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 charitability to its ecosystem. Its creators see it as a movement, rather than just a meme coin. Floki’s vision of building schools in less developed countries has already led to the construction of several schools in Laos and Nigeria. Additionally, Floki continuously strives to expand its ecosystem and spread its influence, earning it recognition in The Economic Times as one of the top meme coins to buy in 2023.

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 is Floki’s hyperdeflationary ERC-20 and BEP-20 compliant utility token.

What Is the Floki Inu Token (FLOKI)?

FLOKI is the utility token that drives the entire community-owned Floki Inu ecosystem. As an ERC-20 and BEP-20 compliant token, FLOKI is a multi-chain coin that runs on both the Ethereum and BNB Smart Chain (BSC) blockchains. Users can easily perform a 1:1 FLOKI swap between the two chains via top centralized exchanges such as Bybit. 

FLOKI is a hyperdeflationary coin with an auto-burn mechanism. Its liquidity is locked in both the Ethereum and BSC blockchains for 265 years each. FLOKI’s maximum supply is set at 10 trillion tokens. ​​However, 5.1 trillion non-circulating tokens were burned on the main Floki cross-chain bridge in February 2023, with the bridge closed to prevent it from DeFi attacks. 

Interestingly, there’s a tax on buying and selling FLOKI, although it doesn’t apply to the bridging of the token between the two networks. Floki Inu asserts that the tax goes to the Floki Inu treasury. The treasury funds are used to develop the ecosystem, and to promote FLOKI for wider adoption. In February 2023, the tax was lowered from 3% to 0.3% through a unanimous vote by the Floki DAO.

Key Floki Projects

Floki Inu Ecosystem

Valhalla

Floki’s first project is a NFT metaverse game called Valhalla (the “heaven” for Vikings when they die), created in 2021 when the NFT gaming metaverse was all the rage. 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. 

FlokiFi

FlokiFi is Floki’s DeFi service. The inaugural offering in its suite of financial products, FlokiFi Locker, allows users to securely lock and vest not only tokens but also NFTs, thanks to its robust ERC-1155 multi-token standard. Notably, it’s the only locker in the market that empowers users to lock multiple assets within a single transaction. FlokiFi supports 12 EVM-compatible chains, including Arbitrum, Dogechain and Evmos.

Floki NFTs

Floki Inu has three NFT collections — Flokitars, Diamond Hands Genesis and Floki Gemstone — with varying attributes, though Flokitars and Diamond Hands are primarily used for Floki’s Valhalla game. The Gemstone NFT use cases are more varied, and can be applied in various Floki Inu products, such as FlokiFi and the prepaid Floki Card.

FlokiPlaces

With the boom in NFTs, Floki Inu intends to expand beyond Valhalla with an NFT and merchandise marketplace. The FlokiPlaces NFT & Merchandise Marketplace will foster the sale of NFTs and other Floki-themed merchandise. 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 Prepaid Cards

The prepaid Floki Card is a Visa/Mastercard debit card that offers FLOKI holders the ability to offload their FLOKI tokens and other popular cryptocurrencies onto the card. They can then use the funded card to pay for goods and services at millions of merchants worldwide. Of each transaction, 1% goes to buying and burning FLOKI tokens, adding to the hyperdeflationary effect of the token.

University of Floki

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 highly speculative in nature. FLOKI stands apart from other meme coins with its numerous use cases. First, within the Floki Inu ecosystem itself, NFTs and metaverse gaming are a high-potential opportunity for the token. Its FlokiFi release in July 2022 and prepaid card in April 2023 have also boosted its utility. 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).

Floki Inu Price Prediction

As of Oct 25, 2023, FLOKI is priced at $0.000025, 92.44% lower than its ATH of $0.0003 on Nov 4, 2021, but a whopping 30,000% above its lowest price of $0.00000008, recorded on Jul 6, 2021. 

Despite an incredible jump from July 2021 to its current price, it’s highly improbable that Floki Inu will ever reach $0.01, much less $1, due to the tremendous supply of FLOKI. 

However, as a hyperdeflationary coin, its demand may rise as its supply falls. Floki has been actively adding perpetual deflationary mechanisms to its token, such as its FlokiFi product, in which 25% of each transaction goes to buying and burning FLOKI. Floki’s latest offering, the prepaid Floki Card, also contributes 1% of its 3.75% top-up fee to FLOKI buyback and burns. Additionally, Floki has just permanently burned 5.1 trillion of its non-circulating token supply in February 2023. Following this burn, among the largest in the crypto scene, Floki’s price temporarily spiked to $0.000056, though it’s since retreated to the $0.00002 level.

Price analysts are conservatively bullish on FLOKI, with DigitalCoinPrice projecting FLOKI will rise to $0.000092 in 2025 and $0.00026 in 2030. In contrast, PricePrediction holds a less favorable outlook, with a maximum price prediction of $0.00002 in 2025 and $0.00013 in 2030.

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. Floki Inu, however, has proved itself to be more than just a meme coin, with growing uses within its ecosystem and even in the real world.

Furthermore, its community has only been growing, and Floki is constantly building robust 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, Floki Inu's potential as an investment could be much higher than that of typical meme coins. Its trajectory points toward a future where it transcends its origins.

While volatility remains a factor, the foundation laid by Floki Inu's team suggests potential for sustained growth and stability, making FLOKI an intriguing prospect for investors with an appetite for calculated risk. That said, it’s always imperative to do your own research before choosing to invest in altcoins. 

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 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 in circulation. 

5. The two coins also differ in how they earn passively on their respective platforms. Floki allows investors to earn passively by simply holding their token. When a transaction takes place on the ETH or BSC blockchains, a small percentage is awarded to token holders. Earning passively on Shiba Inu, on the other hand, requires you to stake SHIB tokens in the ShibaSwap liquidity pool.

Where to Buy Floki Inu (FLOKI)

There are three ways to purchase the FLOKI token. You can buy it from a centralized exchange such as Bybit, purchase it through a credit card or buy it on DEXs such as Uniswap or PancakeSwap. To buy FLOKI on Bybit, you’ll first need to sign up for an account and fund it with USDT. Then, you can purchase FLOKI as a Spot pair (FLOKI/USDT) or a USDT Perpetual contract (1000FLOKIUSDT). 

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 FLOKI’s utility continues to grow, Floki may just have the potential to outshine all the other dog-themed coins on the market.

#Bybit #TheCryptoArk