After the success of Dogecoin, other digital assets in the family made their debuts in the crypto market. Riding on the success of the meme coin, coins such as Shiba Inu and the likes have attained a degree of success. However, one should note that the main protagonist, Tesla CEO, Elon Musk, has been a driving force of the dog coins. This is noticeable by the number of tweets that the CEO has posted in favor of the dog coins. Musk recently made a tweet where he said that he had adopted a new coin, which he named Floki. In this article, we will be looking at the Floki coin and if it should be added to our portfolio.
What is Floki Crypto?
The Floki Inu coin is a token on the Binance Smart Chain. Before it was released there, the token was previously developed on Ethereum. Just like the other dog family tokens, Floki Inu has about 9.4 million tokens in circulation. The token is regarded as hyper-deflationary because most of its token is removed from circulation. Developers also charge users 8% as tax for transactions with the token. In the tax charged, half of the tokens are sent to a marketing wallet that the developers own.
The other half is distributed across various wallets holding the token. However, one should note that the other half is shared evenly among wallets no matter how small the token it contains. One of the wallets is a burn wallet as Floki sends tokens there to undergo burning. As Floki is sent into the burn wallet, holders of the token get more rewards. This is used to raise the price of the token since the token in supply will reduce significantly.
Floki Price Movement
The Floki Inu token is very volatile. It undergoes massive amount of price swings in short periods. One reason why this happens is that the market capitalization of the token is very small. Presently, Floki is still smaller compared to Dogecoin and Shiba Inu. The token trades at $0.00006091 with a market capitalization of over $600 million. Before now, the token was trading at a region around $0.0000165. A tweet by Elon Musk sent the token on a bullish run, ending the run around the $0.0000642 price mark. The coin recently took on another bullish run to rest on its all-time high price of $0.00007509 on October 11.