Floki Inu, originally named after Elon Musk’s beloved Shiba Inu pup, has gained significant popularity as a meme-based cryptocurrency. But it’s not just a joke—the project’s three-pillar philosophy, composed of its meme status, utility, and charitability, helps it stand out from the thousands of meme-coins flooding the market.

What Is Floki Inu?

Floki is a cryptocurrency that initially started as a meme-coin based on Elon Musk’s dog but has evolved to become a fully-fledged web3 project spanning decentralized finance, NFTs and the Metaverse. Now referred to as “The People’s Crypto”, the team behind the Floki project have turned a once useless meme-coin into something more.

The token associated with the project, FLOKI, is a multi-chain token that operates on both the Ethereum and Binance Smart Chain (BSC) blockchains, as it is both ERC-20 and BEP-20 compliant. FLOKI tokens can be bridged between the two chains easily, allowing FLOKI holders to use either blockchain to store and transact with their tokens.

It is worth noting that FLOKI has an encoded 3% tax imposed on buying and selling the token but not on the transfer between the two chains. This tax is directed to the Floki Inu treasury, which the project claims will be used to develop the ecosystem further and increase the adoption of Floki. According to the white paper, the team will reduce the tax once the treasury has accumulated enough funds. However, there is no specific target or indication of when this will happen, or how much it would be lowered by.

Related: Why Dogecoin (DOGE) Price Is Going Up?

The History Of Floki Inu

The birth of the Floki Inu coin can be traced back to June 2021, when Elon Musk tweeted that he would be naming his pet Shiba Inu “Floki.” Initially, the project started as a dog-themed meme coin, much like Dogecoin, and was known as Floki Inu. However, as the project grew from a meme-coin into something more substantial, the team rebranded to “Floki”.

The project’s latest version aims to provide utility by creating its own blockchain ecosystem and giving back to its ecosystem through charitable initiatives. Floki has also teamed up with the Million Gardens Movement, a gardening campaign founded by Elon Musk’s brother, Kimbal Musk. The creators claim to view it as a movement, not just a meme coin, and have a vision of constructing schools in underdeveloped countries.

The Three Pillars Of The Floki Project

The broader philosophy of this dog-based coin is reflected in its three pillars: meme status, utility, and charitability. Floki defines itself as a movement that empowers individuals regardless of their socio-economic status or age, thanks to its meme status. The team claims the goal is to establish itself as the most well-known and widely used cryptocurrency globally.

The utility pillar aims to develop various projects, such as Valhalla and Floki Places, where users can utilize FLOKI as payment to trade NFTs and purchase physical goods. For those who want to explore the cryptocurrency market in more depth, Floki Inu offers Floki University, where users can learn more about blockchain and crypto.

The team claims the goal is to establish itself as the most well-known and widely used cryptocurrency globally.

The charitability pillar is dedicated to positively impacting the world by improving people’s lives. Floki claims they aim to establish a school on every continent, starting with underdeveloped countries. 

Related: Why Is the Crypto Market Rising Today?

What Can Floki Inu Be Used For?

The team behind Floki is building utility for the FLOKI token within its unique ecosystem. The Floki ecosystem consists of multiple different projects which are still under development, spanning DeFi, NFTs and the Metaverse. While Floki is attempting to create some use of the token within its ecosystem, there is very little adoption of the cryptocurrency on other DeFi platforms or NFT marketplaces.

Valhalla

Floki Inu has entered the NFT gaming metaverse with its own NFT game called Valhalla. Players can earn rewards based on participation and have full ownership of the FLOKI tokens earned in the game. FLOKI tokens serve as the in-game currency and can be used to purchase assets.

FlokiFi

FlokiFi is the ecosystem’s umbrella name for the upcoming suite of DeFi products that will be powered by FLOKI. The first product is “FlokiFi Locker”, which is claimed to be the industry’s most innovative protocol for securing digital assets. There are also mentions of a new product related to staking; however, the details are yet to be finalized.

FlokiPlaces NFT and Merchandise Marketplace

Building on the NFT trend, Floki Inu intends to expand with a marketplace for NFTs and merchandise. The FlokiPlaces marketplace aims to facilitate buying and selling NFTs and other digital products and position Floki Inu as a payment alternative to Bitcoin, Dogecoin, and even the US dollar.

The Floki University Crypto Education Platform

Floki Inu aims to educate the growing audience on crypto through its metaverse university while increasing awareness of the Floki Inu ecosystem. Most of the curriculum will be free, while some specialty courses might require FLOKI tokens.

Pros and Cons

Of course, there are two sides to every coin’s story, and, like all crypto projects, Floki comes with its list of pros and cons.

Advantages:

• Floki is a multi-chain token, allowing it to be used on the Ethereum and Binance Smart Chain (BSC) platforms.
• The Floki ecosystem has an array of existing and upcoming products which could potentially add value to the token.
• The project has partnered with other reputable projects in the industry.
• The project claims to be supporting charitable initiatives.

Disadvantages:

• Floki was created as a meme coin and could still fluctuate in line with the opinions of influential people, such as Elon Musk.
• The circulating supply of Floki tokens is exceptionally high, keeping the price per token extremely low.
• Buying and selling FLOKI has a mandatory 3% tax.
• Outside of the Floki ecosystem, the token has few uses and has yet to be adopted by many DeFi platforms.
• The Floki team is anonymous, which raises the question of who is held responsible if something goes wrong with the project.

Floki vs. Shiba Inu

Both Floki and Shiba Inu tokens have their roots in Dogecoin. While many Shiba Inu-based tokens were created to surpass the success of Dogecoin, the two most prominent tokens in the group are Floki and Shiba Inu. Let’s examine how they compare.

Similarities:

1. The popularity of both tokens is centered around Elon Musk’s admiration for Dogecoin. Both tokens have experienced price hikes as a result of his tweets. Musk’s tweets also influenced Floki Inu at its inception.
2. The communities of both tokens are highly passionate and active on their respective social media platforms.
3. Both coins have a high token supply, which means the tokens are valued at a fraction of a cent, which can draw in newer investors looking for a cheaper coin.

Differences:

1. Shiba Inu is ranked in the top 15 tokens in terms of market capitalisation, which sits at over $7 billion. In comparison, Floki is ranked 140 and has a market capitalisation of just over $240 million.
2. Shiba Inu is creating its own layer 2 blockchain called “Shibarium.”
3. The tokenomics of the two cryptocurrencies also differ. Floki Inu has a total supply of 10 trillion tokens, which is substantial compared to Bitcoin’s 21 million fixed supply, but still small compared to Shiba Inu’s massive 1 quadrillion token supply.
4. Shiba Inu has its own decentralized exchange called “Shibaswap”.
5. Floki Inu has an automatic tax of 3% on any buy or sell transactions.
6. Shiba Inu can be staked to earn rewards.

How to Buy Floki Inu in India

If you’re keen on buying Floki, then you can follow the below steps, but be aware that cryptocurrency is highly volatile so do so at your own risk.

• Register on a centralized cryptocurrency exchange: Choose a reputable and trustworthy exchange that has Floki as an available cryptocurrency, create an account and verify your identity.
• Fund your account: Most centralized exchanges offer methods such as bank transfers, credit/debit cards, peer-to-peer transfers.
• Buy cryptocurrency: Once your payment method is connected, navigate to the trading platform and select Floki. Enter the amount you want to buy and confirm the transaction.
• Store your cryptocurrency: After your purchase is approved, the cryptocurrency will be transferred to your exchange wallet. You may also choose to transfer it to a personal wallet for added security.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency as an investment class.

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