Meme-based cryptocurrencies have their fan following in the crypto space. Their strong communities, frequent hypes, and new upgrades make some of them worthy of being a part of your crypto portfolio.
One such popular meme coin rapidly gaining traction these days is Floki crypto, which recently has been in the spotlight after rising over 160% within a week. If you are familiar with Elon Musk and his relationship with meme coins, you must have heard of Floki in his recent tweet controversies that made it one of this year's top gainers.
And knowing about the top gainers is a must for all crypto enthusiasts to take advantage of every profit-making opportunity.
The blog below is a detailed explanation of FLOKI and its essential aspects.
What is Floki (FLOKI)?
FLOKI is the utility token of the decentralized Floki ecosystem. Users can use it as a medium of exchange to participate in various projects. It also incentivises its users to deploy their resources and efforts to maintain & benefit the Floki biome.
FLOKI token is ERC-20 and BEP-20 compliant, meaning it can operate in Ethereum and Binance Smart Chain blockchain. It also allows FLOKI holders to use any of these blockchains to store and transfer their Floki tokens.
Investors are required to pay a 0.3% tax for every on-chain buy and sell trade on FLOKI. However, there is no tax on transfers. This tax goes to its treasury wallet address. The funds collected from this address get used for the development and marketing of Floki crypto to boost its adoption.
The supporter community of Floki calls itself Floki Vikings, inspired by the TV series ‘Viking’, which has a character named Floki. This community is known for its efforts and a strong commitment to the growth plan of Floki.
How did Floki (FLOKI) form?
The creation of Shiba Inu finds its base in a tweet by Elon Musk in June 2021. Musk tweeted, ‘My Shiba Inu will be named Floki, ’ which paved the way for a new cryptocurrency project, Floki Inu. However, with time, the Floki Inu is shifting its image from just a meme coin image to something more meaningful. Meanwhile, the team renamed Floki Inu to Floki.
According to Coinmarketcap, an anonymous developer initially launched the Floki project and soon abandoned the project after the launch. Its lead developer is Jackie Xu, a well-respected figure in the blockchain industry, as per the Floki website.
How does Floki work?
The utility of FLOKI comes from four offerings. It includes-
- An NFT Metaverse Game named ‘The Valhalla’
- A DeFi Ecosystem called the FlokiFI
- A Crypto Education platform, Floki University
- An NFT and Merchandise Marketplace, FlokiPlaces
Let's understand all these projects and the importance of FLOKI in them individually.
The Valhalla
Valhalla game aims to explore the trillion-dollar industry of Metaverse. FLOKI token gives this Play-to-Earn game's monetary utility, offering an interactive on-chain gaming experience. The game features a gardening system, a virtual character named Vera, a ship system, and an items system. Users can earn and collect FLOKI tokens by playing this game and trade, sell, or stake them to earn income. The game is currently playable on a test net. Along with allowing earning FLOKI, the Valhalla game strategically takes a chunk of FLOKI crypto out of circulation by making FLOKI the only currency usable in buying an in-game item like NFTs, gadgets, and other digital artifacts.
The FlokiFi
FlokFi is the abbreviation for "Floki Finance". It will comprise a series of DeFi products in the upcoming time. The first utility product under the FlokiFi umbrella is the FlokiFi Locker protocol. It is an advanced locker solution for Digital assets. People can safely store their Liquidity pool tokens, NFTs, and other tokens in this locker, even for an infinite period. It is the first-ever locker protocol that allows the storage of both fungible as well non-fungible tokens in a single contract. It also supports more EVM-compatible blockchains than other solutions available in the market. FLOKI token has a significant role to play in FlokiFi. The DeFi platform uses 25% of the collected transaction fee to buy back and burn FLOKI tokens and sends the remaining 75% to the treasury of Floki. This way, FlokiFi helps Floki to maintain its deflationary nature while having good monetary strength for growth.
Floki University
Floki university is a crypto education platform that spreads awareness for Crypto. It uses innovative learning models to make the masses aware of decentralized money and its underlying technology through the example of Floki. While most content of this university will be accessible without cost for everyone, the audience will require to pay FLOKI tokens to consume some content of Floki University.
Flokiplaces
Flokiplaces is an exclusive Marketplace where FLOKI holders can trade FLOKI for NFTs and Floki Merchandise. The concept of Flokiplaces aims to encourage FLOKI as a payment currency for virtual and physical goods.
Which Crypto is the competitor of FLOKI?
Shiba Inu (SHIB) is currently the closest competitor of Floki (FLOKI). SHIB describes itself as the ‘Dogecoin Killer’ since it originated in August 2020.
Let's quickly compare SHIB and FLOKI.
Both Floki and Shiba Inu are dog-inspired meme-coins. While Shiba founders created it as a Dogecoin competitor, Floki took inspiration from a pet puppy of Elon Musk, that he renamed Floki.
Shiba aims to outperform Dogecoin while Floki works on strengthening its unique projects to become more mature with time. Its innovative crypto locker, Metaverse Game, and other emerging projects strengthen its tokenomics than SHIB. FLOKI is among the few memecoins available in the Binance Smart chain and Ethereum blockchain. Further, Floki also collaborated with the Million Gardens Movement to provide sustainable income to financially weak families.
Though FLOKI entered the market in 2021, almost one year later than SHIB, it gained a strong community and supporters because of its clear focus on real utility and charitability. However, the current market cap of Floki ($306,903,441) is way smaller than SHIB ($5,825,503,245).
A recent tweet by Elon Musk where he declared his pet, FLOKI, the new CEO of Twitter, made FLOKI surge to over 160% in less than seven days. Therefore the support of Elon Musk is also a key advantage associated with this dog-inspired coin. If we talk about SHIB, the upcoming Shibarium upgrade aims to add new use cases to the Shiba ecosystem that can be a game-changer. SHIB and FLOKI supporters expect their favoured Crypto to hit a cent value in the upcoming years.
Is FLOKI a good investment?
Floki is a much newer meme coin with immense potential and impressive features. The coin is building a good reputation with its advanced project and consistent growth. It can have an exciting future ahead with the increasing community support and future-forward utilities. All the diversified projects of the Floki ecosystem keep the FLOKI token as the key currency and medium of exchange.
Most importantly, anyone can become an early investor in the FLOKI and get it at a low price. It can play off well if the Floki projects gain traction in the upcoming time. Thus, buying FLOKI at a low value can be a good investment. However, we advise you to be extra careful while investing in cryptocurrencies because the crypto market is highly volatile.
Conclusion
Floki coin made headlines at the beginning of 2023 by exhibiting a bullish run in a pro-longed bearish crypto market. This surge made headlines bringing the attention of many crypto investors to the FLOKI meme coin. It is slowly evolving from a meme coin personality to a utility-based cryptocurrency. One can decide whether to invest in it by understanding its fundamentals. Anyone willing to buy Floki in India can make its purchase on Flitpay.
