The Floki Inu (FLOKI) team, the cryptocurrency and utility token of the Floki ecosystem, has burned 4.97T of its own tokens. Whales began to buy the asset massively, making it the most purchased in the BNB chain.
In this article, we’ll describe why Floki doesn’t grow after burning and estimate whether it can beat its main rival, Shiba Inu.
What is Floki?
Floki was created by fans and members of the Shiba Inu (SHIB) community, naming it after Tesla CEO Elon Musk’s dog. The identity of the project’s authors is unknown, as they chose to remain in the shadows and refused to support it after its launch.
After some time, their place was taken by representatives of the community, who together restarted the project. Today, according to BscScan, there are over 400K FLOKI holders.
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The current team, which represents the interests of the community, consists of three developers. They go by the nicknames B, marketing director Sabre,and core contributor MrBrown Whale, and the lead developer is Jackie Xuj, a blockchain expert with a decade of experience.
Now the team is working in four main directions:
- Valhalla is an NFT gaming metaverse. The alpha version of the game is currently live and playable on the Optimism Goerli testnet.
- FlokeFi is a suite of decentralized finance products. On January 29, it surpassed $9M in Total Volume Locked, doubling its assets locked in under four days.
- FlokiPlaces is an NFT and merchandise marketplace. It is in development.
- University of Floki is a content and education platform. It is in development.
All decisions that affect the Floki ecosystem are made by community members through voting.
Floki burning and whales’ impact
The max supply the maximum amount of coins that will ever exist in the lifetime of the cryptocurrency of Floki Inu equals 20 quadrillions, and 9,9 quadrillions have already been created. On Jan. 29, the Floki Inu community voted to burn 4.97 trillion tokens for a total of $102M at the close of the offering. The exchange rate at the time of writing is $107.2M. With burning, the creators remove a certain number of coins from circulation forever by sending them to a default wallet address. The supply of the asset is then reduced, and the demand increases, increasing the value of the cryptocurrency.
After this news, the BNB whales investors who have a larger amount of assets in their wallets than other market participants in the BNB chain became interested in the token. Now, according to WhaleStats, a whale monitoring service, they own FLOKI for an average of $4.9M.
Top 1 purchased tokens by 500 biggest #BSC whales today
Whale leaderboard https://t.co/f4ZJg8SIWe pic.twitter.com/DlNn0cLk8P
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) February 9, 2023
After burning, the value of the token should have increased, but it did not.
Floki Inu’s current price: why does the asset not grow?
In the last 24 hours, FLOKI has fallen 32,47% from $0.00002807 to $0.00002119. This is not always the case. Since the beginning of the year, the asset has steadily increased in value, as have other cryptocurrencies. This has been affected by an improvement in the U.S. economic situation — inflation has decreased from 7,1% to 6,5%. During this period up to February 7, Floki Inu rose 58,13%, from $0.00008152 to $0.00003413.
For comparison, six months ago, at the beginning of August 2022, the asset was worth even less, $0.00001294. Versus the current value of Floki, it grew by 63,76%.
Now the token is dropping, despite the past burning.
Its growth was not affected by the listing on the Kanga exchange. Since February 9, you can trade Floki paired with Tether (USDT) on the platform.
Floki is now listed on Kanga Exchange!
The $FLOKI/USDT market is open
Link to the pair https://t.co/f4zqpfKzKC@RealFlokiInu started as a #memecoin, but with a massive community, it has now become one of the top #cryptocurrencies. Floki offers many #web3 solutions. pic.twitter.com/zEuBCBbtYx
— Kanga Exchange (@KangaExchange) February 9, 2023
Also, FLOKI continues to trend on Twitter.
#Floki continues to trend on Twitter!
Floki is trending alongside #McDonald. pic.twitter.com/iEal0nfap5
— FLOKI (@RealFlokiInu) February 9, 2023
However, even this did not affect the growth of the asset’s value. This is probably due to the general state of the crypto market, which has been in decline for the last week because of the Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency exchange Kraken.
Apparently, the market decline affected Floki so much that the positive news could not send the price up.
Where can I buy Floki Inu?
The value of the asset has dropped a lot. However, not all exchanges have the same price for the asset. Here is where you can save your money, according to CoinGecko.
FLOKI is the cheapest traded on the exchange AscendEX (BitMax) in the pair FLOKI/USDT at $0.00001539.
And the highest trading volume for the last 24 hours was recorded on the OKX exchange: $4,147,907 in the pair FLOKI/USDT. On the platform, the asset is worth $0.00002196.
Shiba Inu killer? Will FLOKI be able to outperform its main rival?
If Shiba Inu’s goal is to surpass Dogecoin, Floki Inu was created, according to the project developers, to surpass Shiba Inu.
Both coins are memes, but Floki Inu is behind Shiba in one of the main indicators — market capitalization. FLOKI now has $193.2M and SHIBA has $6.74B, which is 3,488 times higher. However, there are some competitive advantages. For example, Shiba Inu works only on the Ethereum network, while Floki Inu also works on the Binance network.
As for the value of the token, at the time of writing, FLOKI is more expensive than SHIBA. The difference between the assets is 75,04% — the coins are worth $0.00002153 and $0.0000123, respectively.
If the market goes up, Floki Inu has a chance to go up as well. In addition, another coming listing, which will take place on February 11 on the FasstX exchange, can enhance the effect. On the platform, the asset will be available in pairs with BNB.
FasstX lists #Floki (FLOKI)
FasstX will open trading
for the Floki- FLOKI/BNB trading pair on 11th Feb 23
Now, you can deposit your assets to your $FLOKI wallet at FasstX
Subscribe: https://t.co/TPwaAXmCqu#FasstX #Fasst #FasstArmy pic.twitter.com/VATq1X4PH9
— FasstX (@fasstofficial) February 10, 2023
In addition, according to Lunar Crush, the asset was in the top 10 in terms of daily activity among users.
⚡️TOP #Crypto Projects by Social Activity
10 February 2023#Bitcoin $BTC #BTC #Ethereum $ETH #ETH #BNBChain $BNB #BNB $APT #Avalanche $AVAX #AVAX $SFUND $FLOKI $VRA $EGLD #EGLD #Blockchain pic.twitter.com/zAZ6JSW2w4
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) February 10, 2023
What do you think of Floki Inu? Does he have a chance of success, and can he surpass Shiba Inu? Tell us about it in the comments.