What is FLOKI? Everything you need to know about this memecoin inspired by Elon Musk's dog

What is FLOKI crypto?

FLOKI is a meme coin available on the Ethereum and BNB Chain blockchainsThe idea behind creating this crypto was born on June 25, 2021, when Elon Musk tweeted that he would adopt a Shiba Inu puppy and name him Floki.

This tweet inspired a team of developers to launch the FLOKI token a few days later.

But the project really saw massive adoption starting on September 13, 2021, when Musk announced that his family had finally adopted the puppy.

Since then, the FLOKI crypto has become one of the most valuable memecoins on the market.with a market capitalization of $1.7 billion at the time of writing (July 2024). This capitalization places FLOKI in the top 50 cryptocurrencies in terms of market cap.

With over 230,000 holders (as of July 2024), this cryptocurrency aims to go beyond the simple narrative of memecoins by developing a concrete utility for its token.

Indeed, to engage its community, known as Floki Vikings, the team relies on impactful initiatives. For example, FLOKI is the only crypto project officially partnered with the Million Gardens Movement of Kimbal Musk, Elon Musk's brother.

This initiative aims to combat food insecurity around the world and adds a social dimension to FLOKI by distinguishing it from other memecoins.

Here are some of FLOKI's other notable collaborations: :

• Alfa Romeo (2022): FLOKI announced a partnership with Alfa Romeo F1 Team ORLEN;
• India Maharajas (2023): India Maharajas cricketers wore the FLOKI logo during the LLC Masters;
• Badminton Asia Championships (2023): FLOKI sponsored the Badminton Asia Championships in Dubai;
• World Table Tennis (WTT) (2023): FLOKI became the official partner of WTT in Frankfurt;
• Manipal Tigers (2023): FLOKI joined forces with Manipal Tigers in the Legends League Cricket in India.

In addition to these collaborations, the FLOKI team is currently developing several areas to develop its ecosystem:

• Valhalla : Powered by the FLOKI token, Valhalla is a metaverse powered by NFTs. Through Play To Earn (P2E) mechanisms, players can earn FLOKI tokens by participating in various in-game activities (gardening, combat, ship management, etc.);
• FlokiFi : This is FLOKI’s decentralized finance (DeFi) ecosystem. Its flagship product, the FlokiFi Locker, is an innovative solution for securing tokens, NFTs, and multi-asset tokens (ERC-1155) in order to generate yield. FlokiFi aims to make the FLOKI token useful and deflationary through burn mechanisms;
• Floki University : Using a variety of learning models, Floki University seeks to make crypto education accessible to everyone. The FLOKI token is the central element of this educational platform, required to perform certain actions within the university;
• FlokiPlaces : This initiative seeks to create an environment where users can easily buy and sell NFTs using the FLOKI token;
• Mystery Project : A mystery project, as yet undisclosed, is also in development.

What are the roles and tokenomics of the FLOKI token?

The FLOKI token plays a central role within its ecosystem and is not just a simple memecoin. Here are its uses and distinctive features.

Utilities of the FLOKI token

• Main cryptocurrency : FLOKI is used as native crypto on the various platforms of the ecosystem, including FlokiPlaces for NFT trading and Valhalla, the metaverse;
• Crypto Education : FLOKI is also used on the Floki University educational platform, where it is required to access certain specific functions;
• Burn mechanisms : A portion of FlokiFi's transaction fees are used to purchase and burn FLOKI tokens, making the token deflationary;
• Rewards and Staking : FLOKI holders can also participate in staking programs and receive rewards, thereby incentivizing the long-term retention of tokens.

FLOKI logo, styled by Cryptoast

FLOKI Tokenomics

FLOKI has a total supply of 10 trillion tokens and hasAt the time of writing, nearly 50% of the total supply has been burned on the Ethereum and BNB Chain blockchains.

The share of FLOKI tokens held by those who created this memecoin is not known..

As a memecoin, FLOKI is particularly sensitive to market movements, which can lead to very high volatility in its price. Although this crypto is distinguished by its ecosystem of Web3 products, FLOKI remains above all a meme coin. It is crucial to be fully aware of this before acquiring it..

If you still want to buy FLOKI, here are the steps to follow on Bitpanda, a secure and regulated platform in France (PSAN):

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1. Create an account on Bitpanda (affiliate link) and confirm your KYC;
2. Deposit euros to Bitpanda via bank card or transfer;
3. Once your euros are on Bitpanda, click on “Trade” then on the “Buy” button;
4. Search for the FLOKI token then enter the amount of your purchase before clicking on “Go to summary”;
5. If everything is correct, click on the button “ Buy now » to buy the FLOKI crypto;
6. Congratulations! You have purchased FLOKI!

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Who created the FLOKI cryptocurrency?

Officially, FLOKI is a community project in the strict sense of the term and its creators are not officially known..

However, according to several rumors, the FOKI crypto was launched by a group of crypto influencers known as B, PetaByte Capital, Sabre, and Mr Brown Whale.

According to CoinMarketCap, the lead developer of FLOKI is Jackie Xu, a respected figure in the industry with over 10 years of blockchain experience.

Our opinion on the FLOKI token

In summary, FLOKI is an ambitious memecoin that seeks to distinguish itself from others by developing a diverse ecosystem.

Indeed, through initiatives like Valhalla, FlokiPlaces and Floki University, the project aims to add real value to its token unlike other memecoins.

Currently, FLOKI's success is based on several key factors: an engaged community, strategic partnerships, and a burn mechanism that makes the token deflationary. However, as with all memecoins, It is important to remember that FLOKI is highly speculative and subject to high volatility..

It will be interesting to see how FLOKI fares from other memecoins in the long run. and whether the strategy currently in place will create a user base that is sufficiently involved to support the ecosystem.

What is your opinion on the FLOKI memecoin?

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I first immersed myself in the world of blockchain in 2016, following a captivating discussion with a friend about Bitcoin. My journey since then has been driven by a constant quest for technical innovation and the development of revolutionary solutions that redefine our interaction with technology.

Ambroise Lalloz

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