blockchain for 265 years each. FLOKI’s maximum supply is set at 10 trillion tokens, with 9 trillion tokens currently circulating on the market.

Total Supply — 9.07 trillion FLOKI

Circulating Supply9.07 trillion FLOKI

Market Value — $0.000006

Market Cap$55. 35 million

24-Hour Trading Volume — $2.60 million

Floki Inu Price Prediction – Is the Floki Coin a Good Investment?

Adept traders in the market understand that meme coins are highly volatile, so they stay as far away from them as possible. The reason isn’t far-fetched: Meme coins are driven by the community, with no real use cases. Hence, their value can plunge if the community disperses. In Floki Inu's case, however, it’s proved itself to be more than just a meme coin, with growing uses even in the real world.

Yet, it’s highly improbable that Floki Inu will ever reach $0.01, due to the very large supply of FLOKI. But as a hyper-deflationary coin, its demand may rise as its supply falls. That said, it seems to have reached its peak in November 2021 at $0.00003.

Since its price peak, however, its community has only been growing, and Floki is constantly building strong utility and partnerships. Its partners include blockchain security giant CertiK and leading crypto market maker Wintermute. It’s also launched a television campaign in the U.S. and Turkey, as well as partnering with Formula 1 team Alfa Romeo, bolstering its exposure to millions. With such strong strategic allegiances and invested efforts in branding, it may not come as a surprise if Floki Inu reaches another peak in the future.

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Floki vs. Shiba Inu

Both the Floki and Shiba Inu tokens were born from Dogecoin. Alongside other Shiba Inu-inspired tokens, Shiba Inu was created to mirror the successes of Doge while killing off Dogecoin. Very little has been achieved in this regard — but let’s take a look at how the two most popular Shiba Inu tokens compare.

Similarities

  1. Elon Musk's fondness for Dogecoin is at the center of both tokens' rise. His tweets have caused pumps on the Shiba Inu token, while Floki Inu started its journey as a cryptocurrency arising out of the billionaire's tweets.
  2. The fan base of both tokens is very passionate. You'll daily see tweets on both tokens on social media, either asking investors to buy the dip or calling on enthusiasts to join the bandwagon. It's a never-ending cycle that’s most prominent on Twitter.
  3. Both coins have an unusually high supply that could have an impact on their respective prices.

Differences

  1. Shiba Inu's founder is unknown. Like Bitcoin, it uses a pseudonymous founder. The names behind the Floki Inu token, on the other hand, are known in crypto circles.
  2. Shiba Inu has an underlying protocol which is useful both as a community-governed coin, and as a pair for many other tokens on the platform. Floki Inu, in contrast, is a token itself, and doesn’t have an underlying Protocol.
  3. Tokenomics is also different between the two cryptocurrencies. They differ in token supply, with a total supply of 10 trillion FLOKI tokens in existence — which is a lot when compared to Bitcoin's 21 million fixed supply. However, it’s still meager when compared with SHIB's enormous 1 quadrillion coin supply.
  4. Shiba Inu has only recently just created a burn portal in ShibaSwap, its decentralized exchange (DEX), whereas Floki Inu was created with a built-in burn mechanism to reduce the supply of FLOKI tokens in circulation.
  5. The ways in which the two coins earn passively on their respective platforms also differs. Floki allows investors to earn passively by simply holding the token. When a transaction takes place on the ETH or BSC blockchains, a small percentage is awarded to the token holders. Earning passively on Shiba Inu, on the other hand, requires you to stake SHIB tokens in the ShibaSwap liquidity pool.

Pros vs. Cons of Floki

Pros

  1. The Floki Inu team comprises very dedicated and goal-oriented individuals. That the team has some plans toward being more than a meme token is one reason they might be given the benefit of the doubt.
  2. FLOKI is a multi-chain token, meaning it can be used on both the Ethereum and Binance Smart Chain (BSC) platforms.
  3. Since FLOKI tokens are locked in the Ethereum and BSC blockchains for 265 years, there’s no risk of a rug-pull scam.
  4. Being a meme coin has its advantages. Celebrities can influence its value, thereby giving it unpaid publicity.
  5. Just because Floki gets unpaid publicity from Elon Musk and other celebrities doesn’t mean it doesn’t have a marketing budget. It’s good from an investor's perspective to know that there's a plan for publicity and marketing. These funds come from small fees charged on each Floki trade. One part of the funds goes to the ecosystem, while another part goes into advertisements and onboarding celebrities.

Cons

  1. Floki Inu is by nature a risky investment. Therefore, it’s important you tread with caution. Don't invest more than you can lose, as FLOKI can rally one minute and drop in another.
  2. There’s a high probability of pump-and-dump with Floki. Although the selling fees are meant to deter people from selling the tokens, when a whale pumps the token and removes their money, the price greatly declines. Most times, the fee isn’t enough of a reason to make selling unattractive.

How Can I Buy Floki Inu Coins?

There are three ways to purchase FLOKI tokens. You can get it either from a centralized exchange like Huobi, purchase it through a credit card, or on decentralized exchanges (DEXs) like Uniswap and PancakeSwap. But first, you’ll need to buy ETH to be able to trade FLOKI, which you can easily get on Bybit.

Buy ETH on Bybit now

Buying FLOKI isn’t a straightforward process on a DEX. It can become tricky for new crypto users. We've simplified the buying process as much as possible, with step-by-step instructions on buying and storing your FLOKI tokens on Uniswap.

  1. After buying your ETH from Bybit, you’ll need to get a wallet. A Trust Wallet or MetaMask wallet will do just fine. We’re choosing to go with MetaMask for this guide.
  2. Deposit ETH into MetaMask, go to Uniswap and click Launch App.
  3. Click on Connect Wallet, then choose MetaMask. Follow the prompts to connect your MetaMask wallet to Uniswap.
  4. Click on Select Token and type in Floki Inu. You can double-check Floki Inu’s contract address on Etherscan or BscScan.
  5. Click on the gear icon and set the Slippage tolerance to 4%.
  6. Set slippage tolerance to 4%

    Source: Uniswap.org

  7. Enter the amount of ETH you want to use to swap for Floki Inu, then click on Swap to trade.
  8. Click Swap to trade ETH to FLOKI

    Source: Uniswap.org

After waiting a few seconds, you'll see the number of FLOKI tokens you have on your wallet home screen.

Closing Thoughts

Floki Inu has proven time and again that it’s more than just a meme coin. As a token, FLOKI can already be used not just within the Floki Inu ecosystem, but even out in the real world. Its charitable movement, strong partnerships with leading crypto firms and markets, and extraordinary marketing efforts all accentuate its determination to be a household currency all around the world. As its projects mature and the utility of FLOKI grows, it may just have the potential to outshine all the other dog-themed coins on the market.