Floki ($FLOKI) Explained: What is Floki Token and how to buy FLOKI coin (2023/2024 Edition)
BitKan explores a new coin that has a 100x potential: Introducing Floki ($FLOKI)! What is FLOKI coin and How to buy FLOKI?
We will explore Floki Token ($FLOKI) today!
You may have heard of Dogecoin, Shiba Inu…and all other coins that have a 100x potential, but what about Floki Token (or $FLOKI)? In the crypto subspace of dog coins, Floki sits at a lovely spot.
Ever pulled up “floki coinmarketcap” or “floki coingecko”? In this series of BitKan Explore, we will explore BSC Floki ($FLOKI) and whether or not this can potentially fit into your cryptocurrency investment.
What Does Floki Token (FLOKI) do and offer?
If you like vikings, and you happened to love dogs as well, then Floki token is the one for you. The meme cryptocurrency coin used to be called ‘Floki Inu’, and it was birthed by fans & members of the Shiba community, and it is deeply inspired by #DogeFather Elon Musk’s very own Shiba.
Recently, they rebranded themselves as ‘Floki’, dropping the ‘inu’ in their name.
Describing itself as “the people’s cryptocurrency” because they want to “give power and opportunity to the people — to the underdogs — instead of venture capitalists and hedge funds”, FLOKI aims to “combine the power of memes with real utility and charitability”. FLOKI’s core vision is to build a school in every continent first and in every underdeveloped nation of the world.
This statement is not unfounded, as the purpose of $FLOKI is to tokenize the Floki Token community, with many of the following utility features:
- FlokiFi: the obvious choice to swap into Floki ($FLOKI) tokens, this is an umbrella name for a suite of decentralized finance products that will be launching under the Floki brand.
- FlokiFi Locker: The first utility product from FlokiFi, known as Project L protocol or FlokiFi Locker, is an innovative digital asset locker solution that allows people to lock and vest fungible tokens (ERC-20/BEP-20 tokens like FLOKI), Liquidity Pool (LP) tokens, NFTs, and Multi tokens.
- Valhalla NFT Game: Floki is used for this NFT metaverse game, which will feature A-level game mechanics on the blockchain and upgradeable NFTs.
- FlokiPlaces: FLOKI’s NFT and merchandise marketplace, FlokiPlaces, is expected to be introduced to the public.
- Floki Debit Card: Although this is still not live as of Dec 2022, there have been talks to introduce a Floki Debit Card in collaboration with key partners in the payments industry.
As you can see, the above features are just some of the many features the Floki Community has graciously extended their expertise to grow the ecosystem. With such a wide range of products, it increases the utility for $FLOKI token and it confirms that a vibrant community will push the Floki Token to the next level.
Floki Coin ($FLOKI) Tokenomics and $FLOKI Burn Mechanism Explained
The Floki Token ($FLOKI) has a maximum and total supply of 20 trillion (i.e. 20,000,000,000,000 or 12 zeroes after the numeral 20). More than 50% of the entire supply is burned or locked, resulting in about 9.35 trillion $FLOKI left as circulating supply.
Here’s a breakdown of the FLOKI token burnt/out of circulation:
- 1.43 trillion burnt on ETH.
- 1.16 trillion locked in ETH bridge.
- 3.50 trillion burnt on BSC.
- 4.56 trillion locked in BSC bridge.
That’s 10.65 trillion tokens PERMANENTLY out of circulation across both chains. This makes FLOKI’s actual supply (available/circulating) more or less ~9.35 trillion.
In other words, the maximum amount of FLOKI tokens circulating and tradable in the market should not be more than 9.35 trillion.
Total Supply = 20 trillion
Circulating Supply = 9.35 trillion, because >50% of the total supply is burned or locked
$FLOKI is deflationary: There is a 3% $FLOKI tax on every buy and sell transaction. That 3% tax goes to a treasury wallet. The funds in the treasury wallet will be used for further development of the Floki Ecosystem and marketing activities aimed at ensuring adoption.
There used to be reflections, but this had to be stopped to make sure FLOKI does not look like a security. Regulatory compliance is something the FLOKI team is very particular about, especially as they grow.
Staking FLOKI: How to stake $FLOKI
You used to be able to stake FLOKI earn rewards on the DODO exchange, but this staking pool has closed on the 30th of October, 2022. We’re in active discussions with partners and more staking options will be introduced in due time.
Hence, there are no current official methods of staking Floki Tokens.
Is Floki Token ($FLOKI) safe? Who created Floki Token ($FLOKI)?
Floki (FLOKI) is a true community project that aims to become a full DAO. Hence, it is actively run and led by members of the community known as #FlokiVikings. These are some prominent members of the community actively directing the project:
- Jackie Xu — Lead Dev
- Mr. Brown Whale — Core Contributor
- Dr. Amanda Kavner — Head of Floki University
- B (The Viking) — Core Contributor
- Sabre — Core Contributor
Floki also partners with many reputable companies such as Huobi, Chainlink, Certik, Wintermute, and others. The full list can be found here.
Floki Token ($FLOKI) Price?
At the time of writing on 9 Dec 2022, the price of Floki Token is set at US$0.000009479. That’s 5 zeros at the front and 9 digits after the decimal point.
Its volume for the last 24 hours hovers around US$2,000,000 according to CoinMarketCap. It has a market cap of US$85 million, and its fully-diluted market cap is about US$183 million. Bear in mind that this is during a bear market: prices will change differently, especially when the market turns bull.
It is not unforeseeable that Floki Token ($FLOKI coin), with a current market cap of $85 million even when all the FLOKI tokens are out, could eventually catch SHIB ($5 billion) and DOGE ($7.5 billion), given how quickly things can catch on in crypto.
Flipping SHIB would see 58x returns and DOGE a whopping 88x.
Suppose you are planning on investing in Floki Token (FLOKI). In that case, you will be betting that community sentiment would drive up high enough to ensure that an economy of FLOKI enthusiasts can escalate the token into new highs. Looking at their roadmap, this premise seems promising.
Floki Token currently has increasing momentum and brand recognition in the space, which often counts for a lot, especially with meme coins. However, once that momentum is lost, it is difficult to regain, especially with large supply coins — DOGE and SHIB being prime examples.
How to buy Floki Token ($FLOKI)?
Floki ($FLOKI) exists in the Binance Smart Chain (BSC) network with the contract number 0xfb5b838b6cfeedc2873ab27866079ac55363d37e. It also exists in Ethereum Blockchain (ETH) network with the contract number 0xcf0c122c6b73ff809c693db761e7baebe62b6a2e.
Traditionally, you have to buy some Binance (BNB) coin (or any other coins that support the withdrawal via BSC!) on BitKan and withdraw them to your cold wallet via the BSC network. Once it is in your cold wallet, you can swap for FLOKI tokens on PancakeSwap.
But you can simply do everything with BitKan.
FLOKI exists in BitKan!
You may also buy FLOKI tokens directly on BitKan as well. Sign up for an account via BitKan: https://bitkan.com/account/signup and put in some USDT or fiat money to get started!
You can find our guide on how to charge some money into your wallet over here, using BTC as an example of a coin you can buy from us: https://medium.com/bitkan-blog/completing-kyc-and-buying-bitcoin-guide-by-bitkan-crypto-exchange-3a532cbe5420.
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References
Floki Token Website — https://www.floki.com/
Floki Token Whitepaper — https://docs.theflokiinu.com/
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