Meme coins defy all the laws of finance. Yet, they have become some of the hottest attractions in the cryptocurrency industry. One of these fascinating coins is Floki Inu (FLOKI), which BC.GAME has listed. Crypto gambling enthusiasts got their first taste of meme coins through the notorious Dogecoin. This coin had a deliberately unserious public face.
Nonetheless, it gained traction as a meme coin to become one of the hottest coins during the crypto bull run of late 2020 into this year. Its ongoing surge has been thanks, in part, to the promotion of Tesla CEO centi-billionaire and larger-than-life crypto personality Elon Musk. Dogecoin prices rallied over 120X in the first half of 2021, which is absurd for a project that took an intentionally unserious angle. Well, there are now more pretenders to the throne. Shiba Inu (SHIB), whose first name is the Dogecoin symbol, has also made some noise late. Bitcoin adherents who swear by its credentials of scarcity and digital gold must be losing their minds at how these meme coins, with a tinge of hilarity, are such massive hits among crypto traders and gamblers.
Enter Floki Inu (FLOKI)
Ask a random person on the street what Floki Inu (FLOKI) is, and you might be in for a wrong-answers-only contest. Most would associate that name with a fictional character in the History Channel’s epic Television Series: Vikings. Floki was a genius shipbuilder who supposedly built a new generation of Viking ships that allowed the Vikings to conduct raids in far-off places. Some would associate this character with the Viking god Loki, whose name resembles Floki. Well, enough of the anecdotes.
Nonetheless, the name Floki Inu has equally curious origins. Here is where Elon Musk comes back into the story. This coin took inspiration from other dog-themed meme coins and their meteoric rise. Musk named his dog Floki, and a team of developers took inspiration from that and launched a cryptocurrency! It almost sounds like a made-up story, except that it isn’t! Yes, the idea came about on June 25, 2021, when Elon Musk tweeted that he would be naming his new dog Floki. Soon enough, some developers went to work and created a coin bearing the same name. This timing was perfect to capitalise on Musk’s popularity. These developers were a part of the Shiba Inu community. Shiba Inu has come up strongly and even seems poised to threaten Dogecoin’s dominance of meme coins. Floki Inu runs on the Ethereum blockchain and the Binance Smart Chain (BSC). The coin community (Floki Viking) is considerable and may be the key to the propulsion of the project into the future. A strong community has been the backbone of other stablecoins, with Reddit playing a massive role in communication and raising awareness.
Floki Inu (FLOKI) Popularity Within Months
Actual memes go viral within days. That is the power of meme culture. Similarly, meme coins after Dogecoin seem to jump a few steps in the normal learning curve. Floki Inu prices soared significantly within months, with September recording over 250X gain and attaining new all-time highs. Fair to say that Floki Inu founders are laughing all the way to the bank. One may argue that this coin is still priced in multiple decimals and not even close to a cent in value. However, one must always look at the trajectory of the coin’s prices. As for tokenomics, there are 10 trillion FLOKI, and the coin has a robust coin burn program to boost value gradually. At press time, Floki Inu has a market cap of about $2.1 billion, which is insane for a 5-month-old “meme coin.”
The Meme Coin Era Is Proving to Be More Than a Fad
In real life, memes are relevant for a short while before new memes take over. Meme coins are similar in hilarity but are proving to be more enduring. Remarkably, they also show some level of diversity in coin structure. For instance, Floki Inu proposes a native marketplace dubbed “FlokiPlace” to leverage its community for a truly robust network. This move would be a departure from the unserious character of the likes of Dogecoin. Elon Musk may be more powerful than most world presidents of his effect on crypto prices.
Nonetheless, he has been a massive asset for meme coins which ride on popularity and controversy to soar. It might be time to hire a psychic to guess what name Musk will give his next dog. FLOKI intends to build more utility and even venture into the NFT industry. It will be fascinating to see if this other side gets as much traction as the meme aspect of the coin. BC.GAME has listed meme coins for online gambling enthusiasts to wager with—think DOGE, SHIB, and FLOKI. Besides the mentioned ones, others like Turtlecoin are also gaining similar popularity. These meme coins are here to stay, and the endurance of the existing meme coins is proof that their star will only continue to rise.
The Big Picture
Memecoins are causing financial experts to rethink the concept of money and value. Floki Inu is yet another of these dumbfounding projects that have come to upset the apple cart. This coin is popular in culture and the internet at its finest. Not even the founders of meme coins know their future performance. These projects don’t follow the rules of either cryptocurrencies or fiat currencies. FLOKI has leveraged internet popularity and done a fair bit of marketing to reach its present status. Support at BC.GAME furthers their ambition, driving its utility. Nonetheless, predicting the future of meme coins is a challenging task. However, if the past seven years are anything to go by, they will be around for posterity and continue to break records.