Will FLOKI become the next DOGE?
This question is also used as a gimmick by FLOKI's marketers to infuse market expectations for the currency.
Ironically, DOGE's market value has been surpassed by SHIB. Its current halo, apart from being known as the originator of Meme coins, is also the glorious track of being "blessed by Musk". Given the rapid development of the crypto asset market, this halo is somewhat outdated.
If the positive meaning of the Meme concept is the advantages of collective viral transmission, community (group)ization, and the embodiment of grassroots consensus, its negative meaning in the crypto market means speculation, gambling with a small investment for a big gain, and even a scam.
FLOKI's marketing team hopes to use advertising to "distinguish Floki Inu from the many scam projects that exist in the crypto world", but is advertising really an effective way? FLOKI's developers' history of betraying the community many times in the early days of its creation has planted bad genes for it.
In June this year, the crypto asset project Floki Inu emerged after Musk planned to name his Shiba Inu pet dog Floki. As its popularity grew, users soon discovered that the developers of Floki Inu not only issued tokens and redistributed them, but also programmed a 20% tax into the code, pocketing most of each transaction, violating the original promise of "keeping 5% tax and using the rest for marketing."
This led to a confrontation between the community and the developers, forcing Floki Inu to hard fork once. However, after the community voted in favor of launching Floki V2 (the version after the hard fork), the original developers began to withdraw funds from the smart contract that hosted FLOKI. Community member Bamidele told the media that the original developers took away approximately 2,600 ETH, which was worth more than $5 million at the time.
As the new version of the smart contract entered development, a new developer named Marvin joined the team. Community managers and activists began to add liquidity to the Floki V2 fund pool. In order to revive the project that had fallen once, they invested a total of approximately US$550,000 into the liquidity pool, but they never expected that Marvin would withdraw the funds again.
To save Floki, community administrators invested another $450,000 into the project, and some of them reportedly sold almost all of their cryptocurrencies to keep the project running. In the end, about $300,000 worth of Floki and other crypto assets were added to the liquidity pool of Floki V2, and the rest was used to compensate developers, pay audit fees, and so on.
Currently, Floki Inu is operated by a "top team of space engineers and crypto influencers", and no one knows the true identity behind each of their code names.
Despite its ups and downs, FLOKI has survived. Judging from the recent wave of price increases, it has at least created a new high in terms of currency price. However, how to get out of the Meme sequence and break away from people’s Meme impression of it is still a question mark.
FLOKI's counterpart, DOGE, has no new applications except for the payment envisioned by Musk, and payment is just a concept and has not entered the real life scenario at all. In contrast, Shiba Inu, which was also regarded as a speculative product and a "dog", has formed functional products around SHIB on DeFi and NFT, and recently there are plans to build a chain. A series of actions show its ambition to break away from the Meme concept. #floki未来再涨100倍 $FLOKI
