Floki Inu Coin: Why Did The Floki Inu Go Into Rapid Decline?
Flokinomics, Floki Inu, and Shiba Floki are just a few of the new altcoins named after Tesla CEO Elon Musk’s dog that have appeared in recent days. In addition, the valuation of other altcoins, such as Dogecoin and Shiba Inu, has risen as a result of random photos and memes posted on the internet.
Flokinomics, Floki Inu, and Shiba Floki are all meme-based altcoins that have seen significant value increases, according to Benzinga.
Also, Dogecoin was the first altcoin, which is introduced to the market as a joke in 2013 by Jackson Palmer and Billy Markus, who are its founders.
Nevertheless, the Shiba Inu token experienced an increase in price of more than 380% after business magnate and SpaceX CEO Elon Musk posted a photo of his dog on Twitter.
After that, Floki Inu coin has risen in value as a result of Musk’s tweet.
Cryptocurrency lovers may recognize the name Floki. Shiba Inu coin, a cryptocurrency token, is named after the Musk’s dog family. As a result, it is apparent that the two crypto currencies are connected.
As per Floki Inu’s website, the token project is linked with Kimbal Musk, who is Musk’s brother. As a result, the Floki Inu token is named after Elon Musk’s Shiba Inu dog of the same name, Floki. The currency was created by fans and traders of the Shiba Inu community, according to the cryptocurrency’s webpage.
“Floki is inspired by the dog, which is owned to the Doge Father, Elon Musk.”
Floki Inu has also been developing “an NFT game metaverse called Valhalla, an NFT and product marketplace called FlokiPlaces, and a content/education site called Floki Inuversity.”
- The current price of Floki is $0.00006011, provided by Coinbase.
- According to Benzinga, Floki Inu surged 24.9 percent in 24 hours.
- Shiba Floki surged by 31.2 percent as well.
- Flokinomics just increased 1425.27 percent in a 24-hour span.
What Is Floki’s Risk Level?
The Financial Conduct Authority has issued a notice regarding cryptocurrencies, stating that some digital tokens are risky.
“Investing in crypto assets, or investments and lending linked to them, generally involves taking very high risks with investors’ money,” according to the statement from the organization. “If consumers invest in these types of products, they should be prepared to lose all their money.”
Why Did the Price of Floki Inu Coin Increase?
As we mentioned before, Elon Musk’s tweet was the main reason for the Floki Inu coin‘s increased value. The dog photo in that tweet was mentioned as “Floki Frunkpuppy.”
According to CoinMarketCap, the Floki Inu coin price was approximately $0.000063 before rocketing to $0.000075 in response to Musk’s tweet.
Nevertheless, according to Floki Inu coin news, the coin’s value regained to its previous value before continuing to fall.
Can Floki Inu Coin Price Hit $1 in 2022?
The currency witnessed a huge price surge this year, and became one of the top performers of 2021, thanks to backing from Elon Musk and the DOGE community. Floki inspired the creation of several copycat crypto currencies along the way.
The very first point worth mentioning is that the token has been available for approximately three months presently, and it has risen by over 2,000% since then. In other words, the increase has already started, proving that this cryptocurrency does draw interest and has potential.
Considering that Floki Inu is not another random member of the Inu family, but the token inspired by Musk’s pet puppy, prospects that the token will not go away. Furthermore, the community of Floki Inu and the team behind it have further goals to assure the coin’s development and prosperity.
One of them is a huge marketing strategy that is set to begin this month, with the business planning on spending over $1.5 million on marketing activities alone, not only in October, but for the next few months too.
In other words, Floki Inu has always had a long road ahead to go to overtake the 2nd most common meme coin, but its strong increase suggests that there is social interest, and new capabilities, listings, and a huge advertising effort may easily propel the coin to become DOGE Jr.