The $FLOKI Supremacy | Are we Going to $0.01?
What do you think will FLoki Inu ever hit $0.01 or the one-cent mark? First, then, let’s see why FLOKI INU can be a good investment.
Isn’t it another dog coin? Is it?
Floki INU came into existence from a tweet by DOGE father Elon Musk and is based on his own Shiba INU name FLOKI. Not only this, FLOKI is the only coin partnered with Elon’s brother Kimbal Musk’s million gardens movement. The Floki community has been working hard and be aiming to reach Valhalla.
FLOKI ran on a spaceship a couple of days ago and hit an all-time high of $0.00029. It then saw a correction to 0.00019 and is back on track for another rally. The question here is whether it’ll be able to reach 1 cent before this bull run ends. Let’s find out.
FLOKI INU has a total circulating supply of 9.23T across the ETH and BSC chain combined. Not only this, it has a total circulating supply of 9,227,838,738,612.654 $FLOKI and a combined market cap of $2,105,594,805.40 (as of the writing of this article).
Ain’t got enough funds to buy the dip? Get free hi dollars!
SKIP: History Lesson
Now there is a fundamental phenomenon in this world known as scarcity. Taking ya’ll to 1990 Zimbabwe. The country was going through hyperinflation back then, and the cost of printing the Zimbabwean dollar was getting higher than its actual value. It was then the Central bank of Zimbabwe released $100,000,000,000,000 notes.
Now, what do you think might have happened when there is too much of something, and people stop valuing it? This?
Now there is a similar case with FLOKI; if there’s too much of it, such that everyone can own at least 1 M $FLOKI, it would be not very meaningful to HODL. And hence the community actively burns Floki Inu to reduce the supply over time. There have already been 49,47,95,14,42,018.016 $FLOKI’s burned, and the procedure is always in continuation.
Moreover, HODLers have to pay a 3% tax on every buy or sell transaction on BSC and ETH chains. The tax goes to the treasury wallet (to the developers, I presume. LOL)
$FLOKI has a burn address on both BSC and ETH chains, and the Burn address is: 0x000000000000000000000000000000000000dEaD
The FLOKI INU Genesis Collection
Floki Inu community launched the genesis collection, also known as the ‘diamond hands.’ These are basically NFTs of Shiba Inu (why would someone want an NFT of a dog? Well, the same reason people bought monkeys worth millions).
These NFTs were presented as rewards to the first line of investors and initial airdrop receivers.
FLOKI INU Analysis
According to our market analysts, from 21st October, FLOKI Inu has started to pump and went to its ATH with a rise of 377%. However, after reaching there, it suffered a breakdown to its major support where you can see the volume looks bad. Moreover, it is now forming out of the resistance, but currently, it is on its 2nd support where volume looks good too, and we can see 89 and 200 EMA support as well!
However, if it breaks down this support, we expect it to touch its last support because 21 and 55 EMA are in the middle. Further, the volume isn’t promising as well. Hence, we can suggest trading on the safe side and hope for the best.
To be honest, it will be tough for Floki Inu to hit the one-cent mark. But yes, it is possible that we can see it there, a few more decent pumps by the Dogefather, and we’re riding the boat to Valhalla with FLOKI.
Nothing in this article is financial advice, and you should only invest in the market you believe is good for your portfolio.
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Everything written in this article is what I believe, and your thoughts likely differ from mine (obviously, we’re two different people). Therefore, take this article as light reading, and if you don’t like the content, just forget if you ever read it!
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