In June 2021, Elon Musk announced that he would name his Shiba Inu pet “Floki.” This led to the creation of the Floki Inu coin. While Floki Inu, now simply known as Floki, can be categorized as a dog-themed cryptocurrency like Dogecoin, a closer look reveals that it is much more than that.
Floki follows in the footsteps of Shiba Inu and aims to create a useful and even philanthropic ecosystem. Its creators view it as a movement rather than just a meme coin. The concept of building schools in less developed countries has already resulted in the construction of several schools in Laos and Nigeria. Additionally, Floki is continuously striving to expand its ecosystem and increase its influence, earning recognition in the Economic Times as one of the best meme coins to buy in 2023.
Key Takeaways:
- The numerous use cases of Floki Inu both within its ecosystem and beyond the crypto sphere demonstrate that it is not just a meme token.
- Since then, the new Floki product, Valhalla, an NFT metaverse, has expanded into the DeFi world with offerings like FlokiFi and the Floki prepaid card.
- FLOKI is a hyper-deflationary utility token that is compatible with both ERC-20 and BEP-20 standards.
What is the Floki Inu (FLOKI) Token?
FLOKI is the utility token that governs the entire community-owned Floki Inu ecosystem. It is an ERC-20 and BEP-20 compatible token that operates on the Ethereum and BNB Smart Chain (BSC) blockchains. Users can easily exchange FLOKI on a 1:1 basis between the two networks through leading centralized exchanges like Bybit.
FLOKI is a hyper-deflationary coin with an automatic burning mechanism. Liquidity on the Ethereum and BSC blockchains is locked for 265 years each. The maximum supply of FLOKI is 10 trillion tokens. However, in February 2023, 5.1 trillion non-circulating tokens were burned on the main cross-chain bridge for Floki, which was closed to prevent DeFi attacks.
Interestingly, a tax applies to the buying and selling of FLOKI, although it does not apply to the transfer of tokens between the two networks. Floki Inu claims that the tax revenue goes to the Floki Inu treasury. These treasury funds are used to develop the ecosystem and promote FLOKI for broader adoption. In February 2023, the tax was reduced from 3% to 0.3% by unanimous vote of the Floki DAO.
Key Projects of Floki
Valhalla
The first Floki project is an NFT metaverse called Valhalla (the “paradise” for Vikings after they die), created in 2021 when the NFT gaming metaverse became a sensation. Valhalla is a “play-to-earn” game where rewards are distributed based on participation, and gamers fully own the FLOKI tokens they earn in the game. FLOKI tokens serve as the in-game currency and can be used to purchase assets within the game.
FlokiFi
FlokiFi is Floki’s DeFi service. With a reliable multi-token standard ERC-1155, the first offering in the line of financial products, FlokiFi Locker, allows users to securely lock and transfer not only tokens but also NFTs. Notably, this is the only blockchain on the market that enables users to lock multiple assets in a single transaction. FlokiFi supports 12 EVM-compatible networks, including Arbitrum, Dogechain, and Evmos.
Floki NFT
The Floki Inu collection features three NFT collections—Flokitar, Diamond Hands Genesis, and Floki Gemstone. However, Flokitar and Diamond Hands are primarily used in Floki’s Valhalla game. The use cases for Gemstone NFTs are more diverse and can be applied across various Floki Inu products, such as FlokiFi and the Floki prepaid card.
FlokiPlaces
With the NFT boom, Floki Inu aims to expand beyond Valhalla through an NFT and merchandise marketplace. Trading NFTs and goods on FlokiPlaces will facilitate the sale of NFTs and other Floki-themed products. In addition to entering the NFT space, this move aims to establish FLOKI as an alternative to Bitcoin, Dogecoin, and even the US dollar.
Floki Prepaid Cards
The Floki prepaid card is a Visa/Mastercard debit card that allows FLOKI holders to load FLOKI tokens and other popular cryptocurrencies onto the card. They can then use the funding card to pay for goods and services at millions of merchants worldwide. From each transaction, 1% goes toward purchasing and burning FLOKI tokens, enhancing the token’s hyper-deflationary effect.
Floki University
Floki Inu also seeks to educate the ever-growing cryptocurrency audience through its unique metaverse university, raising awareness of the Floki Inu ecosystem. While most educational programs will be free to learn about cryptocurrency worldwide, some specialized courses may require the use of FLOKI tokens.
What Can FLOKI Be Used For?
Most meme coins lack real use cases as they are highly speculative by nature. FLOKI stands out from other meme coins with its numerous use cases. Firstly, NFTs and metaverse gaming within the Floki Inu ecosystem present a high-potential opportunity for the token. The launch of FlokiFi in July 2022 and the prepaid card in April 2023 have also expanded its scope of application. Initially created to exist only within the Floki Inu ecosystem, FLOKI can now offer real opportunities.
Floki Inu partners with NOWPayments, a cryptocurrency payment gateway that allows businesses to easily accept FLOKI on their websites. FLOKI can also be used to purchase physical goods on not just one but two digital marketplaces—CryptoCart and Curate (XCUR).
Floki Inu Price Prediction
As of October 25, 2023, the price of FLOKI stands at $0.000025, which is 92.44% lower than its all-time high (ATH) of $0.0003 on November 4, 2021, but 30,000% higher than its lowest price of $0.00000008 recorded on July 6, 2021.
Despite the incredible price surge from July 2021 to the current price, it is highly unlikely that Floki Inu will ever reach $0.01, let alone $1, due to the enormous supply of FLOKI.
However, since this hyper-deflationary coin is designed to be deflationary, demand for it may grow as supply decreases. Floki actively incorporates perpetual deflationary mechanisms into its token, such as the FlokiFi product, where 25% of each transaction is sent to buy and burn FLOKI. The latest Floki offering, the Floki prepaid card, also contributes 1% from a 3.75% top-up fee toward the buyback and burn of FLOKI. Additionally, in February 2023, Floki burned 5.1 trillion of its non-circulating tokens. Following this burn, FLOKI’s price saw one of the largest spikes in the cryptocurrency space, temporarily rising to $0.000056, although it has since settled around $0.00002.
Price analysts are conservatively bullish on FLOKI, with DigitalCoinPrice predicting FLOKI will rise to $0.000092 by 2025 and $0.00026 by 2030. In contrast, PricePrediction has less favorable forecasts, with a maximum price prediction of $0.00002 in 2025 and $0.00013 in 2030.
Is Floki Coin a Good Investment?
Experienced traders in the market understand that meme coins are highly volatile, which is why they tend to steer clear of them. The reason is not particularly favorable: meme coins are community-driven and lack real use cases. Thus, their value can plummet if the community disbands. However, Floki Inu has proven to be more than just a meme coin used within its ecosystem and even in the real world.
Moreover, its community continues to grow, and Floki is consistently creating reliable utility solutions and partnerships. Partners include the blockchain security giant CertiK and the leading cryptocurrency market maker Wintermute. Additionally, a television campaign has been launched in the U.S. and Turkey, along with a partnership with the Alfa Romeo Formula 1 team, which expands opportunities for millions of users. With such strong strategic partnerships and branding investments, Floki Inu’s potential as an investment could be significantly higher than that of typical meme coins. Its trajectory is aimed at a future that transcends its origins.
Although volatility remains a factor, the foundation laid by the Floki Inu team suggests potential for sustainable growth and stability, making FLOKI an intriguing option for investors willing to take calculated risks. However, it’s essential to conduct your own research before investing in altcoins.
Comparison of Floki and Shiba Inu
Both Floki and Shiba Inu tokens were inspired by Dogecoin. Along with other tokens influenced by Shiba Inu, Shiba Inu was created to reflect the successes of Doge while aiming to overshadow it. In this regard, very little has been achieved, but let’s examine how the two most popular Shiba Inu tokens differ.
Similarities
Elon Musk has a preference for Dogecoin. His tweets have caused surges in Shiba Inu’s token, while Floki Inu began its journey as a cryptocurrency arising from the billionaire’s tweets.
The fanbase for both tokens is incredibly passionate. Daily, you’ll see tweets about both tokens on social media, urging investors to buy the dip or calling enthusiasts to join the bandwagon. This cycle never ends and is most noticeable on Twitter.
Both coins have extraordinarily high supply, which may impact their respective prices.
Differences
The founder of Shiba Inu is unknown. Similar to Bitcoin, it has a pseudonymous founder. In contrast, the names behind Floki Inu tokens are well-known within crypto circles.
Shiba Inu has a foundational protocol that serves both as a community-driven coin and as a pair for many other tokens on the platform. Floki Inu, on the other hand, is simply a token and lacks a foundational protocol.
Tokenomics also differs between the two cryptocurrencies. They vary in token supply, with the total number of FLOKI tokens being 10 trillion, which significantly contrasts with Bitcoin’s fixed supply of 21 million. However, this is still small compared to Shiba Inu’s massive supply of 1 quadrillion coins.
Shiba Inu recently created a burning portal on its decentralized exchange, ShibaSwap (DEX), while Floki Inu was designed with a built-in burning mechanism to reduce the circulating supply of FLOKI.
These coins also differ in passive earning opportunities on their respective platforms. Floki allows investors to earn passively simply by holding the token. When a transaction occurs on the ETH or BSC blockchains, token holders receive a small percentage. In contrast, to earn passively with Shiba Inu, one must stake SHIB tokens in the liquidity pool on ShibaSwap.
Where to Buy Floki Inu (FLOKI)
There are three ways to purchase FLOKI tokens. You can buy it on a centralized exchange like Bybit, using a credit card, or on decentralized exchanges (DEX) such as Uniswap or PancakeSwap. To buy FLOKI on Bybit, you first need to register and deposit USDT. Then, you can purchase FLOKI in the spot pair (FLOKI/USDT) or through a perpetual USDT contract (1000FLOKIUSDT).
Conclusion
Floki Inu has proven to be more than just a meme coin. The FLOKI token can be utilized not only within the Floki Inu ecosystem but also in the real world. Charitable initiatives, solid partnerships with leading cryptocurrency firms and markets, as well as incredible marketing efforts all highlight its ambition to become a household currency worldwide. As projects develop and the utility of FLOKI continues to grow, Floki may have the potential to outshine all other coins on the market.