Floki Inu, a meme coin named after the dog of Tesla, SpaceX, and Twitter CEO Elon Musk, rose nearly 50% overnight. One of the main reasons was the listing on Binance.US along with other meme assets such as Dogecoin and Shiba Inu, but they showed much less growth. Read more about what else caused Floki Inu to soar and what will happen to the price below.
Dog power: what is Floki Inu?
FLOKI a masculine name of Icelandic and Nordic origins, aka Floki Inu, is a service token of the ecosystem of the same name, which includes:
- An NFT gaming metaverse called Valhalla.
- A suite of DeFi products launched under the FlokiFi umbrella.
- An NFT and merchandise marketplace called FlokiPlaces.
- A content and education platform called the University of Floki.
The overall goal of the project is to stand out from other memes by combining them with utility. In the long term, it will be an autonomous and decentralized ecosystem with a focus on:
- Strategic partnership.
- Building utility on the token itself.
- Developing use cases for the Floki brand through NFTs, games, and DeFi features.
The project was created by an anonymous developer who abandoned it shortly after launch. Since then, the community has managed Floki Inu, exactly like Shiba Inu. The Floki core team consists of:
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- Litern — community manager.
- Jackie Xu — lead developer.
- Mr. Brown Whale — core contributor.
- B (the Viking) — core contributor.
- Sabre — core contributor.
At the time of writing, according to Etherscan, the asset is stored in almost 72,000 wallets and is considered one of the most popular meme projects.
Toward even greater success: Why has Floki gone up in value?
Floki’s current value is well below the all-time high of November 2021. However, there are now at least four reasons that have brought the asset back into action. Let’s take a look at each of them.
On April 25, it became known that Binance.US, the U.S. branch of the popular cryptocurrency exchange, would go through a Floki Inu listing. The reaction to the token was not long in coming, and the asset has risen 55% since April 24. It also caused the coin’s market capitalization to rise to $410M for the first time since February 2022. Considering the low value of the asset itself, this is a very good result. This puts Floki in the top 100 cryptocurrencies by market capitalization at the time of writing.
It is worth noting that two more meme tokens — Dogecoin and Shiba Inu — were also listed on Binance.US that day. However, their reaction was not so powerful. So, over the last 24 hours, the coins initially gained 1,1% and 0,5%, respectively, but at the time of writing, they have already fallen by 0,87% and 1,23% compared to the previous day.
This is MASSIVE news that further legitimizes Floki and makes it clear that we firmly complete the #memecoin trilogy with $DOGE and $SHIB!#Binance is the world’s biggest, most trusted, and most recognized #crypto brand. https://t.co/YfgkmnFPi7
— FLOKI (@RealFlokiInu) April 24, 2023
Floki staking program
Another reason that may have influenced the rise in the price of the asset could be the launch of staking in test mode. According to representatives of the team, “the tests have gone very smoothly,” and the program will probably be launched in full “sooner than many realize.”
We deployed the $FLOKI staking program on testnet last week!
So far, the tests have gone very smoothly… and #Floki staking is coming sooner than many realize.
Sneak peek video below:
Please note that the numbers are generic and the final numbers will be different. pic.twitter.com/qg3fsqupMO
— FLOKI (@RealFlokiInu) April 24, 2023
Staking was launched as early as last week, and, if the official website is to be believed, in that time:
- 1.7 million users participated in the program.
- There were 55M transactions in 30 days.
- A total of $3.5B was staked.
The process of reserving funds is very simple and consists of four steps:
- Connect your wallet (MetaMask, Connect, Fortmatic, or Coinbase).
- Select a pool from Floki’s staking pools.
- Choose the amount and length of your stake. The longer the stake, the better the rates.
- Earn rewards. You can always re-stake or claim your money at any time.
Floki is currently the most…
In addition, the project team summed up some results by making a thread with the current achievements of the project. According to the published data, FLOKI is currently:
- The most traded cryptocurrency on the Dutch crypto exchange, Litebit (link).
- The most traded cryptocurrency, that is not a stablecoin on India’s biggest and most recognized exchange, WazirX (link).
- The second most traded crypto on the Gate.io exchange with $97M in 24 hour volume (link).
- The number one crypto in the world based on #AlrRank according to leading crypto social intelligence platform LunarCrush (link).
- The 18th most traded crypto in the world with 24 hour volume of more than $185.7M (link).
- The third most traded crypto on top exchange OKX (link).
- The third most traded crypto on top exchange KuCoin, only ranking below BTC and ETH (link).
Everything is related. So, most of the results were the reason for listing on Binance, and, accordingly, the growth of the price of the asset.
✅ Verified account
Moreover, on June 19, Twitter verified FLOKI as an organization. The official token’s Twitter page now has a gold check mark. Just before DogeDay.
And now Floki is the only memecoin to have this status. Not even the Dogecoin and Shiba Inu had such a designation.
Floki Inu’s current price and some predictions
At the time of writing, Floki Inu is trading at $0.00003666, up 15,90% from 24 hours ago. However, at its peak over the past 24 hours, the asset was trading at $0.00004797, up 52,09%.
- Price $0.000032
- Market Cap
Nevertheless, the current value of the asset is nothing compared to its historical high. On November 5, 2021, Floki was trading at $0.0003118. So, if you had invested at the start, you would have received 7,4 times what you invested before at the peak. And if you held or are still holding, you now have x0,8 of the amount originally invested.
The most profitable option would be if you invested in the token on August 9, 2021. Then Floki formed an all-time low and dropped to $0.00000002, and if you had held until now, the profit would have been 186231,88%.
Binance.US is one of the largest and most reliable exchanges, so a Floki listing is likely to have only a positive effect.
“This listing signals Floki’s growing strength and its commitment to doing things the right way with strong compliance,” says Twitter’s user Not A Whale.
On the eve of the listing, IntoTheBlock specialists noticed a significant surge in addresses, which coincided with the rise in the price of the token.
“We see a minor increase in zero balance addresses, which indicates some holders are selling into the price move. However, we also see a strong increase in new addresses, which signals new holders coming in,” says the research.
Thus, it seems that due to the strong volatility, some people are in a hurry to get rid of their tokens in order to earn a little bit before they fall again. Others, seeing such growth and potential and considering the reasons described above, think that they should invest in reliable assets with growth prospects.
However, it is not clear yet whose actions are the most profitable. Meme tokens are still very risky assets, and it is almost impossible to predict how they will behave in the future. Therefore, before investing even in seemingly successful tokens such as Floki, do your own research.