Floki Inu (FLOKI) is a meme cryptocurrency that was inspired by the name of Elon Musk’s pet Shiba Inu dog. However, since its founding in 2021, FLOKI has evolved to become a full-fledged Web 3.0 project spanning across DeFi, NFTs, and the Metaverse.
A project that began as another dog-themed cryptocurrency, now calls itself the “People’s Crypto”. The team behind Floki Inu has turned it into a credible cryptocurrency project.
Today we will take a detailed look at Floki Inu to understand the functioning of the crypto project and its native token FLOKI to determine whether it is real or fake.
So, let us get started.
What is Floki Inu Token (FLOKI)?
FLOKI is the utility token of the community-driven meme cryptocurrency ecosystem Floki Inu. The multi-chain token complaint with ERC-20 and BEP-20 standards runs on both the Ethereum (ETH) and Binance Smart Chain (BNB) blockchains.
The hyper-deflationary cryptocurrency has an auto-burn mechanism, while its liquidity is locked on Ethereum and BSC networks for 265 years each. The maximum supply of FLOKI is set at 10 trillion tokens, out of which, 5.1 trillion non-circulating FLOKI were burned on the Floki cross-chain bridge in February 2023 to protect the ecosystem from DeFi attacks.
There is a small tax that users have to pay when using Floki Inu, which goes straight to the project’s treasury. These funds are used mainly to develop the ecosystem and promote wider adoption of FLOKI among crypto enthusiasts. However, this fee is not applicable when bridging FLOKI between Ethereum and BSC.
Floki Inu charges a nominal fee of 0.3% per transaction.
At the time of writing, FLOKI is trading at $0.00003066 – down 2% from the previous day. Floki Inu has a total market capitalization of $303.6 million and attained a 24-hour trading volume of $10.56 million.
What Use Case Does Floki Have?
Floki Inu developers argue that FLOKI stands apart from the rest of the meme token market mainly because of the utility it provides users. The Floki ecosystem consists of multiple NFT, decentralized finance (DeFi), and Metaverse projects that are currently under development and they are all intended to function using the utility token.
Apart from that, Floki’s founders have been attempting other ways to create utility for FLOKI. The project partnered with cryptocurrency payment gateway NOWPayments to seamlessly integrate FLOKI and use it for business transactions. FLOKI can also be used to purchase physical goods on digital marketplaces CryptoCart and Curate.
What are Some Key Projects Floki Inu is Working On?
There are multiple projects the Floki Inu team is currently working to launch on the Ethereum and Binance Smart Chain-based ecosystem, they are as follows:
Valhalla is an NFT game created by Floki Inu developers where players can earn rewards based on participation. FLOKI serves as its in-game currency and can be used to purchase assets. Players can have full ownership of the FLOKI they earn by playing Valhalla.
For the time being, there is not much detail available about the nature of the game.
FlokiFi is an upcoming DeFi platform on the network that will be powered by FLOKI. The first product to be released under the FlokiFi banner will be the FlokiFi Locker, which developers claim is the industry’s most advanced protocol for securing digital assets.
There are reports of another platform under development that could offer staking services, however, the details are yet to be finalized.
The Floki Inu team wants to build on the NFT hype by introducing a marketplace for digital collectibles and merchandise. The FlokiPlaces marketplace aims to facilitate the buying and selling of NFTs using FLOKI instead of relying on Bitcoin (BTC), Dogecoin (DOGE), USDT, and even the US dollar.
The Floki Inu team wants to educate the crypto community and create awareness of its ecosystem through a metaverse university. The team says most of the curriculum is free while only a few speciality courses require payments in FLOKI to access.
Is Floki a Good Investment?
In the already volatile crypto market, meme tokens are said to be the ones with the most volatility of all. Under normal circumstances, it is recommended that you stay far away from meme cryptocurrencies as they have no real use case and their value is driven mostly by the community.
However, in the case of Floki Inu, its developers are striving to create a token economy and a blockchain ecosystem that has use cases within the NFT, DeFi, and Metaverse space.
Moreover, Floki Inu is entering into partnerships with prominent industry players like on-chain security platform CertiK and market maker Wintermute. Floki Inu also partnered with Formula 1 racing team Alfa Romeo, which helped bolster the project to millions of F1 fans.
Looking at its efforts to form strong strategic alliances and promote its native token, it can be said that Floki Inu has higher potential as a crypto investment than any other meme cryptocurrency.
Aside from the volatility factor, if the team delivers on its promise to create real utility for FLOKI, then I believe it would be a project that has the potential for sustained growth and stability for years to come.
As is the case with any cryptocurrency, I recommend readers do their own research before making investment decisions and only invest money that they can afford to lose.