Commuters and shoppers in London, Los Angeles, and California may have known Floki Inu because of the crypto’s advertisements placed on these cities’ buses, trains, and billboards. Likewise, those who are active on social media, especially Twitter, know the meme cryptocurrency.

Floki Inu is yet another dog-themed cryptocurrency that is rapidly becoming popular among crypto fans. The digital currency has attracted considerable attention because of its exciting promises and significant investment potential. However, despite being one of the most popular altcoins available, Floki Inu remains a mystery to many crypto users.

Here is everything crypto investors need to know about Floki Inu in terms of its use cases and whether it is a good investment. 

What is Floki Inu?             

The Floki Inu is a meme cryptocurrency started in June 2021 when Elon Musk named his new family dog “Floki”, and, as a result, an anonymous developer created the cryptocurrency Floki Inu.

The original design of the project had major flaws, but a larger group revived it and declared Floki inu as “the people’s cryptocurrency.” Since its launch, the popularity of the meme coin has continued rising due to the Elon Musk effect.

The Floki Inu is an ERC-20 token available on both the Ethereum and Binance Smart Chain (BSC) blockchains. The cryptocurrency was first launched on the Ethereum Blockchain, but now the meme coin is also present on the Binance Smart Chain (BSC) blockchain, making it one of the few crypto projects that offer the multi-chain protocol feature. In other words, FLOKI tokens can be bridged between the two chains easily, allowing FLOKI holders to use either blockchain to store and transact with their tokens.

Floki Inu started as a dog-themed meme coin, much like Dogecoin and Shiba Inu, but the project has grown into something more substantial.

In 2021, the meteoric rise of the meme-inspired cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB) prompted other developers to create many dog-themed coins, hoping to share in the success story of their predecessors. In the early part of that year, Shiba Inu, the second-largest meme coin behind Dogecoin, took the market by storm when it became one of the 10 largest cryptocurrencies by market cap.

About five months later, another dog-themed cryptocurrency dubbed Floki Inu emerged, hoping to dethrone both SHIB and DOGE and occupy the position of the most popular meme coin in the market. During its first year, Floki managed to occupy the top 100 positions in market cap, triggered by its all-time high price valuation. Since its launch, Floki Inu has been making waves as investors try to get in as early as possible.

What are Floki Inu use cases?                                           

Unlike most meme tokens, Floki Inu contributes to the crypto world’s growth by offering real-world utility and exciting features enabling investors to get returns from the asset that seems to have no intrinsic value. Heavily inspired by Dogecoin, Floki strives to offer real-world applications for its users and serves as a tool for charitable work.

Consumers can use Floki to buy items through the partnership with the web3 ecommerce platform CryptoCart (CC). Floki Inu token has also partnered with many firms to provide utility to Floki holders. A good example is EPay, a platform allowing FLOKI holders to make purchases from the FlokiPlaces NFT and merchandise marketplace.

Floki allows investors to earn passively by simply holding the token. Floki is a hyper-deflationary token, meaning that rewards for Floki holders rise with burn wallet’s size increase. Also, as time goes on, a decrease in circulating supply increases the demand for Floki and its price.

The Floki Inu play-to-earn NFT metaverse game commonly known as Valhalla is a virtual reality platform that enables users to buy in-game items and conduct other digital asset transactions through the token. The feature also enables players to earn and collect the Floki Inu coin by simply playing NFT games.

The FLOKI University is a platform designed to raise awareness for the token. It is an educational setting that simplifies the cryptocurrency world for users. The platform offers educational content to everyone worldwide, but accessing some essential features requires users to acquire the Floki Inu coin (FLOKI) to do so.

Floki Inu is working on providing its users with access to the Decentralized Finance (DeFi) ecosystem, which is currently one of the most active sectors in the cryptocurrency industry. In the future, the Floki team intends to add more utilities, including multiple features like buying NFTs, gaming, and paying for services and goods.

Is Floki inu a good investment?

It is difficult to say whether Floki Inu is a good investment or not. That depends on what the market does and whether the cryptocurrency can maintain its current momentum.

One way a user can tell if Floki Inu investment is right for him is to explore the use cases of the coin. The stronger the use cases, like a means of payment and others, the greater the chances the coin would be in demand. As highlighted above, Floki is keen to provide users with quick and easy ways to make an income through the crypto. The Floki platform is teaching users about its Valhalla NFT Metaverse Game, a play-to-earn experience that enables users to collect Floki coins and make income. Floki University, a crypto education platform, is also impactful as it gives everyone a chance to learn more and make money.

There is a recurring pattern that always emerges when one wants to make money investing in cryptocurrencies. The common trend is that the earlier you invest, the better. This trend has remained relevant in crypto investing because of two reasons. First, when a cryptocurrency is new, its value is normally very low, and that means you could purchase a lot of coins using very little money. On the second note, when the market is volatile, which is associated with the rapid movement of crypto prices, that is the right time you can exploit the price differences to make some serious cash through day trading.

However, it is upon you to do your own research not only to determine whether entering a particular trade is right for you but also to figure out if a particular coin is a good fit for your investment portfolio. Whether Floki is a suitable investment for you would depend on your risk tolerance and how much money you are willing to invest, among other factors.

Furthermore, it is important to take into consideration that past performance is no guarantee of future returns, and you should be willing to invest what you can afford to lose. Whether you decide to invest in Floki inu, you should do your own research on the token and other meme coins.

Bottom line

Based on the data highlighted in this article, investing in Floki Inu could be a good addition to your investment portfolio and a profitable decision in the long run. But it is important to understand the risks that come with purchasing this crypto.

There are many other cryptocurrencies offered in the market. It might make sense for you to consider whether other cryptocurrencies are a better fit for your long-term financial goals and portfolio strategy.

In volatile cryptocurrency markets, it is essential to do your own research on a token to determine if it can add value to your investment portfolio.

Nicholas Otieno

CBW - External Analyst

KENYA