Like many meme coins before it, Floki coin (FLOKI) claims to be the cryptocurrency of the people. Its community envisions a thriving ecosystem focused on three central pillars: community, utility, and charity.
Floki Inu is a rags-to-riches story. When the founder abandoned the project, it looked like Floki was another rug pull destined to lie forgotten in a graveyard of DeFi scams. Against the odds, the Floki community rallied, bringing the meme coin into the top 100 cryptocurrencies by market cap.
With stiff competition from larger canine memes like Dogecoin (DOGE) and Shiba Inu (SHIB), is there room for another puppy in the metaverse? Can Floki stand out from the pack and become the top dog in town?
What Is Floki Inu?
Since its launch, Floki has grown from an unremarkable meme into a fully-fledged ecosystem complete with its own dApps and NFTs. The project also opened a bridge to the Ethereum (ETH) network, with holders able to transfer Floki tokens across both networks freely.
One feature that separates Floki from other top meme coins like DOGE and SHIB is its token contract. Every FLOKI trade is taxed, with 0.3% of buys and sells redirected to the Floki treasury. These funds are set aside to develop the Floki ecosystem further and make charitable donations.
The Floki Coin Story
On June 25, 2021, Elon Musk made yet another tweet that sent crypto news and the blockchain community into a frenzy. Musk announced that he would be naming his Shiba Inu puppy ‘Floki’, prompting a wave of meme coins with the same name to be created and added to liquidity pools on decentralized crypto exchanges.
The anonymous original creator abandoned the project shortly after its launch. Perhaps inspired by the Shib Army’s success after Ryoshi’s disappearance, the ‘Floki Vikings’ took over the management and development of Floki Inu.
Floki Inu Ecosystem
Complete with DeFi services and trending NFTs, the ecosystem provides a fun environment for the Floki Vikings to explore the possibilities of blockchain technology. FLOKI, the native utility token of the project, is the heart of the ecosystem and its growth.
Valhalla is the play-to-earn metaverse of the Floki ecosystem. Players create and take control of a unique avatar and explore the world of Valhalla with other Floki Vikings. Valhalla is expansive and varied, with players able to forge their destiny in the metaverse.
The game features a turn-based tactical combat system, where players collect and battle NFT creatures called Vera to earn crypto rewards. Valhalla also promises a complex farming economy if competitive battles aren’t your cup of tea.
To play Valhalla and explore the Floki metaverse, players will need to hold a certain amount of FLOKI tokens. What’s more, FLOKI is expected to be the currency of exchange in-game, meaning it’s used to trade Vera NFTs, items, and virtual land.
Like any emerging blockchain ecosystem, the Floki Vikings are developing a suite of DeFi tools and products to benefit their community. The first dApp under the FlokiFi umbrella is the FlokiFi Locker.
The FlokiFi Locker is a decentralized application for securely locking liquidity tokens and NFTs. This gives on-chain traders greater security and peace of mind, eliminating the risk of basic DeFi scam techniques like an LP token rug pull when trading on a DEX.
This tool also introduces a deflationary mechanic to the FLOKI token. 25% of all fees collected by the platform are used to buy back and burn FLOKI tokens off the market. The other 75% is sent to the FLOKI treasury to support the ecosystem’s growth.
No other FlokiFi products have been confirmed, however the community is hoping to see staking solutions and a decentralized exchange in the future.
There are three official NFT collections within the Floki economy. These digital assets reward holders with helpful benefits in the Floki ecosystem, and are mainly used in the Valhalla metaverse.
- Flokitars – The development team has hinted that Flokitar holders will be able to burn their unique NFTs to access specific bonuses within Valhalla. The 10,000-strong collection was created in September 2021.
- Genesis NFTs – Floki diamond hand genesis NFTs are broken down into four categories: ruby, diamond, silver, and bronze. Each NFT will bestow special benefits and utilities on holders in the Valhalla metaverse, including a Floki Viking Longship and discounted in-game purchases.
- Floki Gemstones – The Floki Gemstone collection, like the genesis collection, provides extended benefits within the Floki ecosystem. For example, holding an Aurum of Truth means the user doesn’t need to pay fees when using FlokiFi products.
Are you even part of a meme coin community if you’re not repping any merch? Floki Places is a dedicated NFT marketplace and merchandise store. Floki Vikings can get their paws on basic clothing plastered with Floki Inu branding.
University of Floki
The University of Floki is an immersive virtual classroom learning environment. With the vision of educating newcomers to the crypto space, the University of Floki promises to provide fun and accessible content and lower blockchain technology’s barrier to entry.
The project enjoyed significant interest, with over 300 holders applying to be beta testers. Detailed course material is expected to be released sometime in 2023.
Despite its reputation as a meme coin, Floki has managed to secure impressive strategic partnerships within the crypto space. These include leading crypto projects like ChainLink and investment funds like Wintermute.
Moreover, Floki Inu is well-connected in professional sports. According to the Floki site, the project has marketing agreements with several football teams, including Bayer 04 Leverkusen, Cádiz CF, and SSC Napoli.
The Floki ecosystem is built around three central pillars. Community and utility are both evidenced by their role in the crypto space, however, Floki’s charitable endeavors are where they truly shine.
The most considerable charitable donation the Floki community has made was to the Tabitha Cumi Foundation, a Nigerian foundation committed to raising the standards and quality of life for underprivileged women and girls.
With the help of the Floki community’s donation, Tabitha Cumi was able to rebuild a dilapidated primary school in Kuchiko-Ijah completely. The donation also provided the school’s children with updated learning resources and equipment.
Floki also donated $1.4 million to the Million Gardens movement, an initiative that aims to educate and assist communities in learning to grow, prepare and eat healthy food.
Floki Pros & Cons
Floki may have started its life as a meme coin, but the community is evidently working hard to flesh out its ecosystem and make some positive changes to the world along the way.
- Charitable pursuits – In an industry that is so obsessed with a maximum-extractable value mindset, it’s refreshing to see a meme coin deliver on its charitable promises.
- Real-world partnerships – Floki coin’s strategic marketing deals put the brand in front of a much wider variety of people, helping bridge the gap between Web 3 and the rest of the world.
- Devoted community – Everyone loves a rags-to-riches story. The Floki has proven they’re supportive and willing to go the distance, which is probably why Floki still exists over a year after it was abandoned.
- Underwhelming metaverse – Trailers for Valhalla don’t inspire huge amounts of confidence. The graphics and gameplay look clumsy, leading players to question whether it will be successful upon launch.
- Thin DeFi offering – The FlokiFi Locker is certainly a useful tool, but if the Floki ecosystem wants to progress and develop itself further it’ll need to offer more DeFi products.
- Fierce competition – Compared to other canine meme coins like SHIB and DOGE, Floki doesn’t have a lot to offer. With Shibarium just around the corner, Shiba Inu’s ecosystem offers more significant growth opportunities.
On The Flipside
- Meme coin growth is mainly based on community and hype. Even if Floki has a less impressive ecosystem than Shiba Inu, that doesn’t mean it’s doomed to forever live in its shadow.
Why You Should Care
Coins like FLOKI, DOGE, and SHIB are cornerstones of the crypto space. Despite all the innovation on display in the blockchain industry, funny meme coins and market volatility seem to be the thing that attracts most people to crypto.
It is unlikely that Floki Inu will pay $1. If FLOKI were priced at $1, it would have a market capitalization of roughly 10 trillion USD, over 15x larger than the market cap of Bitcoin (BTC) at the time of writing.
You can buy FLOKI on crypto exchanges like Binance.us or Kucoin through FLOKI/USDT trading pairs. FLOKI is not currently available on top exchanges like Coinbase.
FLOKI has a max supply of 20 trillion tokens. This figure estimates the total supply and circulating supply at around 10 trillion tokens.
The highest price FLOKI ever recorded was $0.0003437. This all-time high was registered on Nov 4, 2021.
You can track the real-time price and 24-hour trading volume of FLOKI on sites like CoinMarketCap. This will not only give you the cost of FLOKI in USD but also in other fiat currencies like EUR and GBP.