Floki Inu Explained: A Movement And A Meme-Coin In One

Floki Inu, originally named after Elon Musk’s beloved Shiba Inu pup, has gained significant popularity as a meme-based cryptocurrency. But it’s not just a joke—the project’s three-pillar philosophy, composed of its meme status, utility, and charitability, helps it stand out from the thousands of meme-coins flooding the market.

What Is Floki Inu?

Floki is a cryptocurrency that initially started as a meme-coin based on Elon Musk’s dog but has evolved to become a fully-fledged web3 project spanning decentralized finance, NFTs and the Metaverse. Now referred to as “The People’s Crypto”, the team behind the Floki project have turned a once useless meme-coin into something more.

The token associated with the project, FLOKI, is a multi-chain token that operates on both the Ethereum and Binance Smart Chain (BSC) blockchains, as it is both ERC-20 and BEP-20 compliant. FLOKI tokens can be bridged between the two chains easily, allowing FLOKI holders to use either blockchain to store and transact with their tokens.

It is worth noting that FLOKI has an encoded 3% tax imposed on buying and selling the token but not on the transfer between the two chains. This tax is directed to the Floki Inu treasury, which the project claims will be used to develop the ecosystem further and increase the adoption of Floki. According to the white paper, the team will reduce the tax once the treasury has accumulated enough funds. However, there is no specific target or indication of when this will happen, or how much it would be lowered

The History Of Floki Inu

The birth of the Floki Inu coin can be traced back to June 2021, when Elon Musk tweeted that he would be naming his pet Shiba Inu “Floki.” Initially, the project started as a dog-themed meme coin, much like Dogecoin, and was known as Floki Inu. However, as the project grew from a meme-coin into something more substantial, the team rebranded to “Floki”.