Floki Inu (CCC:FLOKI-USD) is another meme coin that makes you wonder what is going on in the world today. The crypto takes its name from Elon Musk’s dog, Floki, a Shiba Inu breed of dog.
It seems like a fanciful joke, and it is, but that hasn’t stopped it from garnering lots of headline space in recent times.
To put it bluntly, Floki Inu is a junk coin. However, it is a junk coin with a community of backers. And if 2021 has taught the world of finance and money anything, it’s that community force can trump fundamental value.
By combining the power of memes with real utility and charitability, FLOKI gives power and opportunity to the people – to the underdogs – instead of venture capitalists and hedge funds.
A few movements including meme stocks and r/WallStreetBets hammered this truth home. And that’s why we’re talking about Floki Inu right now. It has a strong community that hopes to will it into relevance.
The developers at Floki Inu refer to it as “the people’s currency.” They refer to it as a movement, towards what, I don’t know. And they make bold claims about its aspirations to become the “most known and most used cryptocurrency in the world.”
Frankly, it’s more of the same aimless gobbledygook which has the “man” in its crosshairs, “By combining the power of memes with real utility and charitability, FLOKI gives power and opportunity to the people – to the underdogs – instead of venture capitalists and hedge funds.
In a few words, it’s wishful thinking. But the thing is this: It’s the kind of wishful thinking that can make the right kind of person a lot of money very quickly.
So, if you’re a trader I’m sure you’ve already come to realize what I’m saying is true. You already knew it, and you didn’t care. And if you don’t care, all the more power to you. Make your money.
But make no mistake, Floki Inu is nothing more than a loose aggregate of ideas surrounding cryptocurrency themes.
Floki Inu has three flagship projects in the works. An NFT gaming metaverse called Valhalla, an NFT marketplace called FlokiPlaces, and a content platform called Floki Inuversity. By the way, Floki was a character in the hit TV show Vikings. That’s why you’ll find heavy reference to all things Viking related in the project.
Anyway, most of it is kind of feel good fun in my opinion. It’s nearly impossible to predict where it will go with any degree of accuracy. But, that said, there are some signs that it could become more popular soon.
As much as I don’t believe in Floki Inu as a project, I certainly see why its price could rise substantially soon.
A Floki Inu logo will appear on the back of the jersey of Italian football giant S.S.C. Napoli for the rest of the season. In addition, the logo will also be featured on LED signs across the team’s stadium.
Boxing heavyweight champion Tyson Fury is also on board. He signed a partnership with the project and will appear in Valhalla, the project’s NFT token game.
It’s all reminiscent of the spate of market efforts undertaken by Crypto.com Coin (CCC:CRO-USD). Those resulted in its name being plastered across the former Staples Center in Los Angeles.
What to Do
Floki Inu will still live or die by the utility it builds on its platform. Right now, that simply doesn’t exist. Therefore, any argument in favor of purchasing Floki Inu as anything other than a traders tool is invalid.
Traders themselves should be heartened. All of the recent marketing spend should result in the idea that Floki Inu is somehow more legitimate. That should raise prices, and traders can and will take advantage of that.
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.