Elon Musk, the magnanimous technoking and CEO of the American electric vehicles giant Tesla (NASDAQ:TSLA), recently adopted a new Shiba Inu puppy and tweeted a picture of it on September 12th. Unsurprisingly, this sent shockwaves through the meme-obsessed cryptocurrency community. He named the dog Floki, possibly after a character based on a real person in the show Vikings. Within a few days, there were multiple coins listed on Uniswap with Floki in their names, including the first version of Floki Inu. Since then, the token has been redeployed through an airdrop to change the tokenomics and coding behind it. The team behind Floki Inu seems to be serious about making it the most useful and fun doggie meme coin on the market.
What is Floki Inu?
Floki Inu was originally launched as an ERC-20 token on the Ethereum network, but a new version was recently released on Binance Smart Chain too. Both networks are large hubs for useful decentralized finance (DeFi) platforms like Uniswap. Meme coins, especially the Shiba Inu themed ones, usually have similar tokenomics. Most have enormous token supplies and Floki is no different with about 9.4 trillion circulating tokens. Floki Inu is an extreme example of a hyperdeflationary token because it removes many of its tokens from circulation. Each buy or sell transaction (not simple transfers) of Floki Inu incurs a massive tax of 8%.
Half of the Floki gained from these transaction taxes is deposited into a marketing wallet controlled by the Floki team. The other half is distributed to all wallets that hold Floki Inu depending on the number of tokens they have. One of these wallets is essentially a black hole where projects like Floki send tokens to remove them from circulation completely called a burn wallet. As the burn wallet is sent more and more Floki, the wallet gets a larger percentage of the taxes returned to holders. At the time of writing, there is more than $100 million worth of Floki in the wallet and it's quickly growing. This will reduce the supply and hopefully raise the price, but be careful buying or selling Floki too often because the 8% tax will be painful.
Floki Inu Price
Floki Inu is an extremely volatile cryptocurrency that experiences dramatic price swings. Its price can move so easily because of its relatively small market capitalization of about $670 million. At the time of writing, Floki is much smaller than its doggie counterparts, Doge and Shiba Inu but it’s one of the top meme coins. Dogecoin is still around the 10th largest crypto and Shiba Inu is following close behind in the top 20 cryptos.
Floki Inu was trading at about $0.0000165 right before Musk tweeted about his new puppy on September 12th. In a matter of 4 days, the price skyrocketed almost 300% to $0.0000642. It fell significantly over the next few days but has been rising since and recently reached a new all-time high of $0.00007509 on October 11th.
Floki Inu Competition
Floki Inu only has a few competitors in its niche of meme coins, and they often aren’t exactly competing. In the past, whenever Musk or another celebrity or influencer mentioned Dogecoin or just Shiba Inu dogs, both Dogecoin and Shiba Inu rose in price. If Floki can tie itself to the other dog coins in the eyes of the public, it might perform similarly to the other tokens. Floki may have even more potential for celebrity influence because it is inexorably connected to Musk. Any time he tweets a picture of his dog or mentions it at a popular event or podcast, the token will likely jump in price.
Floki’s transaction tax also sets it apart from its competitors. It’s difficult to predict whether this will be a positive or negative feature, but it's certainly drastic. The team is also working on an NFT based game that will be called Valhalla. The other dog-themed meme coins are severely lacking in real functionality and this could potentially set Floki apart from the rest. We can’t be sure if it will have a major effect until the game is released or at least more details about it are announced. Either way, the Floki developers seem to be working diligently to give this coin unique and interesting utility, unlike Shiba Inu and Dogecoin.
Floki Inu Buyer's Guide
Looking for the easiest way to buy into Floki Inu? Just follow these 3 quick steps.
Step 1: Open an online account.
Because Floki Inu is so new and unproven, it isn’t listed on most cryptocurrency exchanges. This makes it a bit more difficult to purchase, especially for U.S. investors, but it’s not incredibly difficult. A great exchange that does offer the token, Gate.io, unfortunately doesn’t offer the token to users in the U.S., Canada, Japan, Brazil and Singapore.
Instead, you will need to buy some Ethereum on a trading platform and swap it for Floki using a decentralized exchange (DEX). Some of the best trading platforms with Ethereum include Coinbase, eToro, Webull, and Voyager. Before you can buy Ethereum you will need to verify your identity. This often requires you to provide your address, Social Security number and a picture of your driver’s license.
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Step 2: Get an Ethereum wallet.
You will need a personal wallet to use a decentralized exchange and you have 2 main types to choose from. Hardware wallets are the safest place to store your cryptocurrencies because they are physical devices that keep your information offline. Software wallets are almost always free and easy to use, but they are less secure than their hardware counterparts. They store wallet information online to make it easily accessible in an app or browser window, but that makes them vulnerable to hacks and phishing attacks. Many investors use software wallets for day-to-day transactions and store the rest of their portfolio in a hardware wallet.
Best Hardware Wallet: Ledger
Ledger has been the leading hardware wallet brand for many years. It has 2 fantastic devices that are essentially invulnerable to cyberattacks: the Ledger Nano S and Ledger Nano X. The Nano S is the simpler device and it's perfect for beginners looking for extreme security for their cryptos. The Nano X adds a larger screen and even Bluetooth functionality that eliminates any of the usual hardware wallet clunkiness.
Both models use the same certified secure chip that keeps your wallet’s private key safe. The private key is what lets you access your cryptos and it remains on the secure chip, encrypted and secure. Ledger supports more than 1,000 different cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Ripple and all ERC-20s (like Floki).
Best Software Wallet: Coinbase Wallet
Most crypto investors like to use software wallets with DEXes. It can be a bit clunky to constantly plug in your hardware wallet every time you need to sign a transaction. One of the best software wallets on the market is Coinbase Wallet. It is available as a mobile application on both iOS and Android devices. The app blows away most of its competition with its diverse functionality.
Coinbase Wallet has a swap tab, where you can trade between cryptos, a buy tab, where you can purchase cryptos with fiat currency (like USD), and even a DeFi browser. The DeFi browser is especially useful when you want to trade on DEXes like Uniswap or Sushiswap. Coinbase Wallet also supports more than 1,000 cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Ripple and all ERC-20s (including Floki).
Step 3: Make your purchase.
One of the easiest ways to use DEXes like Uniswap is to use the Coinbase Wallet DeFi browser. First, log into your wallet and go to the DeFi browser page. Now look for Uniswap on the homepage (it should be there because it's incredibly popular). If you can’t find it, just enter app.uniswap.org into the search bar.
Once you reach the Uniswap page, click the “Select a Token” box and copy and paste the contract address for the Floki Inu token. You can find it on the CoinMarketCap or CoinGecko page for the token. Make sure you don’t just type in “Floki Inu'' into the search bar on Uniswap because there are a few fake tokens with the same name. Finally, enter in the amount of Ether you want to spend, click “Swap” and approve the transaction.
Floki could explode in price if it manages to beat out other meme coins for a top spot in the public’s imagination. Watch out for Musk’s tweets especially because they could make the token’s price swing drastically.
Current Crypto Prices
The cryptocurrency market seems like it has been teetering on a massive inflection point for weeks. The massive 2020-2021 bull run seemed to end in May with a major crash, but a new rally revived the community’s hopes only a few months after. Bitcoin and Ethereum have not yet reached their all-time high prices, but both are quite close. Often when these 2 assets succeed and rise in price dramatically, the top cryptos in the market follow closely. However, it's not inevitable that the market will continue to rally and a sizable correction is always possible. Also, Floki Inu may not follow the market directly because it is still a lesser-known crypto.
Is Floki Inu a Good Investment?
Floki Inu is an extremely risky investment. The best advice for tiny altcoins like Floki is often to never invest more than you are prepared to lose in them. It could return an easy 300% or even more, or it could fall to 0. These meme coins are closer to dice throws than they are to investments so be cautious if you decide to invest in any of them.
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