The meme coin market is currently valued at approximately $61,215,059,515 with over 1300 active coins. However, in the sea of coins, some are more known and established. One of such coins is FLOKI.

FLOKI is a meme coin that got its name from Elon Musk’s Shiba Inu puppy. The coin was created as a meme coin just like Shiba Inu (SHIB), but has now developed into a full ecosystem with different use cases including a 3D NFT Metaverse, DeFi utilities, a crypto education platform, NFTs, a merchandise store, and a prepaid card.

Overview of FLOKI

FLOKI is a meme coin inspired by Elon Musk’s Shiba Inu pup. It was launched in July 2021 and has since then grown from being just a meme coin to a solid community-backed ecosystem.

While the token is community-led, here are some of the prominent community members leading the ecosystem:

• Jackie Xu — Lead Dev

• Dr. Amanda Kavner — Head of Floki University

• Mr. Brown Whale — Game Developer

• B (The Viking) — Core Contributor

• Lintern — Community Manager

• Sabre — Advisor & Creative Marketing Director

Features and Characteristics of FLOKI.

• Deflationary: The coin operates on a deflationary model, incorporating mechanisms for burning tokens to reduce the overall token supply. With a token supply capped at 20 trillion units, the token aims to create scarcity. Which will potentially leading to a price increase.

• Multi-chain: FLOKI is available on both the Ethereum blockchain and the Binance Smart Chain, making it accessible to users. Users can also make a 1:1 bridge from ETH to BSC chain and vice-versa without a transaction tax.

• Transparency and Governance: The project prioritizes transparency and decentralization by giving the governing power to the community. Holders of the coin get to vote on decisions about the direction the project should go.

How Does FLOKI Work?

Floki is a decentralized utility project that operates on both the Ethereum blockchain and the Binance Smart Chain. Named after Elon Musk's pet dog, The project aims to create a vibrant ecosystem that goes beyond mere transactions, fostering a sense of belonging and empowerment among its users.

FLOKI is the native coin of the Floki ecosystem. It operates on both the Ethereum blockchain and Binance Smart Chain. According to its whitepaper, the coin is not intended to be used as a medium of exchange accepted by the public, as payment for goods or services or as the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer.

When transacting with FLOKI, each buy and sell transaction incurs a 0.3% tax, directing the proceeds to a designated treasury wallet. These funds will support ongoing development initiatives within the Ecosystem and facilitate marketing campaigns aimed at fostering wider adoption.

Who Created FLOKI?

The idea was born when X owner, Elon Musk tweeted, “My Shiba Inu will be named Floki”. The meme coin was quickly launched and immediately gained a followership of about 20,000 people.

The original community vision was for FLOKI to be a fully decentralized and fair community project. However, as a result of a disagreement between the developer and the community, the community members decided to take over the project. They created a new website, social media pages, and then relaunched the coin. Thus, the project became community-driven and FLOKI DAO (Decentralized Autonomous Organization) was born.

FLOKI Price Today

Currently,the market price is around is $0.0002815, with a market capitalization of $2.6B. Its maximum and total supply is capped at 20 trillion units. Over 50% of this total supply has been either burned or locked, leaving approximately 9.35 trillion FLOKI tokens in circulation.

FLOKI’s Historical Price Trends

Floki Inu launched in July 2021 and since then, it has seen an all-time high of $0.0003437 and an all-time low of $0.00000002.

• 2021: FLOKI reached its highest price of $0.0003 on Nov 04, 2021, and its lowest price of $0.0000000200 on Aug 08, 2021.

• 2022: After the announcement of FLOKI’s listing on Binance, the coin’s price increased by 77% to a year-high of $0.0000499. Subsequently, it retracted to a low of $0.000005.

• 2023: Amidst the bull market in 2023, FLOKI saw some remarkable gains at the beginning of the year. The coin traded at $0.000051 in February before going on a downward trajectory. Its lowest price in 2023 was $0.000015.

• 2024: 2024 has by far been the best year yet for FLOKI. With a 212% gain in one week. With the coming 2024 bull run, some analysts believe that the coin might hold this momentum.

Factors Influencing FLOKI’s Price

• Token Burn: FLOKI tends to react to token burns with a price increase. A token burn is where a percentage of a coin’s total supply is destroyed to create scarcity, and consequently, a price increase. On March 2nd 2024, Floki DAO announced its decision to burn 190 billion tokens in the following week. In that week, the price of FLOKI increased by 410%.

• Utility: Use cases always lead to a positive market sentiment because more utility means more demand for the coin. One of such instances was when FLOKI’s price increased by 22% in 24 hours following the news of the new TokenFi Platform Launch.

• Meme Coin Trend: Generally, when the market trend shifts to meme coins, the largest ones are the first to experience a price increase. Usually, when a bull run is about to start, there is always a meme coin hype before the focus shifts to altcoins. The meme coin hype is majorly community driven as opposed to utility driven.

• Influencer Action: Another major factor that affects the price of FLOKI is influencer action. One of the biggest influencers in the ecosystem is Elon Musk.

  Since the coin was named after his puppy, a tweet from him can send the prices on an upward trend. Elon Musk recently posted a picture of his dog wearing glasses and dressed as the CEO of Twitter. This tweet led to a price increase.

How to Buy and Store FLOKI

You can buy FLOKI on both centralized exchanges (CEX) and decentralized exchanges (DEX), depending on your preference.

Centralized and decentralized exchanges are both trading platforms where users can buy and sell cryptocurrencies. However, centralized exchanges are run by a single entity and they facilitate trading between users by acting as an intermediary.

With a centralized exchange, you have to deposit your asset on the platform to trade, meaning that technically don’t have custody of your asset. This is why they are sometimes referred to as custodial (because they take custody of your asset).

You can buy FLOKI on WEEX exchange.

Decentralized exchanges, on the other hand, operate in a decentralized and non-custodial manner. They do not act as a centralized intermediary between users, and do not take custody of your assets. With decentralized exchanges, you store your assets in your wallets and after trading, your assets are returned to your wallet.

Here’s a list of decentralized exchanges where FLOKI is listed for trading: Pancake Swap and UniSwap.

Centralized Exchanges

Buying on a centralized exchange is pretty straightforward.

• Download the WEEX’s mobile app (iOS or Android) or open the WEEX website.

• Create an account and complete your KYC.

• Fund your wallet.

• Find the FLOKI/USDT trading pair.

• Buy FLOKI

How to store FLOKI

If you plan to hold your FLOKI for the long term, it is advisable to store it in a cold wallet.

A cold wallet is a type of wallet that is not connected to the internet and is therefore, less susceptible to hacks. In addition to this, cold wallets are less likely to crash. You also get to keep your private key safe as they are only stored on your cold wallet.

There are different types of cold wallets, including: paper wallets, sound wallets, hardware wallets, software wallets, and deep cold wallets.

Alternatively, you can store your coin on a hot wallet. Hot wallets are wallets that are connected to the internet and are therefore susceptible to hacks. Here are some hot wallets to consider.

Community

Floki community members and holders are called FLOKI Vikings. Currently, there are approximately 400,000 holders. The number of holders can affect the liquidity and distribution of the token.

Generally, higher numbers of token holders can mean high liquidity and even distribution. These members also contribute actively to the governance of the ecosystem as long as they are also holders of the FLOKI token.

Ecosystem

Overtime, FLOKI has grown from just a meme coin to a vibrant ecosystem consisting of different products and applications. These products provide utility for the ecosystem’s native coin. They also attract more users to the ecosystem including developers, gamers, crypto enthusiasts, and yield farmers. Some of these applications and products include:

• Valhalla: This is the ecosystem’s play-to-earn metaverse game. The gameplay involves designing your unique NFT persona (a playable character) and embarking on a quest to get the elusive NFT Vera within the expansive open world.

  Vera, short for “vera til” or “to be obtainable” in Old Norse, are the upgradeable creature NFTs that serve as the player’s companion throughout the gameplay. They can be captured or bought in the game store.

  Valhalla also features in-game raiding, farming, battles, quests, clans, and Esports. Players need to hold some FLOKI to play and earn on Valhalla.

• TokenFi: TokenFi is a platform that caters to crypto and asset tokenization needs. It enables users to tokenize real-world assets (RWA) and launch crypto tokens without coding or spending a lot of money.

  The platform offers a lot of features like TokenFi Token Launcher, Generative AI for NFTs, TokenFi QuickLaunch, TokenFi Launchpad, and TokenFi AI Smart Contract Auditor.

• Staking: You can stake your FLOKI to earn a sister token called TOKEN. Simply connect your wallet on the staking website and deposit any amount you wish to stake.

• FlokiFi: FlokiFi is an umbrella name for a suite of DeFi applications in the ecosystem. The first product called FlokiFi Locker is a crypto locker protocol that allows you to lock digital assets on up to 14 supported blockchains. It allows you to quickly and securely lock tokens, Liquidity Pool (LP) tokens, NFTs, and multi tokens.

• NFTs: FLOKI features three collections of NFTs that can be bought from OpenSea. They include Flokitars, Gemstones, and Diamond Hands (Genesis).

• Floki Prepaid Cards: The Floki virtual prepaid debit card offers FLOKI users worldwide the opportunity to create virtual prepaid debit cards under the Visa/Mastercard network and fund them using FLOKI tokens.

• Floki Places: This is FLOKI’s NFT and merchandise marketplace. You can buy digital products and pay with cryptocurrencies via BinancePay.

• University of Floki: UoF aims to position itself as the leading hub for crypto education while also introducing FLOKI to the users. While learning resources will be free, FLOKI coin will be required to perform certain activities in UoF.

The Future of FLOKI

FLOKI has a lot of upcoming projects on its roadmap. A few of them are:

• Valhalla: The full version of the game is set to be released in 2024, with new updates coming weekly. In addition to this, FLOKI will also be releasing the Chinese version of Valhalla to tap into the gaming economy in China.

• University of Floki: The full version of UoF is also still in the works as the program is currently in the Beta test stage.

• TokenFi: Following TokenFi’s vision to be the top tokenization platform in the industry, there are a suit of features coming to the platform in 2024.

  Some of these are: TokenFi Connect, TokenFi RWA Tokenization Module, TokenFi AI Smart Contract Auditor, and TokenFi Generative AI for NFTs.

There are other applications in the ecosystem that are dated to go live in 2024. So, there are a lot of upcoming projects in the FLOKI ecosystem.

Advantages of FLOKI

• It has solid utility with a lot more in the works, compared to other meme coins. The ecosystem features NFTs, DeFi protocols, a game, and much more.

• Its market cap is still relatively small, giving the token room for growth.

• The coin gets a lot of attention and support because it is associated with X CEO, Elon Musk.

Disadvantages of FLOKI

• Given its origin, FLOKI is susceptible to the influence of prominent online figures like Elon Musk. Potentially leading to extreme fluctuations in market performance and price movement.

• It has a large circulating supply of 9.7 trillion which contributes to its extremely low unit price. The number of FLOKI in circulation reflects a high supply to demand ratio.

• There is a 0.3% tax on transactions, leading to a higher transaction cost for users.

FAQs

Is FLOKI a good investment?

FLOKI is a cryptocurrency and carries some inherent risk as all cryptocurrencies do. So, whether FLOKI is a good investment depends entirely on your investment strategy. However, before you decide to invest in any token, be sure to do your research and have a strategy for making profits. Also, remember to exercise caution and keep your assets safe.

How can I participate in the FLOKI community?

To be a governing member of the Floki DAO, you must hold some FLOKI tokens. But you can participate in the community by engaging with other community members on the token’s social media platforms linked above. In addition to this, you can attend events where you will meet community members one-on-one.