The cryptocurrency market is a strange and unpredictable place. There are hundreds of innovative projects that are struggling to find their place in this dog-eat-dog environment (pun intended).
At the same time, dog-themed meme coins are soaring in value. These zero-fundamentals coins are providing modest investors with gains beyond common sense. Just look at the SHIB investor that bought in $8000 worth of meme tokens and turned these into $5.7 billion in one year. Trade of the century, to say the least!
Floki Inu is another meme coin that was created to ride this popularity wave to the moon. In this article, we analyze whether FLOKI can follow its predecessors’ footsteps and reach the top of the crypto charts. To this end, we provide an honest Floki Inu price prediction and look at its fundamentals and the reasons behind the hype.
This should give you a good idea of whether investing in Floki is a solid addition to your portfolio. But before we go forth with our Floki Inu price prediction, let’s have a quick overview of the history of meme coins.
- Short introduction to meme coins
- What is Floki Inu?
- Bumpy beginnings
- How does FLOKI work?
- FLOKI’s strengths – community and hype
- FLOKI’s weaknesses – fundamentals
- Floki Inu price prediction – factors to consider
- Floki Token Price prediction – price action since its release
- Floki Inu price prediction 2021
- Floki Inu price prediction 2025
- Concluding our Floki coin price prediction
Short introduction to meme coins
In the beginning, there was only Bitcoin. Then came altcoins that attempted to improve upon Bitcoin’s technology. Everybody wanted a piece of the action. The combination of over-the-top tech talk and overtly serious investors created a hostile environment, detrimental to the mass adoption of the technology.
In 2013, Billy Markus and Jackson Palmer launched Dogecoin, a cryptocurrency that attempted to go against this trend. Borrowing the image of the popular Shiba Inu meme, they created a coin that had very low fundamental value but was easily recognizable by the mainstream user. The community welcomed this lighthearted approach and propelled DOGE into the top 10 cryptos overnight.
What’s more, the original meme crypto gained a loyal following and remained in the top 50 cryptos over the years. Thanks to some vocal celebrities in the crypto community, including Elon Musk and Snoop Dogg, DOGE gained even more traction during the current bull run that started in 2020.
This increase in popularity brought a deluge of new, dog-themed meme coins into the market. And even though most of them have no fundamental value, they have unquestionably been successful at riding the hype wave.
Shiba Inu (SHIB) is worth a particular mention here. In just one year, the DOGE copycat gained as much as 17.300.000% in 15 months, turning early investors into billionaires. So, it’s to no one’s surprise that people are jumping on the meme coin craze bandwagon, trying to find the next SHIB token that will make them rich.
What is Floki Inu?
Floki Inu is a limited utility token that is aiming at becoming the next DOGE and SHIB killer. An anonymous team of meme fans created FLOKI in June 2021. This was shortly after Elon Musk announced that he was going to purchase a Shiba Inu puppy and name him, you guessed it, Floki.
My Shiba Inu will be named Floki— Elon Musk (@elonmusk) June 25, 2021
But what makes it different from the dozens of other meme coins and worth your attention?
Well, while there are dozens of Inu tokens on the market, the community considers Floki Inu to be the original meme coin named after Elon Musk’s dog.
The Floki Inu partnership with the Million Garden Movement further emphasizes this. The person behind this charitable organization is no other than Kimball Musk, Elon Musk’s brother.
That being said, controversies riddled the launch of the token. Shortly after release, the community realized that the initial developer had hard-coded a 20% tax on each transfer. This was in contrast to the advertised 5% tax that was supposed to be used for marketing efforts.
Once the admins confronted him and voted a fork of the project, the main developer started withdrawing funds. Ultimately, he made out with roughly 2600 ETH with this rug pull.
The community leaders hired another developer for the project, named “Marvin”, and put him in charge of the planned hard fork of the code. However, this “Marvin” individual also siphoned out $500.000 worth of funds from the Floki V2 liquidity pool and disappeared into the ether.
So, the developer I used has rugged the $FLOKI V2 LP funds.— Uniswap Detective🕵️ (@UniswapD) July 7, 2021
I'm extremely sorry, I really thought I was helping to save this project and my plans were absolutely huge for this.
The community administrators, in one last effort to save the project, invested another $450.000.They finally managed to build a team of developers that forked the code and Floki V2 was released. So Floki experienced not one, but two rug-pull scams in the first weeks following its launch. It’s an incredible feat that the token is still going strong after these huge setbacks.
How does FLOKI work?
To begin our Floki In u price prediction, let’s first analyze the functionality of its network. There are two types of FLOKI tokens, ERC-20 on Ethereum and BEP-20 on the Binance Smart Chain. There were initially 10 trillion tokens released on each chain, setting the maximum supply at 20 trillion FLOKI.
The team has burned a good portion of this supply by sending tokens onto dead addresses. Today, there are around 9.4 trillion FLOKI tokens in circulation, across both chains. The team ensures that the supply will never exceed the promised 10 trillion maximum supply.
An interesting feature is that Floki developers have created a 1:1 bridge between the Ethereum and BSC chains. It allows users to seamlessly switch networks to access different DeFi ecosystems.
Every FLOKI transaction is subject to a 3% tax that is put towards a so-called Treasury Tax. Worth noting is that using the 1:1 bridge does not trigger the taxation mechanism. These funds have two purposes:
- To fund marketing efforts.
- To help with further development and running costs of the project.
Following the rug pulls, this treasury fund is now handled through a multi-signature contract. No less than 4 out of 6 admins need to sign off the transactions going out of this wallet. Conversely, the liquidity pools funds are locked for the next 100 years through a smart contract audited by Solidity.
FLOKI’s strengths – community and hype
In our Floki In u price prediction, we would first like to go over the main strengths of the project. Like many other meme tokens, Floki Inu’s force resides in its community. Aptly named the Floki Vikings, the project’s followers are some of the most vocal in the crypto community.
The marketing team states that Floki Inu is more than just a meme, it has become a movement. The incredible community surrounding this project has proven this time and again:
- In July, Floki was in the top 10 coins by social engagement on the LunarCrush platform, without spending a dime on marketing efforts. The community buzz managed to hype up FLOKI even though the market was experiencing a negative downturn following the May 2021 crash.
- In September 2021, Floki Inu released 10.000 Flokitars, unique NFT avatars for the community. They were sold out in just over 30 minutes, raising $1.4 million dollars. The entirety of this sum was donated to Million Garden Movement in order to help them achieve their goal.
Wow. Thank you #Floki Vikings. You are going help so many kids, teachers and families learn gardening at home and in schools. I write this as I watch the SpaceX capsule land and can’t believe it awesomeness in this world. You guys are part it! https://t.co/audZHlmxLv— Kimbal Musk (@kimbal) September 18, 2021
With more than active 270.000 FLOKI holders, the team has managed to fulfill their main goal – to reach a large number of investors and secure the immediate future of the project.
FLOKI’s weaknesses – fundamentals
To continue our Floki Inu price prediction, we need to compare the aforementioned strengths to some of its most glaring weaknesses.
Currently, Floki tokens serve mainly as a medium of exchange and a speculation instrument for making profits. Unlike Shiba Inu, its direct competitor, Floki doesn’t offer an intricate ecosystem for earning passive income or any advanced DeFi capabilities.
The trillion-high market supply doesn’t help either, as such a high number doesn’t allow for scarcity and store of value capability. All in all, what Floki Inu can’t deliver in fundamentals, it must compensate with hype.
Floki Inu price prediction – factors to consider
For our Floki Inu price prediction, we have selected a few factors that could influence the coin’s price to the upside. These include:
- Valhalla NFT metaverse – one of the biggest additions to the Floki Inu ecosystem is its flagship metaverse project called Valhalla. This blockchain game will supposedly run with the help of FLOKI tokens and allow players to collect and farm rewards in the form of NFTs.
- Aggressive marketing campaigns – the team has started using the marketing funds to initiate an aggressive marketing campaign across the world. The effort has already debuted in London and Dubai. It plays on the FOMO aspect of meme coins, inviting investors to jump on Floki in case they have missed out on the DOGE pump.
- Utility-focused partnerships – Floki Inu has been working towards partnerships that add some utility to their token. For instance, they have partnered with Cryptocart and Shopping.io, so that FLOKI tokens can be used for eCommerce and online shopping.
- Centralized exchanges listings – one huge advantage that FLOKI has is that it’s not listed on any major centralized exchanges yet, safe for Gate.io and Poloniex. This means that there’s still room for upwards momentum as the listings on Binance, Coinbase, etc. start queuing up.
Floki Token Price prediction – price action since its release
- September 13, Elon Musk tweets the first picture of Floki. Price goes up 250%.
- September 16, the Flokitars sale announcement and Gate.io listing pump the price +250%.
- October 4, Elon Musk tweets another picture of Floki, the price rallies +150%.
- October 27, the London ad campaign debuts, pushing the price +550%.
- November 3, Elon Musks tweets “Vikings on the moon”, the price pumps +220%.
All in all, we can conclude that the FLOKI price has reacted extremely positively every time Elon Musk has tweeted anything in relation to Floki. Moreover, CEX listings are also a huge contributing factor to the price rallying in the short term.
Floki Inu price prediction 2021
Our Floki Inu price prediction for 2021 is bullish, for the following reasons:
- The team has a lot of resources and has planned a worldwide ad campaign similar to that one seen in the London Underground. Consequently, we can expect another leg up from the coin before the end of the year, which could easily slash another zero after the decimal point.
- If the price mimics the previous rally, we could see a single FLOKI token reach the price of $0.002 by the end of 2021, reaching the top 50 by market cap. Considering the competition, $20 billion in market cap looks like the point of exhaustion of meme coins such as FLOKI.
Floki Inu price prediction 2025
Providing an accurate Floki Inu price prediction for 2025 is quite a challenging task. Considering the lack of fundamentals of the project, FLOKI might not survive the next bear market. CEX listings could keep the project afloat for some time, but it’s unlikely this will suffice in the long run.
That being said, everything depends on the popularity of the upcoming Floki Metaverse. If the game encounters the hoped success, this could serve as fuel to the project and allow it to remain relevant during the inevitable market downturn.
To conclude, providing an accurate Floki Inu price prediction 4 years from now would be a shot in the dark. It’s anyone’s guess how high (or low) this hype-dependent coin could go.
Concluding our Floki coin price prediction
One this we can say for certain, is that Floki Inu is not a scam. The community administrators have, on multiple occasions, proven to be serious about the project’s longevity. They invested millions of dollars of their own crypto holdings to revive Floki Inu from the two rug pulls.
Now, you must understand that investing long-term in such a highly speculative and volatile asset is extremely risky. While this risk has paid off for SHIB investors in the past, this doesn’t mean that it’s anything more than a gamble on hype. Consequently, if you decide to put some money into this project, ensure to put some stop losses for your positions. Take profits frequently as the price could go quickly to $0.002 but crash even faster.
All in all, Floki is a fun meme token powered by a vibrant community and is definitely worth putting on your radar.