Floki Inu is a meme coin created early this year following the footsteps of Dogecoin. The cryptocurrency claims to be a movement rather than a meme coin. Elon Musk recently named his dog ‘Floki,’ which made the currency moon. Floki is a dog currency that the Shiba Inu community created. Therefore, we look at what Floki Inu Market Cap and Tokenomics are?
Floki Inu Market Cap
Market capitalization represents the total number of coins a particular cryptocurrency has mined. The importance of the market cap is to inform the user if it is wise to get into a project or not. Small caps are riskier, mid-caps are profitable, and large-caps are safe.
$FLOKI uses both Ethereum and Binance Smart Chain (BSC) networks. The coin has a very low market cap and market cap dominance. The total supply in the currency circulation is 9.12 trillion Floki across both networks, with a market cap of $197 million.
The trading volume of the coin is $6.916 168, with no market cap rank. The all-time high (ATH) of the currency was $0.00007543, which was 7days ago. Currently, the price is at a 20% fall. The All-time low (ATL) of the coin was $0.000000084280, which has had a 71228.4% increase since.
Floki Inu Coin Tokenomics
Influential figures are behind the design of the token. The project began with a tweet from Elon Musk, and Kimbal Musk, the brother to Elon Musk, collaborated with it. Top magazines such as Yahoo Finance and Forbes have also talked about the coin.
It offers passive income rewards: a 2% reflection reward, a 3% marketing for influencers, and a 6% buyback on automation. The coin also has a 1% burn of each transaction, which costs 5%. The transaction distribution to holders is at a rate of 5%. It also allows for auto farming simply by ‘holding the coin.
Future Utilities
Three flagship utility projects form the basis of the coin: Vahalla, Flokiplaces, and Floki University. Vahalla is an NFT gaming metaverse that allows gamers to interact with each other while playing. The metaverse made $FLOKI secure huge partnerships with NFT kings. FlokiPlaces is a multipurpose merchandise marketplace and an NFT; lastly, Floki University offers educational content. Partnership with Curate helped create Floki Places, which aims to validate its goal as the first meme coin with a use case.
The gas fees are relatively low using the Binance Smart Chain network, making the coin more promising. Pancakeswap makes it easier for users to transact and is where users can openly purchase the coin. Trades can also buy the currency through Uniswap using the Ethereum Network; however, this is more expensive. It is much easier for users to buy the coin on Binance and hold it. Transferring the coins to other wallets is also better using the Binance Smart Chain Network.
Future of Floki Inu
‘Power of the community’ is what Floki Inu symbolizes. The project banks its mooning and utility on this, intending to be among ten cryptocurrency projects. Floki begins to set a trial within the next cryptocurrency revolution, which is crazy because I thought that is now.