2021 has been a year of so many trends in cryptocurrency, including Floki Inu. Elon Musk has been an inspiration behind many of these Cryptocurrencies. After the rise of Dogecoin, the Shiba Inu community created Floki Inu because Elon Musk named his dog Floki in 2021. Let’s look at whether $Floki Inu hit 0.01 by the end of 2021.
Price analysis
Elon Musk shared a tweet showing Shiba Inu pup basking in the sun on October 3, making the coin moon the following day. $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 $778 million.
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.
Buying Floki 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.
Influences on Floki
$FLOKI coin claims to be a movement rather than a meme coin. Kimbal Musk and Elon Musk are the key influences behind cryptocurrency. This support has a huge effect on the price movements and investments of cryptocurrency. Kimbal, the creator of the Million Garden Movement project, made a partnership with the altcoin. This shows that Floki aims to be a meme coin with a use case rather than another ATH dog currency. Basing its growth on community rather than individuality boosts growth in the price of the coin. The other influence is Floki Vikings.
Floki Vikings is a Twitter community with the name from the movie “The Vikings.” The movie has a character called Floki, hence the name. $FLOKI launched on Binance Smart Chain (BSC) and Ethereum Networks. The community helped the project get a listing on LunarCRUSH, the top social media site for analyzing cryptocurrencies.
$0.01 Floki in 2021?
Transaction 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. However, it is impossible for $FLOKI to reach $0.01 in 2021. The possibility is true for the Shiba Inu token but false for Floki. The coin has a low market cap and little to zero use case. Several reasons as listed above might cause prices of the coin to rise, we are yet to see how the coin will fair in the coming days. The coin, as of now, is simply a meme coin and anything can happen.