Memecoins have exploded in 2021, with coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) undergoing hyperbolic market increases. This has resulted in an influx of various memecoins being created across multiple ecosystems. The majority of memecoins being created are spinoffs of Shiba Inu. One of these spinoffs is Floki Inu, a cryptocurrency project at the forefront of new memecoins.
The Memecoin Issue
‘Rug pulls’ and hacks are the largest issues associated with memecoins. This is due to the high vulnerability of these tokens. Memecoins are often created by small teams or individuals with an overall lack of cryptocurrency knowledge needed to create a secure cryptocurrency. Subsequently, memecoins are often targeted by malicious actors. Hackers and malicious actors have an easier time hacking memecoins as many lack auditing.
Unlike most memecoins, FLOKI has been audited. The token has been certified as fully safe by the team at Solidity Finance. Solidity is a certified smart contract auditing service, currently protecting over $10,000,000,000 USD in on-chain value.
What are the underlying values of FLOKI?
FLOKI revolves around memes, charitability, and token utility.
Memes are a part of modern culture. They are a widely used modern form of communication. The FLOKI community are very much meme lovers. This enjoyment of memes can be seen with the extremely active Floki Inu Community meme channel.
The Floki Inu team believes that memes appeal to all across the globe. Therefore, in order for the cryptocurrency to appeal to all users globally, the final conclusion by the team was that Floki Inu should be made in the image of a memecoin.
Floki Inu believes that the incoming Web3.0 will bring us closer together and remove barriers, with FLOKI at the forefront of cryptocurrency equality and charitability. The project sees charitability as a core pillar of what they stand for. As a result, FLOKI has teamed up with both Pencils of Promise and Million Gardens Movement. With these two charities, Floki Inu aims to build schools and provide regular healthy meals to those residing in underdeveloped countries.
The end goal of FLOKI is to build a school in every continent, followed by a school in every underdeveloped country.
Most memecoins have little to no utility. However, with FLOKI, this is not the case. Currently the FLOKI team is working on the following:
- P2E NFT gaming metaverse
- The team aims to allow users to make a living through play-to-earn gaming with the aim of reducing worldwide unemployment.
- NFT economy
- The creation of an NFT marketplace allowing users to trade both NFTs and physical goods. The marketplace will revolve around the FLOKI token for payment.
- Creation of an online educational platform
- A ‘Floki Inuversity’ is currently being created online in order to promote global cryptocurrency and blockchain education. The aim is to appeal to mainstream cryptocurrency investors.
Coin / Platform Features
|Feature||Active (Y)||Active (N)||Note|
|Inuversity||X||Currently, it is not available on the Floki Inu website. There has been little information regarding the development of Floki Inuversity.|
|NFTs||X||FLOKI has created the Diamond Hands NFT collection. Just by holding these NFTs, users will be awarded with FLOKI airdrops. There are currently 1,100 Diamond Hands holders, with the NFT collection having a floor price of 0.57 ETH.|
|FlokiPlace||X||Currently, it is not available on the Floki Inu website. There has been little information regarding the development of FlokiPlace.|
|Valhalla||X||Currently in development. Plans for a Viking-based game focusing around raiding other players, or gardening with your allocated plot. There is currently no beta version available for public use.|
|Coin Burn Feature||X||The FLOKI coin burn feature has been in place for some time now, with numerous FLOKI coins being burned. The result has seen a FLOKI supply reduction.|
The FLOKI token currently has a taxation rate of 3% on every buy and sell transaction. The collected tax proceeds are used for the development of the project, charity initiatives, and many other utilities. One of the main expenditures aimed to bring increased awareness and publicity to FLOKI is the radical marketing movements that take place.
Floki Inu Marketing
Something which the Floki Inu team is known for is their marketing campaigns. Recently,they launched a marketing campaign in the UK, purchasing extremely large amounts of advertising space across Transport For London (TFL). This saw FLOKI advertisements on 300 London buses and numerous advertisements across the London underground metro system. This marketing campaign was clever as it grabbed the attention of more than just the crypto community.
The TFL campaign was centered around FOMO. Advertisements read, “MISSED DOGE? GET FLOKI.”
The result of this FOMO-based marketing campaign resulted in an investigation by the UK advertising watchdogs (ASA). This ultimately led to FLOKI coverage by the following major news publications:
- BBC News
- The Guardian
- Financial Times
- Business Insider
By receiving news coverage from these publications, FLOKI managed to reach far beyond the cryptocurrency community, achieving what most cryptocurrency projects did not: widespread traditional media coverage.
FLOKI Performance and Information
FLOKI has been one of the top cryptocurrency performers of 2021. Currently FLOKI is up 17,400% since July 2021. The majority of bullish FLOKI price action occurred during late October / early November. However, since early November, FLOKI has fallen by ~56.4% after hitting ATHs, as shown below.
This then raises the question of whether Floki is bullish. Let’s dive into Floki Inu’s price analysis.
Currently, FLOKI is looking extremely bullish on the medium term charts. With FLOKI having lost around 50% of its value from its November high in late November, FLOKI is currently seeing a positive breakout of descending resistance. This breakout is seeing FLOKI break above significant RSI resistance and seeing the MACD NU break into the positive numerical zone. However, it seems likely that FLOKI will witness slow price action over the coming weeks. This is due to long term momentum resistance between the red and green zones.
It is likely that FLOKI will break above the red zone, moving positively with the cryptocurrency market rather than against it. The medium term target set for FLOKI is the orange target zone, currently +279% from FLOKIs current position, as shown in the TA below.
The chartwork shown above will be invalidated if FLOKI falls below the crucial hold zone (upper green zone). Should FLOKI lose this zone, the short-term momentum will revert back to being bearish, with FLOKI likely to lose significant value.
FLOKI is not a groundbreaking cryptocurrency from a technological standpoint. The cryptocurrency is available for ERC20 or BEP20 usage. Furthermore, what FLOKI is developing has already been achieved by other cryptocurrencies. However, FLOKI is one of the most innovative projects from a marketing / community management point of view. The power of community and marketing should not be understated. Should the project maintain its current trajectory from this standpoint, it is possible that FLOKI could become a major problem child for DOGE and SHIB.