Altcoin Spotlight: What is Floki Inu? (FLOKI)

Following the United States Presidential Elections, the price of Bitcoin has been rising like crazy. Although Bitcoin is the clear winner in this particular election, several other cryptocurrencies and tokens have been climbing in value as well.

One of these tokens is Floki, which is currently rated #54 on CoinMarketCap.com. But what is Floki exactly? And should you buy it? Keep reading as we will answer both of these questions and more in this blog article.

What is Floki Inu?

First and foremost, Floki Inu is a memecoin, meaning that this token started as a cute picture of a character passed between friends. Sometime after its picture inception, however, this token has risen in popularity and has become a utility token for the Floki ecosystem.

The original meme behind Floki is a picture of Elon Musk’s pet Shiba Inu making it reminiscent of Dogecoin or the token named Shiba Inu. Elon Musk’s dog was named Floki, hence the project name. That being said, the Floki token is a far different token in terms of utility from these other dog-themed projects.

Currently, Floki has a fixed supply of 10 trillion tokens which it first released via airdrops and unlocks. In the time since its inception, Floki has adopted a burning mechanism to routinely destroy Floki’s supply and help the token to maintain value long term. This original burning mechanism added a “tax” to each transaction, and then the “tax” amount of Floki was burned once the transaction was complete.

What Does Floki Do?

Floki is the utility token behind a developing Web3 project, which aims to eventually offer a wide variety of DeFi and NFT apps. While much of the Floki project is still in development, it does currently have some use as an ERC-20 and BEP-20 token.

Floki is a multi-chain compatibility utility token that allows users to move seamlessly from one blockchain to another. Currently, there are several blockchain projects that are using the utility token for their dApps and we have listed them below.

·      Valhalla: Users can earn and spend Floki tokens during metaverse gameplay.

·      NFTs: Floki offers NFT collections and creation.

·      TokenFi: Users can use Floki to make their own cryptocurrency.

In addition to the projects listed above, Floki can be used as a native utility token to learn at the Floki University, trade on FlokiFi, and even purchase prepaid debit cards.

Although this is what you can do with Floki now, it is important to note that Floki is a versatile token—meaning it can be adapted for many uses across all types of blockchain technology. While it is currently focused on trading and gaming, there is no telling what platform may adopt this token next.

Who Created Floki?

Floki is a truly decentralized, community-founded and supported, project. Because the exact individuals on the project decided to remain somewhat anonymous, Floki is known as “the people’s cryptocurrency” with a mission statement that it was built for the people by the people.

Currently, 400,000 individuals hold Floki tokens, and the project recognizes them all as founders and contributors. However, there are a few individuals with pseudonyms that make decisions for the platform. They are as follows: B, Sabre, MrBrown Whale, Jacki Xu, and Lintern. There is no information about the background, origins, or legitimacy of these contributors.  

All changes to the Floki ecosystem are decided by vote; it is simply the job of these anonymous individuals to implement the changes.

Should You Buy Floki?

Like many other projects featured on our altcoin spotlight, we aren’t sure what to make of Floki. Like most other memecoins, it is hard to find a space in the cryptocurrency world that we think Floki would absolutely occupy. That being said, Floki does have far more use than most other memecoins, which are simple (but fun) stores of value. Floki can be adapted into blockchain platforms and used as a store of value, utility token, and more.

Regardless of its potential uses, we have to evaluate the viability of an investment at present, and honestly, we would pass on this project. While we admire what Floki is going for by having the creators remain anonymous, there is just too much potential for scams for us to feel comfortable investing. Plus, this project is very new, having just launched this year in early 2024.

There are simply too many sketchy projects in the cryptocurrency world and we have to remain wary of this one, especially due to the rise in cryptocurrency scams in the last couple of years. Additionally, we aren’t sure that this project is quite unique enough to really compete with the larger utility tokens or memecoins in the space.

Regardless, we aren’t professional financial advisors. So, if you think that Floki might be a good investment for you and you aren’t concerned about the risk, go for it. Just remember never to invest money that you don’t intend to lose.

Where Can You Buy Floki?

Interested in making a Floki investment? The symbol for Floki is FLOKI, and it can be purchased on the following platforms as of the writing of this article.

·      Binance

·      Uniswap

·      PancakeSwap

·      OkX

·      Kraken

·      Bitget

·      Bitfinex

·      KuCoin

There may be an opportunity to purchase Floki on a platform not listed here. Just ensure you make sure the platform is legit before placing your order.

Comparable Tokens to Floki

Throughout this article, you likely noticed that we compared Floki to memecoins. Remember, though Floki started the same way, it has far more use than a simple memecoin. Below are token projects that are comparable to Floki for your research.

·      Decentralized Social

·      Echelon Prime

·      Origin Trail

All these projects are below Floki in market capacity but function to a similar extent.

Overall, Floki is an exciting cross between a memecoin and a utility token. Still, while it is a cool idea we think this project is just too new to recommend an investment. This could possibly change in the future, but until then, we recommend steering clear.