Home
News
- 1 As per Elon Musk’s tweet, Shiba Inu is named Floki.
- 2 Floki Inu has multiple use cases within its ecosystem.
Floki Inu began as a dog-meme currency like Dogecoin but close observation reveals that it has several use cases in the ecosystem and outside the crypto sphere too. It adds charitability to its ecosystem. Floki has the vision of building schools in developing countries. This shows that it is more than just a meme coin.
Floki is the utility token of the Floki Inu ecosystem. It is a multi-chain coin that runs on both Ethereum and BNB Smart Chain blockchains. Users can perform a 1:1 swap FLOKI swap between the two chains through centralized exchanges like Bybit. Hence, the three pillars of Floki Inu are its meme status, utility, and charitability.
The History of Floki Inu
The origin of the Floki Inu coin can be traced back to 2021. Elon Musk tweeted about naming his Shiba Inu pet “Floki.” Later, the team decided to rebrand it as Floki. Floki Inu branded itself as a movement token to lay emphasis on valuing community.
Floki Inu partners with Million Gardens Movement, a Kimbal Musk initiative. It is a movement working to give power back to the community to choose, grow, prepare, and eat healthy food.
The Three Pillars of Floki Inu
The three Pillars of Floki Inu are its meme status, utility and projects, and charitable initiatives. The goal of Floki is to empower individuals regardless of their socioeconomic status and establish itself as the most well-known and widely used cryptocurrency.
In projects like Valhalla and Floki Places, it is used as a means of payment to trade and purchase goods and NFTs. Floki Inu also offers Floki University, where users can learn about the cryptocurrency market in depth. They also claim to be opening schools in underdeveloped countries.
Floki Inu Utility
Valhalla NFT Game: it is a recent entrant in the NFT gaming metaverse. Players can earn rewards based on participation; in-game purchases are made through FLOKI tokens.
FlokiFi DeFi Products: FlokiFi is the name for the upcoming DeFi products. The first product, FlokiFi Locker, is considered the most innovative protocol for securing digital assets.
FlokiPlaces NFT Marketplace: FlokiPlaces NFT Marketplace is the place where the buying, selling, and trading of digital assets has been made possible through Floki Inu along with Bitcoin, Dogecoin, and even U.S. dollars.
Floki University Crypto Education: Floki aims to provide education on crypto through its university. Most of the courses are free and some of them require Floki tokens.
Floki Inu Advantages and Disadvantages
Every cryptocurrency has some advantages and disadvantages associated with it. One pro related to Floki Inu is that it is a multi-chain token. It is associated with charitable causes. The project has partnered with other reputable projects. The ecosystem has existing and upcoming products that could potentially add value to the token.
The first disadvantage linked with Floki is that it is a meme coin and it can fluctuate easily with the opinion of some influential figure like Elon Musk. The circulating supply of Floki tokens is high so their price per token is extremely low. There is a 3% tax on buying and selling FLOKI. The team with FLOKI is anonymous, which raises the question of who is responsible if something goes wrong with the project.
Comparison Between Floki Inu and Shiba Inu
Both Floki Inu and Shiba Inu have their roots attached to Dogecoin. There are some similarities and differences between them. They are both meme coins so easily affected(fluctuated) by comments from influential personalities like Elon Musk. Both have active communities in varied social media platforms. They both have a huge token supply which means tokens are valued in cents. This also attracts new investors looking for cheaper coins.
Shiba Inu is ranked among 15 tokens in terms of market capitalization which sits at $7 Billion. Shiba Inu created its own layer 2 blockchain called Shibarium and has its decentralized exchange called Shibaswap. On the other hand, Floki is ranked 140 and has a market capitalization of just $240 Million. It has an automatic tax of 3%.
Shiba Inu and Floki tokens also hold differences in their designs. Both the tokens have feature images of dogs but Shiba Inu token design is based on Shiba Inu dog breed while Floki tokens design is a cartoon image of the Shiba Inu breed with the eye patch.
How to Buy Floki Inu
When it comes to buying crypto many factors should be kept in mind. One of the top most priority is security. To buy Floki Inu register on reputable centralized exchanges. The steps include making an account by verifying the identity. Fund the account with either peer-to-peer transfers, credit card, debit card, or bank transfers.
Once the payment method is connected, navigate to the trading platform and choose Floki. Enter the amount and confirm the transaction. Once the purchase is complete the cryptocurrency will be transferred to the exchange wallet. For enhanced security transfer it to the personal wallet.
Floki Inu is a project with enormous potential. It is a project that the investors should keep an eye on. However, it is recommended that the memecoins are very fluctuating and their prices can show varied rise and fall within instances. They are hugely affected by comments from the influential figures. Follow the crypto currency market trend. Hence, it is advised to invest after through crypto market research and at one’s own risks.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
