Missed out on Shiba Inu? Here's another chance to make money!
Did you know the latest meme coin (Floki Inu) was based on another meme coin (Shiba Inu) that was created to overtake the original meme coin (Dogecoin)? As funny as that sounds, Floki Inu, which was just released not quite long, now has a market cap of $2,436,593,069. Given how much talk there is and how much garbage misinformation is being spread online, we're going to be talking truthfully about what Floki Inu really is.
Welcome to HotNaija, your one-stop destination for the latest entertainment news, celebrity gossips and stories, lifestyle content, and cryptocurrency news. Today we'll be looking at the fundamentals behind the Floki Inu, whether or not it could follow a similar path to other Shiba Inu-based cryptocurrencies before it and if this is something really worth investing money into.
Note: This information is completely unbiased and neutral. We are not promoting Floki Inu. There are zero reasons for us to give you anything other than the truth in this article.
First off, let's take a deep dive into Shiba Inu's inception to understand how it came about, what it is, and what it does.
SHIBA INU INCEPTION:
The first meme coin to ever show up, Dogecoin, was created back in 2013 as a joke between its creators to make a fun, light-hearted cryptocurrency that wasn't intimidating to use. It was based around the Shiba Inu doge meme, featuring this cute dog with comic sense thoughts popping up.
It was never really intended to become anything and never had a clear purpose like other coins, but over time, it began to grow a cult-like following, and in July of 2020, it had its first breakthrough moment.
A Tiktok user created a Dogecoin challenge which made the argument that – if all 800 million active Tiktok users invested $25 each, they could drive the price of Dogecoin to $1 and make a 10,000 profit.
Now even though Dogecoin wasn't able to hit a dollar, it did back up enough mainstream attention to provide the framework for the $39 billion "Dogecoin killer" – Shiba Inu. In August 2020, the SHIB coin released their official 'woof paper' (white paper) detailing their intention to outpace the value of Dogecoin exponentially without ever crossing the $0.01 mark.
Fact: The unknown founder of the SHIB coin, who goes by the name – Ryoshi, promoted the "Dogecoin killer" nickname, arguing that SHIB's technology is more "community-driven" than its counterpart, which uses the Shiba Inu as its mascot.
And even though it may have seemed like a light-hearted joke at the time, one year later, it actually happened, and in the last 30 days, Shiba Inu ($SHIBA) is up over 900%.
But our story does not end there because, despite the success of Dogecoin and Shiba Inu, there was a third cryptocurrency less talked about quietly growling behind the scenes, and that's what brings us to "FLOKI INU".
FLOKI INU CREATION:
On June 25, when the world's richest man – Elon Musk, tweeted, "My Shiba Inu will be named Floki", a team of developers from the Shiba Inu community recognized that this had the potential to become a trend, and so they created – Floki Inu. It was perfectly positioned so that when Elon Musk tweeted that he had adopted a puppy (Floki) on September 12, the Floki Inu coin was up and ready to go. In the last 7 days of writing this article, it's been up 370%, after relatively trading sideways in for the previous few weeks.
So today, the narrative seems to be that Floki Inu is the coin to buy for everyone who missed out on previous price run-ups of Dogecoin and Shiba Inu, which would have made you millions had you bought it early enough.
So could history actually be repeating itself here? Well, to answer that, let's first take a look at the white papers, and according to the founders, "Floki is not a meme coin. IT'S A MOVEMENT. A new cryptocurrency birthed by fans & members of the Shiba Inu community."
According to its website, "Floki is working on...an NFT gaming Metaverse known as Valhalla, an NFT and merchandise marketplace known as FlokiPlaces, and a content/education platform known as Floki Inuversity."
However, even though they don't just call themselves a movement, they do admit that "The ability of eccentric billionaire Elon Musk to move the markets is unparalleled, and this time around it is going to be with Floki Inu."
So one could assume that they created a coin based on Elon Musk's dog's name. So that anytime he tweets about the dog, it's free publicity for the currency. Now admittedly, that's a smart move. Although as great as Elon Musk is about pumping and not dumping, we should really talk about the mechanics behind how this coin works. That might help provide some insights into why the coin is worth several billion dollars right now and climbing.
1). STRONG TEAM – They explained that they have a team of well-respected industry (crypto) figures behind the project.
2) ETH-BASED NETWORK – Just like the Shiba Inu, they're based on the Ethereum network, giving them massive scalability across the entire existing ecosystem and giving them the potential to implement smart contracts.
3). 10T COINS – There's a maximum supply of 10 trillion Floki Inu coins. They implement a 3% treasury tax on every buy and sell, which gets sent to a treasury wallet and used for further development in marketing.
4). KIMBAL MUSK – They partnered with Elon Musk's brother – Kimbal Musk, through the "Millions Gardens Movement", which tackles food and security worldwide. In this context, Floki Inu donated $1.4 million of their NFT proceeds to the organization, and in the process, they've become the single most significant contributor.
But even with all of this information, we know what you want us to answer – "Is this something you should buy or not, since time is money and if you could make 10, 20, 50 or 100x on it". In our way of doing that, we're going to talk about the Pros and Cons because something like this does not have a one size fits all approach. Let's begin with the positive.
PROS:
(1). GREAT MARKETING:
They were smart to name the cryptocurrency after Elon Musk's puppy. Whether or not he endorses Floki Inu, a mere MENTION of the dog's name on Twitter will definitely send people speculating into oblivion that "MAYBE he secretly meant the cryptocurrency, and it's about to moon any moment." So that's a genius move right there.
It also capitalizes on the Shiba Inu trend craze, and even we already have Dogecoin, Shiba Inu, Shiba Girlfriend, King Shiba, Saitama Inu, SafeMoon Inu, and over 100 other Inus', but there's only one Floki Inu. So it's marketing-wise, they're right! They're always going to get some indirect level of indirect publicity every single time Elon Musk tweets about his dog Floki.
(2). NEW PROJECTS – METAVERSE/EDUCATION:
With their interesting future projects, if they're actually able to capitalize on the momentum: Long term – they want to build their own Metaverse, which would include gameplay elements of Pokemon, SkyRim, Animal Crossing, and FarmVille, with upgradable NFTs along the way.
In addition to that, their Floki Inuversity plans to create an educational platform that teaches people the nuances of charting, explains the basics of NFTs and risk management. Eventually, as their developer said, "The plan with Inuversity is to make the biggest database of crypto content that people will be able to access by paying with the Floki token".
(3). WHALES BUYING:
A Twitter user, RedStart, has disclosed that several huge holders, known as "Whales", have slowly begun to buy in Floki Inu. Apparently, those were the same people who helped initiate the Shiba Inu Pump.
(4). FOLLOWS DOGE:
There's a world confirmation that if Dogecoin and Shiba Inu can do it, Floki Inu CAN TOO. And whether or not that's right, if enough people believe it to be....it will!
Just like with every other Inu-based coin before it, what you're really trading for is attention. And the more positive attention it gets, the more people buy-in, which causes even more positive attention, and subsequently grows to be world-famous like Bitcoin and Ethereum.
(5). COINBASE LISTING:
There's now a growing petition to get Floki listed on Coinbase, which would make it MUCH more accessible for people to buy and sell. Exposing Floki Inu to Coinbase's 68 million users from around the world would be enormous.
If that actually happens shortly, don't be surprised if it continues to increase.
As much as there are two sides to every coin, there are downsides to talk about. Keep in mind, all of this only happens if everything goes perfectly, and to give a more balanced view, here's what we have to consider.
CONS:
(1). PAID PROMOTION:
They have a huge marketing budget, and because of that, it becomes harder to tell who's genuinely interested in the project and who's paid to talk about it as an Influencer.
(2). CLOSE PROXIMITY TO DOGE/SHIB:
Floki Inu is benefitting from the exposure of Shiba Inu, which benefited from the exposure of Dogecoin, and if one of those were to fall, we feel the rest would drop alongside it.
(3). NO NEED FOR TOKEN METAVERSE:
We'll be honest with you here; we don't think there's a NEED for a gaming Metaverse tied to the cryptocurrency. We just think if this were a popular game, there would be MANY ways to monetize from memberships, recurring in-game purchases, renting skins, and a variety of other options that would be in their best interest to accept ANYTHING – not just Floki Inu.
(4). VERY HIGH RISK:
Just like every other cryptocurrency that has the potential to rally in price, be prepared that this can go down too. When things seem so easy, and people rush from one coin to another chasing returns, we may be worried that risk isn't being considered. Instead, it's a game of musical chairs to make money as fast as possible. We do not doubt that you can make some pretty substantial returns in the process if you time it well....but, speculating on short-term movements shouldn't be taken lightly.
EndNote: We've been surprised so many times with the performance of cryptocurrency that it's giving us a newfound appreciation and respect for the value of community, of which Floki Inu, Shiba Inu, and Dogecoin each have.
Even though we approach every topic with a certain level of skepticism, there are market conditions that are impossible to quantify that helps give everyone the value we're seeing today.
That's it for today. Don't forget to check out our other blog posts for more cryptocurrency news and entertainment content. Thanks for reading!
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