What is Floki crypto coin? Is Floki coin on the rise?

Cryptocurrency: Expert on how financial system is being 'remade'

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Floki Inu coin is a project which claims to be a movement instead of a meme-coin. It is one of many dog-meme cryptocurrencies such as Shiba Inu and dogecoin inspired by the founder of Tesla Elon Musk. The multi-billionaire recently named his new Shiba Inu breed dog Floki, prompting the creation of Flokinomics, Floki Inu and Shiba Inu. Express.co.uk examines the new coin and whether it is on the rise.

Floki Inu coin is a digital currency inspired by Elon Musk’s Shiba Inu breed dog which is named Floki.

The crypto’s website claims the coin was created by fans and members of the Shiba Inu community.

The website reads: “Floki Inu (FLOKI) is inspired by #DogeFather Elon Musk’s very own Shiba Inu.”

The digital coin’s platform also claims to be the only crypto project official partnered with “#DogeFather’s brother Kimbal Musk’s Million Garden’s Movement”.

The current price of Floki is at $0.0000604 according to CoinMarketCap – this is a drop of 7.61 in the past 24 hours.

Floki Inu coin has also surged in the past seven days, growing 11.87 percent.

The coin currently ranks as the 2774th most popular digital currency on CoinMarketCap.

The digital coin’s value jumped this week after the SpaceX creator tweeted an image of his dog Floki with the caption “Floki Frunkpuppy”.

Before Mr Musk’s tweet, Floki Inu was valued at around $0.000063, but after the tweet, it jumped to $0.000075.

The coin has been around for around three months now and during that time has grown by more than 2,000 percent.

The growth has already taken place which means it has attracted interest and has potential.

Flokinomics, Floki Inu and Shiba Floki are all meme-based cryptocurrencies that are seeing high spikes in value.

According to Benzinga, Flokinomics jumped 1425.27 percent in a 24-hour period with Floki Inu jumping 24.9 percent in 24 hours as well.

The new DOGE and SHIB competitor taking the crypto market by storm [INSIGHT]
Why is the crypto market so volatile? [EXPLAINER]
Shiba Inu coin: How Elon Musk helped to boost crypto’s $1 dream [EXPLAINER]

The Financial Conduct Authority issued a warning about crypto coins earlier this year.

In a statement, the FCA said: “Investing in crypto assets, or investments and lending linked to them, generally involves taking very high risks with investors’ money.

“If consumers invest in these types of products, they should be prepared to lose all their money.”

The FCA added: “Consumers should be aware of the risks and fully consider whether investing in high-return investments based on crypto assets is appropriate for them.

“They should check and carefully consider the crypto-asset business involved.”

Garrick Hilleman, head of research at Blockchain.com and visiting researcher at the London School of Economics, said cryptocurrencies are subject to fluctuations due to celebrity endorsements.

Mr Hilleman told the New York Post: “There’s a real risk that if the celebrity loses interest or if a particular crypto-meme is overtaken by another currency, the investor will find himself in trouble.”

Michael Kamerman, CEO of Skilling also backed this perspective outlining how digital currencies are often “moved by headlines, tweets, celebrity, or corporate endorsements and while that’s likely belittled by “traditional” investors” – he added it was these factors which brings the masses to cryptocurrencies.

Mr Kamerman told Express.co.uk: “The masses understand headlines, tweets, and endorsements and the masses will likely mature as crypto enthusiasts and begin to appreciate the movement for its more technical nuances.

“Only then, will the cryptocurrency begin to move off of more “fundamental” factors.

“In my view, volatility is likely to taper off in the coming years…As the number of traders picks up, volume and liquidity will rise with it smoothing out the price action for all involved.”

Source: Read Full Article