In September 2021, Tesla and SpaceX CEO Elon Musk shared an image of his pet known as 'Shiba Inu' on Twitter with the caption ‘Floki has arrived’.
The meme cryptocurrency coin 'Floki Inu' based on the name of the pet, rose by 1,000 per cent only in two days and rallied about 1,500 per cent in just 72 hours since inception. Eventually, more Floki-themed coins such as FlokiPup Inu, Baby Floki Inu, Shiba Inu, and Floki Shiba Inu also saw an increase in value after Musk's tweet.
Floki is the same breed as Musk's bitcoin currency -- Dogecoin.
How did the Floki crypto coin come into existence?
In June 2021, Elon Musk tweeted "My Shiba Inu will be named Floki" and from there, the concept of creating the Floki Inu came into existence.
How does Floki Inu work?
Floki Inu was launched on the Ethereum (ETH) blockchain and it is one of the few crypto coins that provide the multi-chain protocol feature.
The meme-based crypto coin is hosted on both the Binance Smart Chain (BSC) and Ethereum. Floki Inu has a total circulating supply of 9.17 T across the ETH and BSC chain combined and has a total circulating market capitalisation (m-cap) of $597.01 million across the ETH and BSC chains.
Rewards
Floki Inu holders have the facility for holding Floki coin tokens to earn rewards. At least 4 per cent rewards are given to Floki holders on the ETH and BSC blockchains when a holder swaps a token on a crypto exchange. The reward percentages may vary depending on future upgrades.
The Floki Inu token is hyper-deflationary, which means that a rise in the size of the burn wallet also increases the reflationary rewards for Floki holders. Gradually, the decline in circulating supply increases the demand for Floki and its price.
Usage
Floki provides real-world utility in terms of usage. The cryptocurrency coin can be used to buy items from offline stores through its partnership with CryptoCart (CC). Floki holders can also pay for goods on the XCUR platform.
Other utilities in the future may include several features like buying NFTs, gaming, and paying for services and goods.
