So far in 2021, the cryptocurrency market experienced a rally, several selloffs and many other challenges, including pending regulation that could be a game-changer. One crypto that gained popularity amidst this volatility is Floki Inu (CCC:FLOKI-USD).
The crypto has an interesting story behind it. Although FLOKI rose as a meme coin, it claims it has a deeper purpose. Undoubtedly, investors are wondering if the coin is a worthwhile investment. Here are seven things any prospective Floki Inu buyer should know about the latest pup coin.
What Is Floki Inu?
Floki Inu is another dog-themed meme coin that sprung into existence from the Shiba Inu (CCC:SHIB-USD) fan community. A Shiba Inu is an ancient Japanese dog breed that was brought to America from Japan 60 years ago. The dog was popularized several years ago as a meme, which then served as the basis for Dogecoin (CCC:DOGE-USD).
The SHIB coin is a derivative of Dogecoin, and FLOKI is further derived from Shiba Inu crypto. It’s named after Tesla (NASDAQ:TSLA) CEO Elon Musk’s pet Shiba Inu, Floki.
According to CoinMarketCap, FLOKI “was founded by a group of crypto influencers by the names of B, PetaByte Capital, Sabre and MrBrown Whale. The project’s lead developer is Jackie Xu, who, according to Floki Inu, is a ‘well-respected and doxxed figure in the industry with over a decade of blockchain experience.’”
Price Action and Valuation in FLOKI
Floki Inu’s price as of Dec. 15 is .013 cents, with a 24-hour trading volume of $20.3 million. Floki Inu is down 10.4% in the last 24 hours. Its current CoinMarketCap ranking is #2815.
The circulating supply is not publicly known, but the maximum supply is 10 trillion FLOKI coins. The total supply is the same as the maximum supply, according to CoinMarketCap.
The fully diluted market capitalization as of Dec. 15 is $1.3 billion. Floki Inu hit its all-time high on Nov. 4 at .034 cents. The all-time low was made on Aug. 08 at .000002 cents.
What’s Unique About Floki Inu?
According to Floki Inu’s website, “FLOKI is the people’s cryptocurrency.”
Floki Inu doesn’t want to be known as just another meme coin. Its deeper vision is to have utility by creating an autonomous and decentralized ecosystem and building partnerships.
The crypto also wants FLOKI to be used in a range of applications, from non-fungible tokens (NFTs) to games and finance. There is also an emphasis on the metaverse. Floki Inu has named its NFT gaming metaverse Valhalla, which is associated with Vikings in mythology.
The Three Main Pillars of FLOKI
Three pillars represent the broader philosophy of this dog-based coin: its meme status, its utility and its charitability.
Because of its meme status, Floki defines itself as a movement, giving power to the people whether they are rich or poor, young or old. The bold vision of Floki Inu is to become “the most known and most used cryptocurrency in the world.”
The utility pillar is all about supporting and developing various projects, such as Valhalla and Flokiplace, where users will be able to trade NFTs and pay for physical goods using FLOKI as payment. For users who may want to dive deeper into the cryptocurrency market, they can learn more about blockchain and crypto with Floki Inuversity.
The charitability pillar is aimed at making life easier and the world a much better place. Floki Inu intends to “build a school in every continent first and in every underdeveloped nation of the world eventually.” It already has plans to build a school in Ghana.
Where can you buy FLOKI?
Currently, you can buy the coin on PancakeSwap and Uniswap. You can also buy it with a credit card on its site. There are videos on Flokis’s website that guide you on how to buy.
However, there is a 3% fee on every buy and sell. This goes to the FLOKI treasury and is used for the development of the Floki Inu project. Floki also directs buyers to “set slippage to 4% for Uniswap and PancakeSwap.”
What Is the FLOKI Community?
Floki Inu has strong support from its fans. The crypto recently shared that it has more than 360,000 holders. It is very active on Twitter (NYSE:TWTR), with more than 248,000 people following its account. The Floki Inu community goes by the name #FlokiVikings.
What Drives the Price of Floki Inu?
This question is tough to answer. There are many FLOKI price predictions online, but their validity is highly questionable. This is another highly-speculative, highly-volatile crypto that has utility and wants to be more than your average meme coin.
It may easily surge and crash at the same time. Before deciding to invest in Floki Inu, be fully aware of all the high risks related to crypto investing.
On the date of publication, Stavros Georgiadis, CFA 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.
Stavros Georgiadis is a CFA charter holder, an Equity Research Analyst, and an Economist. He focuses on U.S. stocks and has his own stock market blog at thestockmarketontheinternet.com/. He has written in the past various articles for other publications and can be reached on Twitter and on LinkedIn.