Educational 
September 21, 2024 
28 min. 
Have you ever wondered how a meme coin could level up and become an impart part of the Metaverse community? Similar to many other meme coins, Floki Inu started as a meme coin inspired by the favorite Shiba Inu dog of Elon Musk. It gained a lot of attention mostly because of its association with Elon Musk.
However, many meme coins that gain hype like this, fade away rather quickly as well. But Floki decided to take a different path by going beyond the traditional meme template and providing real-world utility.
In fact, Floki is attracting loads of attention because of its journey into the Metaverse. It’s no longer about memes now, it’s about providing something valuable to the community.
According to Statista, the global Metaverse market is expected to reach 507.8 billion U.S. dollars by 2030 with an expected number of users to reach 2,633 million.
Now, the focus shift by Floki shows that it wants to become more than just a coin with a cute name. So, if you’re curious about Floki, keep reading.
What is Floki?
Floki is a cryptocurrency that started as a meme coin inspired by Elon Musk’s Shiba Inu dog but because of the team’s hard work, it is now called “The People’s Crypto”. It gained popularity rather quickly within the crypto community due to its playful elements and connection to the internet culture. Floki has developed into something much more than just a fun token which is quite different from what other meme coins do.
Floki operated on both the Ethereum and Binance Smart Chain networks which make it a versatile asset. It also has a loyal base of supporters which they call “Floki Vikings”. These are the people who believe in the long-term potential of this project and are heavily invested into it. The thing that makes Floki unique is its vision to create a complete ecosystem that also includes ventures into the metaverse, decentralized finance (DeFi) and NFT gaming.
Currently at the core of this project is Valhalla. It’s the Floki’s play-to-earn NFT metaverse game that really brings utility to the FLOKI token. We’ll discuss all of these features in detail ahead. With all these features and integrations, Floki is aiming to become a serious player in the Metaverse and far beyond.
FLOKI Coin – Floki’s Utility Token
The FLOKI coin is the utility token of the Floki’s ecosystem. It is the backbone of all the transactions within the platform. This FLOKI token plays an important role in everything from DeFi activities to the metaverse and NFT gaming.
It is a multi-chain asset that operates smoothly on both the Ethereum and Binance Smart Chain (BSC) blockchains. This is why this token is compliant with both of these. Because of this the FLOKI holders can bridge between the two chains with ease and store on their preferred blockchain.
An important aspect of FLOKI coin is the 3% tax that is applied to all buy and sell transactions. However, this tax doesn’t apply to transfers between the two blockchains. The money collected from this tax goes directly into the Floki Inu treasury which funds the continued development of the ecosystem and promotes greater adoption of the token.
But worry not, Floki has clearly mentioned in their roadmap that they will reduce the tax once the treasury reaches a sufficient level of their goals. Floki has a long-term vision and the team is continuously expanding the use cases for FLOKI coin which includes partnerships, integrations and further developments in the NFT space.
Additionally the FLOKI coin holders benefit from a deflationary token model which means the supply decreases over time and potentially increases the token’s value. Because of all these utilities, FLOKI coin is positioning itself as a key player in this rapidly evolving digital world.
The History of Floki Crypto
It’s important to understand the phases Floki crypto went through to reach its current level and innovation. Let’s divide the history of Floki in parts to make it easier.
Movement Sparked by a Tweet
The story of Floki crypto began on June 25, 2021 when Elon Musk tweeted that he would be adopting a Shiba Inu puppy and will be naming it Floki. At first this tweet didn’t seem to be anything.
However, a few intelligent people turned it into something unexpected. They used this opportunity to ignite the development of a new cryptocurrency inspired totally by Musk’s anticipated pet.
The Birth of Floki Inu
Now, realizing the potential of Musk’s influence, a group of developers moved quickly to create a new dog-themed cryptocurrency called Floki Inu. After that when Musk finally announced that his family had adopted the Shiba Inu puppy, the FLOKI coin was already on the market.
Because of this the token caught the attention of the crypto community and traders started to invest heavily in it. And that is all thanks to the “DogeFather”.
Floki’s Real-World Impact
Floki crypto isn’t just about memes and hype anymore. The project went behind noble causes and partnered with Kimbal Musk, the brother of Elon Musk and his Million Gardens Movement. This way Floki is making a real-world impact and making a difference in the world.
The official website of Floki claims that it is “the ONLY crypto project officially partnered with the #DogeFather’s brother Kimbal Musk’s Million Gardens Movement”. Together their goal is to combat global food insecurity. This adds a meaningful dimension to the coin beyond just its meme origins.
Massive Price Surge in FLOKI’s Early Days
In the early days Floki’s performance was nothing short of spectacular. It started at a price of a mere millionths of a cent. This project surged by more than 250,000% by September 2021 and reached new all-time highs.
Because of this price surge, Floki came into limelight and captured the interest of both investors and meme coin enthusiasts.
Supply and Token Burning Strategy
FLOKI has a total supply of 10 trillion tokens and nearly 50% of this supply is burned across the Ethereum and Binance Smart Chain networks. Token burning is a method that these tokens use to reduce the circulating supply.
Because of this the remaining tokens become potentially more valuable. This approach is central to creating long-term value for its holders.
FLOKI’s Current Market Standing
As of September 2024, the market capitalization of FLOKI coin is $1.1 billion and is currently in the top 60 cryptocurrency tokens in the world. WIth multiple real-world initiatives, Floki crypto has shown that it is here to stay.
Three Pillars of Floki Inu
The Floki project is built on three key pillars: Meme status, Utility, and Charitability. These pillars define Floki’s mission to establish itself as one of the best and the biggest cryptocurrency in the global market. Each pillar plays a significant role which we’re going to discuss next.
Meme Status
This was how the project started. At the core Floki identifies as a meme coin which is powerful enough to engage the community and attract more investors. With its dog-based theme, Floki connects with people across different socio-economic backgrounds.
The team behind Floki believes that memes make cryptocurrency more accessible to even an average person and allows more people to participate in the financial revolution.
The meme coin aspect also uses the success of other dog-themed tokens such as Dogecoin and Shiba Inu. Floki has positioned itself as a fun and approachable cryptocurrency which is why it has been so successful in such a short span.
Utility
The next pillar that’s supporting the success of Floki is its utility. This thing truly sets it apart from other meme coins. It shows to the crypto world that Floki is committed to creating an ecosystem that provides real value to the users and the holders. Their team is actively working day and night to create projects where FLOKi can be used for practical purposes.
One of the flagship projects in the Floki ecosystem is Valhalla which is a play-to-earn NFT gaming metaverse. Here the users can earn rewards, trade NFTs and use FLOKI tokens for various in-game activities. This project provides additional utility to the token and taps into the evergreen and growing metaverse and gaming sectors.
Another key component of Floki’s utility is Floki Places which is an e-commerce platform where users can use FLOKi tokens to buy physical goods. Lastly, if you’re looking to learn more about cryptocurrency, then you can join Floki University which is an educational platform designed to teach users about blockchain and cryptocurrency. We’ll discuss all three of these utilities ahead.
Also read about AgentLayer, a project which is decentralizing the AI space.
Charitability
The third and last pillar of Floki is charitability. Now what does this actually mean? It’s similar to what we do in real life. This project also commits to making real-world differences through philanthropic efforts. It not just focuses on creating wealth for the users but also uses that success to address global issues.
One of the most notable charitable partnerships that Floki has is with the Million garden Movement which we discussed earlier as well. It is the one and only cryptocurrency which has partnered with this initiative. There are more such charities and issues that Floki is continuously participating in to make this world a better place.
What is FLOKI Used For?
Now as promised, let’s discuss the different utilities this project offers which are quite unique from other meme coins. Let’s discuss all of them in detail ahead.
Valhalla: Floki’s NFT Gaming Metaverse
This NFT gaming metaverse that Floki has created is a game-changer for the ecosystem. They call it Valhalla. It allows players to earn rewards through gameplay and uses FLOKI tokens as in-game currency.
Players can use these coins to purchase assets and enhance their experience within the game. The users are given full-ownership over their FLOKI tokens which means they can play the game however they want, which eventually enhances user experience. Also, the rewards earned can be converted into real-world currency and be used for anything.
Partnership with OG Esports
Floki has recently announced an exciting partnership with OG Esports, a well-known esports organization, to make the Valhalla metaverse game more visible and engaging. Through this collaboration Floki’s NFT game will be introduced to the esports audience as well. This will make the game much more popular and accessible to gaming enthusiasts.
FlokFi: Decentralized Finance Products
Another important use case for FLOKi coins is in the FlokiFi platform. It is basically Floki’s platform which is going to be used for upcoming DeFi products. The very first offering or project under FloKi is the FlokiFi Locker.
It is a digital asset security protocol designed to provide a secure and innovative way to lock digital assets. The team has also left some hints about some upcoming DeFI products which include staking opportunities. It is still in development and more details have not been revealed just yet.
FlokiPlaces: NFT and Merchandise Marketplace
The FlokiPlaces marketplace is another area where FLOKI tokens can be used. If you have FLOKI tokens you can buy any digital or physical products available on their marketplaces. FlokiPlaces also allows users to buy and sell NFTs as well as merchandise.
FLOKI is trying to establish itself as a payment alternative to traditional currencies like Bitcoin, Dogecoin and the US Dollar. This project aims to create an accessible platform for digital commerce and that too within the crypto space.
Floki University: A Crypto Education Hub
Lasly, Floki is also working to educate users about cryptocurrency and other things related to it. The Floki University is an educational platform that is part of the metaverse ecosystem. This university’s only one aim and that is to offer detailed courses on blockchain technology, DeFi, NFTS, and much more.
Most of the content here will be free, however, for some advanced courses, the users will have to pay FLOKI tokens for access. This initiative is great for spreading awareness about the Floki ecosystem and cryptocurrency in general.
Floki Inu vs. Shiba Inu
Now let’s make a detailed comparison between these two meme coin projects that are doing great in the crypto space currently.
|
Features |
Floki Inu (FLOKI) |
Shiba Inu (SHIB) |
|---|---|---|
|
Launch Date |
June 25, 2021 (conceptualized), September 2021 (live) |
August 2020 |
|
Inspired By |
Elon Musk’s Shiba Inu dog, Floki |
“Doge” meme and Dogecoin |
|
Blockchain |
Multi-chain (Ethereum & Binance Smart Chain) |
Ethereum |
|
Token Type |
ERC-20 and BEP-20 |
ERC-20 |
|
Token Supply |
10 Trillion |
1 Quadrillion |
|
Uses Cases |
NFT Metaverse (Valhalla) DeFi (FlokiFi) FlokiPlaces Floki University |
ShibaSwap Payments with NOWPayments Shibashis Shiba Eternity |
|
Community |
Floki Vikings |
ShibArmy |
|
Governance |
Floki DAO |
ShibaDAO |
|
Charitability |
Partnered with Kimbal Musk’s Million Gardens Movement to fight global food insecurity |
Donations to various animal shelters and community-based projects |
|
Tokenomics |
3% tax on buy/sell transactions, not applied on transfers between chains |
No taxes on transactions; voluntary burn mechanism |
|
Staking |
Upcoming staking options in FlokiFi (details not yet finalized) |
Available through ShibaSwap (allows users to stake SHIB, LEASH, and BONE tokens) |
|
Roadmap |
Expansion of FlokiFi, Valhalla, and Floki University |
Introduction of Shiberse (Shiba Inu Metaverse) |
Advantages of Floki Crypto
Now let’s take a look at the advantages that Floki currently offers to its users.
Multi-Chain Compatibility
One of the key advantages of Floki is its multi-chain functionality. There are many other cryptocurrency projects that are only confined to one blockchain but Floki has provided users the flexibility with dual-chain compatibility. This setup makes Floki more accessible and versatile for users.
The ability to bridge FLOKI between Ethereum and BSC allows users to benefit from the liquidity and security of ETH while enjoying the low transaction fees and speed of the BSC chain. It’s ideal for traders who want the best of both worlds.
Expanding Ecosystem
The Floki roadmap is filled with exciting and innovative projects that could potentially add value to the FLOKI token. All of these projects have only one aim and that is to provide real-world value. As these projects will roll out, the value of the FLOKI coin will also start to increase.
Strategic Partnerships
The best thing about Floki is that it has partnered with many reputable projects and movements. Most notable partnership is with the Million Gardens Movement. This partnership is beneficial for brand recognition and also positions Floki as a project that is committed to solving real-world issues.
Charitable Contributions
One of Floki’s unique selling points is its dedication to charitable initiatives. Floki is currently supporting the efforts to tackle global food insecurity. By aligning itself with social causes Floki is appealing to a broader audience and not just crypto enthusiasts.
Disadvantages of Floki Crypto
With advantages come disadvantages too which we’re going to discuss next.
Meme Coin Origin and Elon Musk Influence
While Floki has transitioned into a full-fledged crypto token, its roots are still heavily tied to its meme status and influence of Elon Musk. The price of the FLOKI token is highly susceptible to the opinions and tweets of Musk on X. This connection has helped gain a lot of investors but in the wrong run it could also harm its reputation.
High Token Supply
One of the major concerns for FLOKI is its circulating supply. With a total supply of 10 trillion tokens, the sheer volume of FLOKI in circulation keeps its price per token extremely low. But to counter this issue the project also has a burning mechanism to reduce overall circulating supply. This high number of tokens can also discourage some investors who prefer assets with a more limited supply.
3% Transaction Tax
The last disadvantage about this project is the 3% tax that FLOKI charges on all the transactions except the ones between its two compatible chains. While this tax goes towards the project’s treasury and ecosystem development, it can discourage frequent trading or larger transactions. It is especially a big disadvantage for day traders who want to get in and out of a project and make little profits. It’s the only meme coin in the space that changes this much tax.
Conclusion
Floki has grown from a meme coin to a project with real potential. It is currently offering utility through its ecosystem in DeFi, NFTs and the Metaverse. This project started as a joke after Elon Musk’s tweet but has now become one of the most renowned and well-rounded cryptocurrency projects.
If you’re thinking of buying Floki, sign up for an exchange that works in your region and buy FLOKI tokens. However just make sure beforehand if this coin is available on that exchange or not. Remember, the crypto market is highly volatile and we don’t encourage anyone to invest in it without proper research. So, DYOR before investing your hard-earned money.
FAQs
What is Valhalla, and how do I earn FLOKI tokens in it?
Valhalla is Floki Inu’s play-to-earn NFT metaverse game. Players earn FLOKI tokens through in-game participation and can use the tokens to purchase assets. Players retain full ownership of the FLOKI they earn which makes it a rewarding gaming experience.
Does Floki Inu have a tax on transactions?
Yes Floki has a 3% tax on every buy and sell transaction. The tax is actually deducted to support the project’s treasury so that it can continue to make more utilities for the users. However transfers between ETH and BSC chains are tax-free. Also, the team has also said that once a specific threshold is reached, this tax will be changed to almost zero.
What are Floki Inu’s three pillars?
Floki Inu is built on three pillars: meme status, utility, and charitability. Its meme origins help build a strong community, its ecosystem provides real-world use cases, and it supports charitable causes like Kimbal Musk’s Million Gardens Movement to address food insecurity.
Can I stake FLOKI tokens?
Currently No. In the future? Surely. Floki’s team is still working to create staking products from the users so they can have an additional stream of income. This will also increase the utility of the token in the decentralized finance ecosystem.
Is Floki Inu a good investment?
With tons of utilities offered by the project, it sure seems like it has the potential to become an extremely profitable investment in the future. However, like many other cryptocurrencies, this project is also subject to market volatility. So do your own research before investing anything in Floki Inu.
