Key Takeaways:
- The Floki crypto began as a dog-themed meme coin but is now a highly functional token with aspirations for advanced Web3 capabilities.
- Floki boasts the NFT-driven Valhalla, a gaming metaverse, complemented by FlokiFi and other tools that broaden its utility and appeal in the cryptocurrency space.
- Over 470,000 members of the dedicated Floki community drive the token’s visibility.
- Floki rocketed to become one of the top meme coins, reaching an all-time high of $0.0003132 in early 2024.
- Its appeal extends beyond technology and community to philanthropy, supporting educational and disaster relief initiatives.
What Is Floki (FLOKI)?
Floki Inu (or ‘Floki’) is a cryptocurrency and dog-themed meme coin that pays homage to Elon Musk’s pet Shiba Inu. It gained popularity through its evolution into a sophisticated Web3 project, including a game, non-fungible tokens (NFTs), and decentralised finance (DeFi) tools. Floki operates primarily on the Ethereum blockchain and Binance Smart Chain, offering enhanced security and scalable transactions.
Originally a meme coin with no utility created by unknown developers, Floki’s strong community and motivated decentralised autonomous organisation (DAO) have transformed it into a highly functional ecosystem. Referring to Floki as ‘The People’s Cryptocurrency’, the community is working to grow the token and contribute to real-world causes.
As a trading vehicle, Floki saw exceptional gains in early 2024, reaching its all-time high (ATH) of US$0.0003132 on 11 March 2024, an 800% increase from the beginning of the year. At the time of writing, Floki’s market capitalisation stands at US$1.33 billion, fourth behind Pepe (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE) in Crypto.com’s Top Meme Coins by Market Capitalisation.
See Floki’s current price and recent price charts.
How Does Floki Work?
Floki operates as a multichain ERC-20 and BEP-20 token, providing compatibility between cryptocurrency infrastructures. It supports a range of decentralised applications (dapps) and other offerings within the Floki ecosystem:
- Valhalla: Floki’s NFT-based gaming metaverse allows users to earn and spend FLOKI tokens on activities like battles, raids, and farming, enhancing user engagement and token utility. Currently in alpha release.
- NFTs: Floki offers three NFT collections that holders can choose from to get certain advantages in Valhalla.
- TokenFi: The Floki-based token and platform allows users to create their own cryptocurrencies.
- Floki University: A learning tool that promotes cryptocurrency literacy amongst the community.
- FlokiFi: Envisioned as a suite of DeFi services that will include lending, borrowing, and yield farming, the first product is FlokiFi Locker, which allows users to securely store NFTs, tokens, and other crypto assets for a set period of time.
- Floki Prepaid Cards: Traders can use their FLOKI to fund virtual prepaid cards for real-world purchases, currently supporting Visa, Mastercard, Google Pay, and Apple Pay. The Floki community looks to move to physical cards in the future.
Additionally, in the works are plans for new tools like FlokiPlaces, which would allow users to make purchases directly with FLOKI.
Floki’s Tokenomics
Floki launched on the Ethereum blockchain with a fixed supply of 10 trillion tokens, then doubled it by also launching on the BNB Smart Chain with another 10 trillion tokens. When the DAO took over governance, it implemented a burning mechanism to destroy portions of the circulated supply. By reducing the available supply, the community hoped to help FLOKI appreciate in value.
Floki’s DAO approved both strategic burn events and transaction taxes to reduce the number of tokens in circulation. Initially executing a 3% tax on FLOKI buy and sell transactions, the DAO burned a significant portion of its take while keeping a small portion to fund initiatives.
In early 2023, the DAO approved a more radical step in reducing both supply and barriers to entry, burning more than five trillion tokens and dropping the tax rate to 0.3%. This kept an avenue to fund initiatives while making it much cheaper for traders to buy and sell FLOKI.
The Three Pillars: Floki’s Core Values
Floki clearly states its mission on its website, focusing on three main areas it refers to as ‘Floki’s Three Pillars’.
1. The Floki Community
Referring to themselves as ‘Vikings’, the Floki community wants to make the coin the most popular cryptocurrency in the world. The site boasts that the community has more than 470,000 members, known for creating memes and participating in social media raids to generate interest.
2. Floki’s Utility: Technological Innovation and Functionality
Floki supports a multichain architecture that enhances transaction efficiency and improves accessibility. Floki’s developers continue to work on blockchain integration improvements, while the growing Floki ecosystem, excitement around Valhalla, and the community’s savviness in the social media space generate external interest.
3. Charity: Floki’s Commitment to Real-World Change
Clearly committed to social responsibility, Floki not only puts funds towards innovation, but the community has donated to earthquake relief efforts in Türkiye and helped to build state-of-the-art schools in Guatemala, Laos, Nigeria, and Ghana. The community’s pledge is to build schools in every underdeveloped nation.
Floki’s Influence on the Market
Floki is setting a high bar for the meme coin market. Its approach to combining meme appeal, functionality, and a charitable community has inspired other projects and contributed to a broader acceptance of meme coins as viable speculative holdings within the cryptocurrency space.
How Much Will FLOKI Be in 2024?
Floki has several promising projects in its roadmap, including the broad release of Valhalla, more DeFi tools in FlokiFi, and advancements in its efforts to leverage FLOKI tokens for real-world transactions. The community’s ability to generate interest through a combination of memes and charitable goodwill also indicates that FLOKI could continue to grow. When taking these factors into account, along with the upside potential of market events like April 2024’s Bitcoin halving, it’s not hard to imagine that FLOKI could appreciate in value.
Regardless, all cryptocurrencies can be volatile, and that is especially true for meme coins. Market volatility, competition, macroeconomic factors, and more can all significantly drive the price of a token down. That’s why it’s impossible to know where FLOKI will be trading in the future.
How to Buy FLOKI With Crypto.com
Starting a position in FLOKI is easy with the Crypto.com App, a robust platform that supports a broad range of payment options and currencies.
Here’s how:
- Download the App: Available for free on both the Apple App Store and Google Play Store.
- Register and Verify Your Account: Once installed, create your account by following a simple sign-up process. You’ll need to provide some basic information and complete identity verification, which is a standard procedure to enhance security and comply with regulatory requirements.
- Fund Your Account: You can fund your account using more than 20 fiat currencies, including EUR, USD, GBP, and others, making it convenient to start trading from anywhere in the world. The App accepts funds from a credit or debit card, Apple Pay, or bank transfer. (Allow 1-3 days for bank transfers. Other forms of payment show up instantly.)
- Buy FLOKI: Once funds hit your account, you can purchase FLOKI or any of the more than 250 cryptocurrencies available, including popular choices like Bitcoin, Ethereum, Dogecoin, and Shiba Inu.
Conclusion — Should You Buy FLOKI?
While it may be named after Elon Musk’s dog, Floki is not just another Shiba Inu meme coin. Its blend of community engagement, functionality, and charity makes it an attractive speculative option for traders. While Floki’s dedicated community and roadmap indicate potential growth, it’s important to remember that meme coins are historically volatile. Any potential buyer should be sure to consider FLOKI using an approach that aligns with their risk strategy.
Due Diligence and Do Your Own Research
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Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
