What is Floki Inu Coin? How does it work? A Complete Guides[2024]

Floki Inu is another dog-themed meme coin that was created from another meme coin, the Shiba Inu coin. The Japanese dog breed is known as ‘Shiba Inu’ and has been the theme for other meme coins like Dogecoin and the Shiba Inu coin.

Floki Inu is named after Tesla CEO Elon Musk’s pet Shiba Inu, Floki. The billionaire is known to influence the early meme coins via cryptic crypto tweets.

According to CoinMarketCap, Floki Inu was founded by a group of crypto influencers by the names of B PetaByte Capital, Sabre and Mr Brown Whale. The project’s lead developer is Jackie Xu, a well-respected and doxxed figure in the industry with over a decade of blockchain experience.

Key Takeaways:

• Floki Inu’s multiple use cases within its ecosystem and outside the crypto sphere demonstrate that it’s more than just a meme token.
• Floki’s inaugural product, Valhalla, an NFT metaverse game, has since expanded into the DeFi realm with products like FlokiFi and the prepaid Floki Card.
• Floki Inu is Floki’s hyperdeflationary ERC-20 and BEP-20 compliant utility token.

The History Of Floki Inu

The birth of the Floki Inu coin can be traced back to June 2021, when Elon Musk tweeted that he would be naming his pet Shiba Inu “Floki.” Initially, the project started as a dog-themed meme coin, much like Dogecoin, and was known as Floki Inu. However, as the project grew from a meme-coin into something more substantial, the team rebranded to “Floki”.

The project’s latest version aims to provide utility by creating its own blockchain ecosystem and giving back to its ecosystem through charitable initiatives. Floki has also teamed up with the Million Gardens Movement, a gardening campaign founded by Elon Musk’s brother, Kimbal Musk. The creators claim to view it as a movement, not just a meme coin, and have a vision of constructing schools in underdeveloped countries.

How does It Work?

Floki Inu operates on a foundation of two things: memecoin appeal and building a use case through its ecosystem. Here’s a breakdown of how it works:

Memecoin with Hype:

• Like Dogecoin and Shiba Inu, Floki Inu capitalizes on the popularity of memecoins and the influence of figures like Elon Musk.
• This can lead to surges in price due to hype and community excitement, but also creates volatility.

Technical aspects:

• Multi-chain: Floki Inu is interesting because it’s a multi-chain token, existing on both the Ethereum (ETH) blockchain and the Binance Smart Chain (BSC). This allows for potentially faster transaction speeds and lower fees compared to Ethereum alone.
• Tokenomics: Floki Inu has a set total supply and incorporates a deflationary mechanism where a portion of tokens are burned with each transaction. This, in theory, reduces circulating supply and could drive up the price over time.

Building an Ecosystem:

• Floki Places: Floki Inu aims to provide real-world utility through partnerships with merchants that accept Floki for payments.
• Play-to-Earn Gaming: Floki Inu has its own play-to-earn game called Valhalla, where users can earn FLOKI tokens by playing. This adds a layer of usability and potential for attracting gamers.
• Decentralized Finance (DeFi): Floki Inu is involved in DeFi through FlokiFi, its decentralized finance platform offering staking and other services.

Things to Consider:

• Memecoin Volatility: Remember, Floki Inu’s value can be highly volatile due to its memecoin nature.
• Ecosystem Development: While Floki Inu has projects underway, their success and long-term impact are still uncertain.

Overall, Floki Inu combines memecoin hype with efforts to build a use case through its ecosystem. It’s important to carefully assess the risks and potential rewards before investing in Floki Inu or any memecoin.

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.

What Makes Floki Inu Different Among Other Crypto Assets?

The meme coin aims to stand out amidst all other meme coins. Its deeper vision is to have utility by creating an autonomous and decentralized ecosystem and building partnerships.

It aims to perform several purposes such as to be used in a range of applications, from non-fungible tokens (NFTs) to games and finance. There is also an emphasis on the metaverse.

Just like the earlier stated connection with the ‘Vikings’, Floki Inu has named its NFT gaming metaverse ‘Valhalla’ which is associated with the Vikings mythology.

The Three Pillars of FLOKI

Floki Inu has three main pillars as a dog-themed coin. They are its meme status, its utility and its charitability.

For its meme status, the token defines itself as a movement, giving power to the people whether they are rich or poor, young or old. FLOKI aims to be the most known and most used crypto asset in the world.

Its utility pillar is all about supporting and developing various projects, such as the earlier mentioned Valhalla as well as Flokiplace (marketplace for NFTs).

The charitable pillar is aimed at making life easier and make the world a much better place. Floki Inu intends to build a school in every continent first and every underdeveloped nation of the world.

What is Floki Inu Worth In The Crypto Market?

As of Janauary 2022, Floki Inu is ranked 2880th among the ten of thousands of coins listed by CoinMarketCap. Its current price is $0.00007244 with a 24-hour trading volume of $10.6 billion.

The maximum supply of this coin is 20,000,000,000, 000 FLOKI coins. Although it is below other meme coins like DOGE, SHIB, DOGELON, its also making headlines in the crypto industry.

FLOKI can be bought on crypto exchanges like Gate.io, Bitget, BingX, FMFW.io, and Hotbit.

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.

What Can Floki Inu Be Used For?

The team behind Floki is building utility for the FLOKI token within its unique ecosystem. The Floki ecosystem consists of multiple different projects which are still under development, spanning DeFi, NFTs and the Metaverse. While Floki is attempting to create some use of the token within its ecosystem, there is very little adoption of the cryptocurrency on other DeFi platforms or NFT marketplaces.

Valhalla

Floki Inu has entered the NFT gaming metaverse with its own NFT game called Valhalla. Players can earn rewards based on participation and 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.

FlokiFi

FlokiFi is the ecosystem’s umbrella name for the upcoming suite of DeFi products that will be powered by FLOKI. The first product is “FlokiFi Locker”, which is claimed to be the industry’s most innovative protocol for securing digital assets. There are also mentions of a new product related to staking; however, the details are yet to be finalized.

FlokiPlaces NFT and Merchandise Marketplace

Building on the NFT trend, Floki Inu intends to expand with a marketplace for NFTs and merchandise. The FlokiPlaces marketplace aims to facilitate buying and selling NFTs and other digital products and position Floki Inu as a payment alternative to Bitcoin, Dogecoin, and even the US dollar.

The Floki University Crypto Education Platform

Floki Inu aims to educate the growing audience on crypto through its metaverse university while increasing awareness of the Floki Inu ecosystem. Most of the curriculum will be free, while some specialty courses might require FLOKI tokens.

Pros and Cons

Of course, there are two sides to every coin’s story, and, like all crypto projects, Floki comes with its list of pros and cons.

Advantages:

• Floki is a multi-chain token, allowing it to be used on the Ethereum and Binance Smart Chain (BSC) platforms.
• The Floki ecosystem has an array of existing and upcoming products which could potentially add value to the token.
• The project has partnered with other reputable projects in the industry.
• The project claims to be supporting charitable initiatives.

Disadvantages:

• Floki was created as a meme coin and could still fluctuate in line with the opinions of influential people, such as Elon Musk.
• The circulating supply of Floki tokens is exceptionally high, keeping the price per token extremely low.
• Buying and selling FLOKI has a mandatory 3% tax.
• Outside of the Floki ecosystem, the token has few uses and has yet to be adopted by many DeFi platforms.
• The Floki team is anonymous, which raises the question of who is held responsible if something goes wrong with the project.

Floki vs. Shiba Inu

Both Floki and Shiba Inu tokens have their roots in Dogecoin. While many Shiba Inu-based tokens were created to surpass the success of Dogecoin, the two most prominent tokens in the group are Floki and Shiba Inu. Let’s examine how they compare.

Similarities:

1. The popularity of both tokens is centred around Elon Musk’s admiration for Dogecoin. Both tokens have experienced price hikes as a result of his tweets. Musk’s tweets also influenced Floki Inu at its inception.
2. The communities of both tokens are highly passionate and active on their respective social media platforms.
3. Both coins have a high token supply, which means the tokens are valued at a fraction of a cent, which can draw in newer investors looking for a cheaper coin.

Differences:

1. Shiba Inu is ranked in the top 15 tokens in terms of market capitalisation, which sits at over $US 7 billion. In comparison, Floki is ranked 140 and has a market capitalisation of just over $US 240 million.
2. Shiba Inu is creating its own layer 2 blockchain called “Shibarium.”
3. The tokenomics of the two cryptocurrencies also differ. Floki Inu has a total supply of 10 trillion tokens, which is substantial compared to Bitcoin’s 21 million fixed supply, but still small compared to Shiba Inu’s massive 1 quadrillion token supply.
4. Shiba Inu has its own decentralised exchange called “Shibaswap”.
5. Floki Inu has an automatic tax of 3% on any buy or sell transactions.
6. Shiba Inu can be staked to earn rewards.

What is Floki Inu Worth In The Crypto Market?

As of Janauary 2022, Floki Inu is ranked 2880th among the ten of thousands of coins listed by CoinMarketCap. Its current price is $0.00007244 with a 24-hour trading volume of $10.6 billion.

The maximum supply of this coin is 20,000,000,000, 000 FLOKI coins. Although it is below other meme coins like DOGE, SHIB, DOGELON, its also making headlines in the crypto industry.

FLOKI can be bought on crypto exchanges like Gate.io, Bitget, BingX, FMFW.io, and Hotbit.

Where to Buy FLOKI?

According to CoinGecko, the leading markets by trading volume of FLOKI are the decentralized exchanges Unisawp and PancakeSwap, and centralized exchanges Gate.io and MEXC Global.

Conclusion

Meme coins are also in the category of shitcoins which make them the riskiest of the crypto assets. Although DOGE has stand tall in the midst of other cryptos, care has to be taken before investing in this crypto coins.

FLOKI might gain popularity in the crypto as it has been predicted by the crypto community, the goals and ambition set by its founders make it one to consider.

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