Exploring the Multi-Chain FLOKI Token and the "People's Crypto" Ecosystem, with Insights on the Recent Surge in Price with BinanceUS listing and Musk's Tweets
Floki is a cryptocurrency that originated as a meme-coin based on Elon Musk's dog, but it has grown to become a comprehensive web3 project that encompasses decentralized finance, non-fungible tokens (NFTs), and the Metaverse. The Floki team, known as "The People's Crypto," has transformed a once-worthless meme-coin into something more.
FLOKI, the token associated with the project, is a multi-chain token that operates on both the Ethereum and Binance Smart Chain (BSC) blockchains, as it is ERC-20 and BEP-20 compliant. FLOKI holders can easily bridge their tokens between the two chains, allowing them to store and transact with their tokens on either blockchain.
It should be noted that FLOKI imposes a 3% tax on buying and selling the token, but not on transfers between the two chains. This tax goes directly to the Floki Inu treasury, which the project intends to use to further develop the ecosystem and increase Floki's adoption. According to the white paper, the team will reduce the tax once the treasury has accumulated enough funds, but there is no specific target or indication of when this will occur, or by how much the tax will be lowered.
At the time of writing, Floki's current price is $0.00004656, up 61% due to the token's listing on the cryptocurrency exchange Binance.us. In February 2023, Floki made all-time high of $0.000068.
It is widely speculated that the recent surge in the price of the Floki can be attributed to the token's listing on BinanceUS. As a result of this listing, there is an increased expectation among investors for the token to also be listed on Binance, one of the world's largest cryptocurrency exchanges in coming future. Musk posted a photo on February 15, 2023, of his Shiba Inu dog, Floki, seated on the CEO's chair. The photo shows Floki wearing a black T-shirt with the CEO title and Twitter logo, while a few papers with paw prints are lying in front of him on the table. A laptop with a Twitter logo is also seen on the table, presumably in case Floki needs to send an email. Along with the photo, Musk tweeted that the new Twitter CEO is "amazing." In another tweet, he implied that the new CEO is superior to the "other" guy, presumably referring to former CEO Parag Agrawal.
According to CoinGecko data, Floki, which is named after Elon Musk's Shiba Inu dog, has seen a 41% increase in the last 24 hours following Musk's tweets.
If you do decide to invest in meme coins or any cryptocurrency, it is important to do your own research, understand the technology behind it, and consider the potential risks and rewards. It is also important to have a clear investment strategy and to not invest more than you can afford to lose.
In general, it is always wise to seek the advice of a financial professional before making any investment decisions.