What is Floki Inu (FLOKI)?
Floki Inu is a cryptocurrency memecoin that entices risk-tolerant investors with its low price per token. It operates on both the Ethereum blockchain and Binance Smart Chain. The project has huge ambitions, including a Tesla giveaway and $100,000+ in charitable donations. The project is also looking to do work in the NFT sphere, helping with the distribution of NFTs in their own blockchain-based video game.
However, these goals are unlikely to happen anytime soon. The project aims to link utilization and community. They want to make a platform that is useful and easy to use while creating a close-knit community of token holders. Holders are given rewards for storing the token, similar to coins like SafeMoon. These rewards are mostly given to the largest wallets, presenting a pyramid-scheme like structure. The coin currently has over 3,20,000 holders, with a market cap over $3 billion.
Brief History of Floki Inu (FLOKI)
Floki Inu was created shortly after Tesla CEO Elon Musk tweeted that his Shiba Inu would be named Floki. The project is hoping to be more than just a memecoin, looking to offer Floki Inu for in-store purchases and their own marketplace, “Flokiplace.” The coin is the only project to partner with Elon Musk’s brother, Kimbal Musk and his Million Gardens Movement. The movement is aiming to tackle food insecurity worldwide. Initially listed for less than millionths of a cent, it soared over 250,000% in September 2021. This bullish price action went through the end of October with FLOKI seeing new all-time highs.
How to Buy Floki Inu (FLOKI)
Now that you understand the goals and structure of the project, you may be interested in purchasing the coin. Fortunately, doing so is not too difficult.
1.Open an online account.
- One way to purchase FLOKI is through an online exchange. Because the project is very new, it is only offered on a select number of exchanges. Here is the easiest to navigate and offers the quickest route to FLOKI ownership.
- For non-US customers — When u signup, it offers thousands of cryptocurrencies, one of which is FLOKI. To purchase FLOKI, you first need to create an account on Gate.io. Doing so is easy and just requires an email and password. Next, you need to fund your account.
- Gate exchange does not allow for fiat (U.S. dollar) transfers, so you must send cryptocurrency from another exchange account. Coinbase, Binance and Crypto.com are great choices.
- If you’re located in the U.S, you’ll need to send Ethereum tokens to a crypto wallet. From there, you can use a decentralized exchange like Uniswap to swap your ETH into FLOKI. Several platforms let you send ETH to a cryptocurrency wallet, such as Coinbase, Crypto.com
2.Buy a wallet (optional).
Wallets differ from exchanges in that they let you hold custody of your digital assets, whereas a crypto exchange holds your private keys. You can choose from multiple forms of virtual wallets. Depending on how you go about buying FLOKI, having a wallet may be a necessity. The best software wallet to use on Uniswap is Metamask wallet, which you can download for free on the Google Chrome app store.
3.Make your purchase.
Once you have a balance in your MetaMask wallet, you can link the wallet to the Uniswap interface. If you use Gate.io, you can send your crypto directly from the exchange you purchased your ETH on. Using Gate exchange, navigate to the FLOKI/USDT pair. To purchase FLOKI, you will have to swap the token with USDT. Choose the amount of USDT you would like to swap for FLOKI and execute the trade.
Afterwards, you should have FLOKI in your Gate.io account. On Uniswap, navigate to the “Swap” section. Select the FLOKI/WETH pair. You can then use your balance to swap your ETH for FLOKI, similar to the process on Gate.io
Trade, Sell or Convert your Floki Inu (FLOKI)
To trade or convert your FLOKI, navigate to the pair of FLOKI and the desired token. The list is very short, however, so there is a likelihood you will not find the pair you are looking for. Once you have located the trading pair, you can do the same process you used to swap for FLOKI to convert it back to either ETH or USDT.
Enter the desired amount and execute the trade. Your position will then be in the other token. To sell, you can take the other token, such as USDT or ETH, and send it back to your centralized exchange. USDT is the most widely supported and therefore the easiest to use. Once the USDT is in your centralized exchange, you can convert it to USD and deposit it in your bank account.
Is Floki Inu (FLOKI) a Good Investment?
Floki Inu is a high-risk, speculative project. It’s returns have been massive, but it’s unlikely that cryptocurrencies surviving off hype will be viable long-term investments. The project has not delivered on any of the large promises they have made. Plus, the digital asset was rug pulled by previous developers that have since left the team. Price increases have been the result of their social media presence instead of actual progress.
FLOKI Movements goes viral
FLOKI is the Future of Meme Crypto, So Invest wisely. And Invest only what you can afford.
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