Have you ever heard about a cryptocurrency based on memes?
Well, most people may not have heard about it before. But you will be surprised to know that there is one and it is called Floki Inu.
In August 2020, it split off from Shiba Inu. The main purpose of the project was to become the most meme-d cryptocurrency. The token was built on the blockchain of Ethereum.
It was initially started as the meme-coin based on Elon Musk’s pet dog but has recently evolved into a full-fledged web3 project. The Floki Inu Price is expected to rise and fetch impressive returns. But it is mentionworthy that FLOKI has an encoded 3 percent tax imposed on the purchase and selling of the token, but not when you transfer it between the two chains.
So, should you buy Floki Inu at all? Let us find out below.
How Does Floki Inu Work?
The Floki tokens reward the users for participating in the ecosystem. The user can earn FLOKI by submitting their memes on social media, staking coins on the network, and creating and curating them. Floki Inu uses the money they have earned from the sale of the currency to create a decentralized financial ecosystem.
Even though the currency has seen so much success, it still requires a guarantee that it will keep going up. Everyone knows that the crypto market is the most volatile market and prices of the token may go up and down so quickly.
Floki Inu-Powered Project
Floki Inu has developed three flagship blockchain projects and cryptocurrencies that support mainstream adoption.
Floki Inu has built Valhalla, which is a gaming Metaverse where the user will be allowed to create, trade, and also interact with digital assets.
They have also built the project FlokiPlaces, an NFT based on the cryptocurrency and merchandise marketplace.
Another one is Floki University, a content and education platform offering resources on the Blockchain community.
What Makes Floki Inu Unique from Others?
You may have noticed that so many projects in the crypto market have gained attention because of their blockchain technology. But what makes Floki Inu different from them? There are many things and some of them are mentioned here.
The developers of Floki Inu want to create an autonomous and decentralized ecosystem. The ecosystem of FlokI Inu will include strategic partnership, token utility, and the development of the use cases. You can build that with games, NFTs, and decentralized finance features. The tokens offer much more than the memes, differentiating them from the other meme coins.
This might have significant implications for cryptocurrencies as well as the currency. As cryptocurrencies become more useful, people may use FIAT currency less, which could increase cryptocurrency adoption. Seeing how these things develop over the coming years will be interesting.
Another thing that makes it different is that Floki Inu also wants to create the crypto-based gaming Metaverse known as Valhalla. With the team of developers who have worked so hard on the games, including Pokémon and Skyrim. They do hope to make fun of and offer play-to-earn rewards where players can play and earn.
Although Valhalla is still in its early stages, the team is trying to develop a gratifying and immersive play-to-earn experience. Perhaps a group of skilled programmers can assist Floki Inu in making blockchain gaming accessible to everyone.
Is it safe to use a network of Floki Inu?
Two types of tokens are used in the Floki Inu network – ERC-20 which is on Ethereum, and BEP-20 which is on Binance Smart Chain. The tickets work together so that all the authorized users can access the network and the data will be completely encrypted.
ERC-20 keeps track of and identifies the authorized network, whereas BEP-20 encrypts the network data, making it inaccessible to unauthorized users. The network has a high level of security thanks to the combination of tokens.
More and more people are learning about the currency and adopting it, which has increased its price. Though there are some volatilities, there is no doubt that Floki Inu is going long. It is a well-designed project and there will be no surprises if it becomes one of the top-performing cryptocurrencies in the near future.