What is Floki Inu (FLOKI)? Everything You Need to Know About the Trending Memecoin

Dog coins became one of the most bizarre yet exciting trends within the crypto market in 2021. The meteoric rise of the meme-inspired cryptocurrency, Dogecoin (DOGE), prompted other developers to create many dog-themed coins, hoping to share in the success story of their predecessor.

While many of these projects do not make it to the spotlight, some, like Shiba Inu (SHIB), took the market by storm and even outperformed DOGE on the top 10 largest cryptocurrencies by market cap.

However, about five months ago, another dog-themed cryptocurrency dubbed Floki Inu (ticker: FLOKI) emerged, hoping to dethrone both SHIB and DOGE and occupy the position of the most popular memecoin in the market.

Floki Inu has been making waves since it was launched as investors try to get in as early as possible. That said, here’s a comprehensive guide detailing everything you need to know about the cryptocurrency.

What is Floki Inu (FLOKI)?

Floki Inu has become one of the most popular dog copycat coins in the crypto market. It was inspired by Elon Musk, the billionaire CEO of the electric car manufacturer Tesla. The memecoin was created by an unknown team of developers who were enthusiastic fans and members of the Shiba Inu community.

The project runs on both the Ethereum blockchain and the Binance Smart Chain (BSC) network. It intends to achieve its ambitions using its vast community, known as the “Floki Vikings.” As you may recall from our article on the reasons behind Shiba Inu’s meteoric ascend, a strong community can also be a powerful asset of a successful project.

But how did it all start? Let’s go back to 2021.

The History of FLOKI

The idea behind the creation of FLOKI was conceived on June 25, 2021, when Elon Musk tweeted that he will be adopting a Shiba Inu puppy and that its name will be Floki.

No one had any idea that Musk’s statement that day would result in the development of a new pupcoin with the same name as the Tesla boss’s anticipated puppy.

The team of developers behind Floki Inu quickly swung into action, taking advantage of Musk’s influence on the price movement of these memecoins to create a new dog-themed token. By Sept.12,  when Elon Musk announced that his family had finally adopted the puppy, FLOKI was already trading in the market.

Interestingly, also took aim at Musk’s brother, Kimbal Musk, and his Million Gardens Movement.

According to FLOKI’s official website, it is “the ONLY crypto project officially partnered with the #DogeFather’s brother Kimbal Musk’s Million Gardens Movement.” Together with the Movement, FLOKI aims to tackle global food insecurity.

Within the first few months of its existence, the memecoin has experienced a significant price increase. Initially, FLOKI was listed for millionths of a cent. However, in September, the price soared by more than 250,000%, seeing the memecoin reach new all-time highs (ATHs).

Floki Inu has a total supply of 10 trillion tokens, of which nearly 50% are presumably burned on Ethereum and Binance Smart Chain. At the time of this writing (July 2024), FLOKI has a market cap of $1.5 billion.

How is FLOKI Different Than DOGE and SHIB?

Despite being a relatively new crypto project, Floki Inu claims that it is both a DOGE and SHIB killer, aiming to become one of the top 10 crypto projects in the market and kickstart the next crypto revolution.

It intends to shift away from the memecoin narrative and become something more, including providing its native marketplace dubbed “FlokiPlace.” With over 230,000 holders (at the time of this writing), FLOKI aims to link its rapidly growing user base and the project’s utility.

FLOKI claims it is focused on building its utility and creating a platform that is useful while organizing a close-knit community of holders who are rewarded for staking their tokens.

The project is currently developing three flagship utilities: an NFT gaming metaverse, an NFT and merchandise marketplace, and an education platform, which it believes will attract investors’ attention.

The Utility of FLOKI

Let’s take a closer look at the three offerings that Floki Inu is bringing to the table.

NFT Gaming Metaverse: Valhalla

Floki is designing a non-fungible token (NFT) gaming metaverse known as Valhalla, which will feature a play-to-earn business model, on-chain gaming interactions, and upgradeable NFTs.

The product was launched in 2022. The metaverse is powered by the FLOKI token.

Valhalla is already drawing considerable anticipation from NFT gaming enthusiasts and Floki holders.

NFT and Merchandise Marketplace: FlokiPlace

Floki Inu claims it is also developing a fully functional crypto-commerce platform that will allow users to trade various merchandise, collectibles, and NFT using FLOKI as the main native currency.

Content Education Platform: Floki University

The Floki Inu team claims to be working on building a de facto platform for anyone looking to learn more about cryptocurrency.

They intend to develop the Floki Inuversity into a platform with the biggest database of crypto content, which everyone on the internet can access using FLOKI as a means of payment.

Floki’s team is actively involved in its global marketing push, with several ads placed in strategic locations in different countries across the globe.

For instance, the project’s ads are already live on the London Underground across 300 London buses with the caption “Missed DOGE? Get $FLOKI.”

This is what the overall roadmap of the project looks like:

Where to Buy FLOKI

According to CoinGecko, the leading markets by trading volume of FLOKI are the decentralized exchanges Uniswap and PancakeSwap and centralized exchanges Gate.io, MEXC Global, and Binance.

Warning: several tokens have the same name and ticker as FLOKI. Be sure to verify that you’re buying the original one. Always use authorized sources such as CoinGecko and CoinMarketCap to ensure you’re investing in the right token.

Conclusion

FLOKI has a long way to go before it can potentially rival some of the leading memecoins, such as Dogecoin and Shiba Inu. It’s also worth noting that the entire memecoin trend might also come to a halt, which will surely have an impact on FLOKI.

Investing in cryptocurrencies of this kind is particularly risky, and many have failed to deliver on expectations. FLOKI has so far proven that it has a commendable marketing team, especially given that its ads were seen all over London’s public transport.

Yet, it’s important to remain particularly careful and never risk more than you can afford to lose on an investment of this kind.