This is an innovative cryptocurrency member of the dog-memed cryptocurrency Dogecoin. This coin was named after Elon Musk’s pet coin Shiba Inu which he named “Floki”.
It began as a dog-memed coin from the Dogecoin family. This is visible due to its almost similar appearance to Shiba Inu and Dogecoin.
What is Floki Inu?
Floki Inu is an ERC-20 and BEP-20 token. Meaning it’s a multichain coin able to run on both the Binance Smart chain and the Ethereum chain.
It has its own metaverse game called Valhalla. This is a play-to-earn game where rewards get distributed based on your participation. Valhalla’s gamers have full ownership of their tokens which serve as an in-game currency to purchase the game’s assets.
What are its uses?
The coin has three main uses:
- In the Metaverse, it’s being used as a currency for its game Valhalla.
- Its creators have plans to expand it into an educational asset- Create Floki university which will be used to bridge the crypto educational gap.
- It has an NFT marketplace where you can get digital collectables.
How to purchase Floki
You can purchase it using a few methods. We will show you how to purchase it using eToro and using BNB
- Buy the finance coin BNB from a trusted crypto marketplace and store it safely in a web3 wallet e.g. Metamask.
- Connect the Web3 wallet you stored your BNB to an exchange platform such as PancakeSwap.
- Swap the BNB for Floki Inu.
You will have successfully purchased/swapped BNB to get Floki.
- Create an account on eToro or any other crypto exchange platform.
- Deposit some funds in the account created.
- Keep on the lookout for Floki Inu’s listing.
- Once you get it click on “Open Trade” and enter the number of coins you want.
- Complete the transaction and wait for your tokens.
Pros and Cons
Similar to other cryptocurrencies Floki has its merits and demerits. Despite having both, the merits are more than the demerits as shown below:
- It has real-world usage i.e. NOWPayments allows businesses to use it as a means of payment.
- Holders of Floki are rewarded for holding it.
- Lastly, since it’s a meme coin it has unpaid publicity.
- Its probability of pump and dump is high. When a whale removes their money from the token, its price will decline greatly.
Is it safe?
Basically, Floki is very safe both investment-wise and blockchains. In summary, it’s a safe crypto to venture and invest in.
In conclusion, Floki is creating a widespread user adoption that will increase its sales and volume. Consequently, there are no major risks currently threatening it.