The sub-group of dog cryptocurrencies have been dominating the space since $DOGE’s inception, kicking off majorly when business magnate and social media giant - Elon Musk - starting making a series of promotions for the first dog coin, and actually backing it himself. Following that boom, there was an exponential increase in dog coins, specifically the Japanese Inu breed. Shiba Inu, Kabosu Inu, and Floki Inu are among the most prominent ones currently on the market.
It's impossible to keep up with how many dog-related tokens are launching, once a coin has its initial surge, the investors move on to the next one. There are of course the top coins that have set the stage for all new tokens trying to follow - $DOGE, $SHIB, and $FLOKI - and are now being replicated by thousands of projects. The Floki coin is the newest of the three, which launched after Elon had announced his shiba inu dog was given the name Floki. There were two tweets that sparked the hype, first on June 25th where Elon tweeted his purchase of the dog, and later on September 12th once it arrived at his home - where holders saw price rise 1,000% in two days following the tweet.
The Floki Inu coin was created by an anonymous person named Ryoshi in August 2020, and usually the answer to “What is Floki Crypto?”. It launched as a typical meme coin aiming to capitalize on the dog crypto hype generated by its predecessors, but fast-forward to June 2021 when Elon Musk tweeted his new dog named Floki, and well you can guess what happened after. The coin now has a market cap of $1.5 billion and a 24-hour trading volume of $34 million at the time of writing.
From an underground launch in 2020 to the top 80 podium of all cryptocurrencies is a huge feat based off of hype created by Elon Musk, creating a ripple effect among other influencers. The world's richest man has the 13th highest following on Twitter with over 65 million, of which is primarily made up of crypto enthusiasts who are extremely active and influenced by the tweets made by the magnate.
The crypto, according to the official Floki Inu website, is partnered with Elon’s brother Kimbal Musk, through the Million Gardens Movement - a collaborative community of gardeners seeking to educate and influence people around the world to grow their own food, to help in becoming a more sustainable species. The connection to the Musk brothers that Floki Inu has is rare, and most likely due to its popularity, the project has begun to release exclusive NFTs, and is in progress of launching several platforms for the Floki ecosystem.
Floki Inu are jumping on the metaverse train and intend to release an NFT gaming application with virtual-reality support. The game will be called Valhalla - a Norse mythological hall in Asgard that houses the fallen warriors under the mantle of Odin. Sticking with the Norse theme, as Floki is a fictional character in the Vikings TV series.
The game will run on the native token to build utility for the floki coin and will be the flagship platform for all users. With the use of NFTs, the game intends to allow users to own a part of the game through digital assetized items, which will allow them to be sold for cryptocurrency, and therefore fiat cash. Unlike traditional gaming where items are confined to the game and cannot be sold for cash-in-hand, the tangible value NFTs give crypto gaming items will be beneficial to the tokens economy and player base.
The game features play-to-earn through the native $FLOKI token, rewarding users who battle successfully, in addition to every item obtained in the metaverse game able to be sold, bought, or traded on the FlokiPlaces.
Floki Inu is aiming to release a marketplace where NFTs used within the game will be traded, sold, and bought, by the players - an increasingly popular platform among other projects to buy NFT tokens. Exclusive digital items will be released in limited quantities for users to purchase, and will have different attributes in the game. The first NFTs being released are the Diamond ones, awarded to holders that uphold the guidelines, as well as the Ruby ones for the first 500 buyers following the ethereum blockchain V2 upgrade.
XFLOKIVERSE is a prime example of a coin with utility, and when the question: “What is Floki Crypto?” arises in a metaverse-related conversation, we want to be mentioned. Our project boils down to an ecosystem involving a complete game that will incorporate the virtual experience metaverse is conceptualizing. As our whitepaper explains in great detail, we have created a digital crypto dashboard for purchasing the token trio that makes up the XFLOKI economy, as well as a marketplace for trading, buying, and selling any in-game assets users acquire while playing.
We aim to expand the horizon on current crypto projects by taking advantage of new blockchain technology to create a game that uses NFTs to assetize the in-game items available, and create a tradeable economy using our XFLOKI coins that split the ecosystem utility into 3 separate currencies. Metaverse propositions are being adopted by many crypto-gaming roadmaps at an increasing rate, but we have expressed a highly thoughtful to-do-list, in order to successfully launch our offering when ready.
When deciding whether to buy floki crypto, you’ve got to remember that it falls under the umbrella of a meme coin - it was originally launched to provide quick profit for its holders. Now, most projects have their initial pump until the fuel runs out and it dies, but some hold out and try to build utility and an ecosystem for the token. This process is the hardest to complete because it requires a team of developers, marketers, and community members who are committed to the project. Floki Inu is a perfect example, it used the hype and value gained from Elon Musk to start building their platforms like Valhalla and FlokiPlaces.
The key is to DYOR - Do Your Own Research. With a few minutes of your time, you can quickly find out whether the token you are about to invest in has any tangible value, or if it will in the future. Never put full trust in a project’s roadmap without any support, if the developers have shown progress consistently on the releases they claim then that is when you can start looking at the other factors. Now that you know what they aim to bring to cryptocurrency, you can start asking the questions like Is it safe? Are they unique? Does it provide any utility? Is the team transparent?
Floki coins are still new, they’ve only blown up in the last 8 months so there may still be a significant gap between now and when or if they lose hype. $DOGE and $SHIB still both have over $20 billion in market capitalization, so the “dog” meme is still very much a prominent crypto group. Floki Inu is the baby of the three and is approximately 15x from reaching its predecessors, and with the platforms they aim to release in the coming months, the potential is there.
As for referring these meme coins, if a friend or colleague asks “What is Floki Crypto?”, guide them to the projects that hold utility, and possess a vision that most likely prosper reflective of the current crypto market. Its also beneficial, even more so, to show the ones that are proposing unique ideas like the team at XFLOKIVERSE with its metaverse aspirations, NFT marketplace, and digital crypto dashboard. Elon Musk doesn’t seem to be hinting at stopping his support for dog cryptos, and with more influencers supporting the sub-group of crypto everyday, the future of the FLOKI name in crypto is bright within our trifecta of XFLOKIcoins.