Musk-backed token turns Rs 1,000 into Rs 34 lakh in just two months: As the euphoria over meme coins and Elon Musk’s new pet, Floki, erupted on social media, the meme tokens were back in the buzz again.
A new crypto token based on Musk’s new pet, named Floki Inu, became the ‘pet’ of global meme token lovers, as it rallied about 1,500 percent in just three months since inception.
Interestingly, the digital token has skyrocketed a whopping 3,40,150 percent in just two months to $0.00006805 on October 8 from $0.00000002 on August 8. In rupee terms that means it turned an investment of Rs 1,000 into Rs 34 lakh in just two months.
The market cap of Floki Inu was about $700 million (Rs 5,250 crore) as of Sunday, which is more than the listed players like Sequent Scientific, Strides Pharma, Inox Leisure, Cochin Shipyard, Sudarshan Chemicals, MTAR Technologies, and others.
According to a website, theflokiinu.com, this crypto coin was birthed by fans and members of the Shiba Inu community and is inspired by Doge’s father Elon Musk’s Shiba Inu.
Floki Inu is also the only crypto project officially partnered with Elon’s brother Kimbal Musk’s ‘Million Gardens Movement’ for working to give power back to the community to choose, grow, prepare and eat healthy food.
Last week, Floki Inu raised $1.4 million in just 35 minutes in a donation drive for this movement. On September 18, 2021, Floki Inu released its 10,000 Flokitars to the public.
Floki Inu is also working on three flagship utility projects: an NFT gaming metaverse known as Valhalla, an NFT and merchandise marketplace known as FlokiPlaces, and a content/education platform known as Floki University.
Floki combines utility and the power of a community, aims to be one of the top 10 crypto projects, and plans to kickstart the next crypto revolution.
Crypto watchers said Floki Inu is in the buzz, as it is more like a clone of Shiba Inu and has picked up thanks to the NFT gaming projects.
Sharat Chandra, Blockchain & Emerging Tech Evangelist, said Floki Inu is riding high on the play to earn revolution, which resonates with millions across the globe and this explains the unprecedented price of the coin.
“It’s going to head north in the days and months to come. The team behind Floki is focussed on developing an ecosystem of use cases powered by NFTs, games, decentralized banking, and creating new monetization models,” he said.
Not only Floki Inu, but every related meme token has also become multi-bagger in the last week, with Catechin, Husky, and SafeMoon Inu gaining 550-650 percent.
MemeCoin, Shiba Inu, Hokkaidu Inu, Shiba Pup, Kishu Inu, Shih Tzu and Akita Inu have soared 125-205 per cent.
“Over the past six months, the way this meme coin is being viewed has drastically changed as they have become more mainstream,” said Darshan Bathija, Co-Founder and CEO, Vauld.
“If a coin is dependent on a strong external force to influence price movements, it poses a larger concern and investment risk,” he said. “Meme coins have played a huge role in philanthropy.”
Investors should accept that cryptocurrency and volatility go hand in hand. Analyzing meme coins use-case or reason for existence indicates that allocation should be limited.
“Additionally, every investor should do their due research on the coin’s fundamentals before buying,” Bathija said.