Shiba Inu (SHIB) has long been a trendsetter when it comes to memecoins, and alongside Dogecoin, the two cryptocurrencies set the tone for a whole new market that can no longer be ignored.
The whole market is in the green throughout the past 24 hours as Bitcoin’s price taps $43K in an interesting turn of events as of late.
Shiba Inu (SHIB), however, surprised the market today with a massive surge upwards of 22%.
This brings the total gains of the cryptocurrency to more than 34% for the past seven days, and it is now trading at around $0.00002764.
SHIB/USDT. Source: TradingView
The last time the cryptocurrency traded at these prices was back on January 18th this year.
Another interesting thing to note is that SHIB’s meteoric rise over the past 24 hours also brought many other memecoins up.
Dogecoin is up about 6.5% and is ahead by three spots by means of total market capitalization, sitting at number 11.
Teddy Doge (TEDDY) – one of the trending searches on CoinMarketCap – is up 31% at the time of this writing.
Floki Inu (FLOKI) is up 14%, which is the same as another copycat – Floki One.
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Developers of the self-named “DOGE Killer” Floki Inu have apparently hired the popular British professional boxer, Tyson Fury, to promote the memecoin to his two million followers on Twitter.
In a short promotional video posted on his Twitter page, the world heavyweight champion could be seen wearing a branded FLOKI hoodie while reading off of a script, urging his followers to join the Floki bandwagon.
Fury mentioned that the memecoin project is currently establishing “massive partnerships” all over the world, concluding the video with a mock-enthusiastic scream of “Valhalla.”
Valhalla is allegedly a Floki Inu flagship utility product, featuring a play-to-earn NFT gaming metaverse still under development.
Crypto Twitter Slams Fury
Fury’s attempt to promote Floki Inu on his page did not go down well with crypto enthusiasts on Twitter. While his post received applause from the so-called Floki Vikings, a great majority of the responses lashed out at the boxer.
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Users were quick to point out his apparent lack of genuine interest in the project he was promoting, which was evident in his struggle to pronounce the project’s name and terms.
Some referred to the performance as “embarrassing” and “very bad,” with one user even suggesting that Fury should fire his agent.
Danny Scott, the CEO of UK-based cryptocurrency exchange CoinCorner, also blasted Fury for pushing his fans “into losing money.”
Not the First Time
This is not the first time that a celebrity or superstar has come under fire for promoting crypto investments to a global audience.
Back in 2018, renowned American boxing champion Floyd Mayweather ran into trouble with the U.S. Securities and Exchange Commission (SEC) for promoting a fraudulent ICO.
Mayweather subsequently paid over $300,000 in fines while signing an agreement not to promote any securities, both digital and non-digital, for three years.
More recently, Spanish regulators warned legendary soccer player Andrés Iniesta that it is unwise to promote crypto investments after he was seen praising Binance.
Floki Inu Under Regulators’ Radar
The memecoin has been making waves in the past few months due to its rather “aggressive” marketing strategy.
Earlier in October, a group of anonymous Floki Inu promoters ran an ad via the U.K.’s Transport for London (TfL), leveraging the city’s Underground stations and buses to promote the token.
However, barely three weeks later, the British government banned those ads and prohibited any other crypto promo campaigns in the country, stating that they were “unethical.”
Featured Image Courtesy of WKRG
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For the better or worse, memecoins have become a considerable part of the cryptocurrency market. They seem to be the predominant means of entry into the world of crypto for retail investors.
However, the past couple of weeks have been nothing but challenging for memecoin investors, as many of them are down 50% or more from their recent all-time highs.
Shiba Inu (SHIB) Lost Half of Its Value
Shiba Inu (SHIB) is undoubtedly the market leader in the memecoin field for the past month or so, stealing all the glory from the former memecoin champ, Dogecoin (DOGE). While DOGE remains with a higher market cap than SHIB, it was the latter that stole the show at the end of the third quarter of this year.
In October, SHIB’s price skyrocketed by more than 1000% and reached an all-time high of around $0.00008616 (according to CoinGecko).
Unfortunately, the momentum wasn’t sustained as it appeared to have been driven mainly by retail investors. This, combined with the fact that SHIB’s total supply is highly concentrated, led to what happened next.
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Fast forward a few weeks later, and SHIB’s price is down almost 50%. There’s no real sign of the euphoria that we saw in October, and the interest in the cryptocurrency is fading quickly.
Chart by TradingView
Other Memecoins Follow Suit
It appears that the fate of many other memecoins without a reasonable purpose and created out of some sort of an internet meme, commonly associated with Elon Musk, is similar.
Floki Inu (FLOKI) – the coin named after Musk’s dog – is down 51.7% since its all-time high reached just 14 days ago. Baby Doge (BABYDOGE) is down 46.6% since its peak. Dogelon Mars (ELON) is down 32% since its peak was achieved on October 30th.
The situation with other memecoins centered around the same theme is similar – all of them suffer considerable losses.
The thing about them, though, is that you never know when they will start trending again. The SHIB pump came seemingly out of the blue, and it was propelled to an extend where SHIB had a larger trading volume compared to its own market cap.
It appears, though, that the gains went away as quickly as they came, leaving many people holding bags of questionable investments.
There are plenty of lessons to be learned from this, though. Right off the bat, never go chasing a pump. If you’ve missed – you’ve missed it, and you’re better off looking for a fresh opportunity rather than catching knives.
When it comes to memecoins, they obviously can no longer be disregarded as potential investment choices, but it’s also important to conduct proper due diligence before throwing your cash at the “next SHIB.”
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The British authorities have reportedly urged Transport for London (TfL) to stop allowing cryptocurrency ads on its infrastructure. The move comes after Floki Inu – a meme coin named after Elon Musk’s puppy – was advertised on the city’s underground stations, buses, and trains for the last couple of weeks.
Crypto Ads Are ‘Unethical’
“Missed Doge? Get Floki” – this was the slogan that appeared on some of London’s underground stations at the end of last month. Promising to spend $1.5 million on marketing the token, the team behind the memecoin Floki Inu raised hopes to increase the overall engagement of the broader British society.
Despite the asset’s recent price appreciation, many consider it a speculative digital currency lacking proper regulation. Moreover, advertising it openly around one of the largest cities in Europe could result in losses for people who are not aware of the potential risks in the digital asset industry, and more specifically, dealing with meme coins.
As such, London’s transport authority – TfL – has decided to crack down on those ads, according to recent reports. Chris Reader – Head of commercial media at the local government body – assured that cryptocurrency brands who wish to advertise their product will now have to pass a thorough investigation before their token gets displayed around the city:
“We ensure that campaigns contain sufficient information to comply with both our policy and the ASA [Advertising Standards Authority] ruling.”
TfL’s policy added that nothing sensitive or dubious could be advertised on its platforms, hinting about the controversial nature of meme coins like Floki Inu.
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Sian Berry – the Green Party London Assembly member – also spoke on the matter, opining that cryptocurrency ads are “unethical.” She said digital assets in the United Kingdom are unregulated, and individuals “may lose all their money” if they enter the market.
The Rise of Floki
Meme coins are, by all means, a controversial side of the digital asset industry. Their value against the dollar can surge by double or even triple digits overnight, mainly because a famous individual creates hype around them. At the same time, investing in them can lead to serious losses to investors who are not prepared for their unexpected swings.
When speaking about meme coins, one can not surpass Dogecoin. Created as a joke in 2013, the token surged in popularity this year. Interestingly, the mind-blowing demand was fueled by celebrities such as Snoop Dogg and, of course, Elon Musk.
Shortly after Dogecoin’s success, many other copycats started flooding the cryptocurrency space. One of them (Floki Inu) was particularly interesting just because it had something in common with Elon Musk’s dog.
And, like before, when a digital asset has any connection whatsoever with Tesla’s CEO, it skyrockets to an all-time high. Floki Inu’s price currently stands at $0.000225, as it has slightly retreated from its last registered ATH on November 5th.
No More Luno Ads as Well
This is not the first time an advert for digital assets has popped up in England’s capital. Earlier this year, as CryptoPotato reported, the cryptocurrency application Luno grabbed the attention of the British regulators by displaying the following statement around the public transport network: “If you are seeing Bitcoin on the Underground, it’s time to buy.”
The Advertising Standards Authority (ASA) was quick to react and banned the ads. The watchdog warned that such marketing endorsements could lure inexperienced investors in without realizing the potential risks:
“We concluded that the ad irresponsibly suggested that engaging in Bitcoin investment through Luno was straightforward and easy, particularly given that the audience is addressed, the general public, were likely to be inexperienced in their understanding of cryptocurrencies.”
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Dog-coins became one of the most bizarre yet exciting trends within the crypto market in 2021. The meteoric rise of the meme-inspired cryptocurrency, Dogecoin (DOGE), had prompted other developers to create many dog-themed coins, hoping to share in the success story of their predecessor.
While many of these projects do not make it to the spotlight, some, like Shiba Inu (SHIB), took the market by storm and even outperformed DOGE on the top 10 largest cryptocurrencies by market cap.
However, about five months ago, another dog-themed cryptocurrency dubbed Floki Inu (ticker: FLOKI) emerged, hoping to dethrone both SHIB and DOGE and occupy the position of the most popular memecoin in the market.
Floki Inu has been making waves since it was launched as investors try to get in as early as possible. That said, here’s a comprehensive guide detailing everything you need to know about the cryptocurrency.
What is Floki Inu (FLOKI)?
Floki Inu has become one of the most popular dog copycat coins in the crypto market. It was inspired by Elon Musk, the billionaire CEO of the electric car manufacturer Tesla. The memecoin was created by an unknown team of developers who were enthusiastic fans and members of the Shiba Inu community.
The project runs on both the Ethereum blockchain and the Binance Smart Chain (BSC) network. It has ambitions that it intends to achieve using its vast community known as the “Floki Vikings.” As you may recall from our article on the reasons behind Shiba Inu’s meteoric ascend – a strong community can also be a powerful asset of a successful project.
But how did it all start? Let’s go back to five months ago.
The History of FLOKI
The idea behind the creation of FLOKI was conceived on June 25, 2021, when Elon Musk tweeted that he will be adopting a Shiba Inu puppy and that its name will be Floki.
Source: Twitter
No one had any idea that Musk’s statement that day would result in the development of a new pupcoin with the same name as the Tesla boss’s anticipated puppy.
The team of developers behind Floki Inu quickly swung into action, taking advantage of Musk’s influence on the price movement of these memecoins to create a new dog-themed token. By Sept.12, when Elon Musk announced that his family had finally adopted the puppy, FLOKI was already trading in the market.
Interestingly, also took aim at Musk’s brother, Kimbal Musk, and his Million Gardens Movement.
The real Floki. Elon Musk’s dog. Source: Twitter
According to FLOKI’s official website, it is “the ONLY crypto project officially partnered with the #DogeFather’s brother Kimbal Musk’s Million Gardens Movement.” Together with the Movement, FLOKI is aiming to tackle food insecurity in the world.
Within the first few months of its existence, the memecoin has experienced a significant price increase. Initially, FLOKI was listed for millionths of a cent. However, in September, the price soared by more than 250,000%, seeing the memecoin reach new all-time highs (ATHs).
Floki Inu has a total supply of 10 trillion tokens, with nearly 50% presumably burned on Ethereum and Binance Smart Chain. At the time of this writing (November 1st, 2021), FLOKI currently has a market cap of $2.1 billion.
How is FLOKI Different Than DOGE and SHIB?
Despite being a relatively new crypto project, Floki Inu claims that it is both a DOGE and SHIB killer, aiming to become one of the top 10 crypto projects in the market and kickstart the next crypto revolution.
It intends to shift away from the memecoin narrative and become something more, including providing its native marketplace dubbed “FlokiPlace.” With over 230,000 holders (at the time of this writing), FLOKI aims to link its rapidly growing user base and the project’s utility.
FLOKI claims it is focused on building its utility and creating a platform that is useful while organizing a close-knit community of holders who are rewarded for staking their tokens.
The project is currently working on three flagship utilities: an NFT gaming metaverse, an NFT and merchandise marketplace, and an education platform, which it believes will highly interest investors.
The Utility of FLOKI
Let’s take a closer look at the three offerings that Floki Inu is bringing to the table.
NFT Gaming Metaverse: Valhalla
Floki is designing a non-fungible token (NFT) gaming metaverse known as Valhalla, which will feature a play-to-earn business model, on-chain gaming interactions, and upgradeable NFTs.
The product is currently still under development and is scheduled to be launched in 2022. The metaverse will be powered by the FLOKI token.
Valhalla is already drawing considerable anticipation from NFT gaming enthusiasts and Floki holders.
NFT and Merchandise Marketplace: FlokiPlace
Floki Inu claims it is also developing a fully functional crypto commerce platform that will allow users to trade various merchandise, collectibles, and NFT using FLOKI as the main native currency.
The digital marketplace is expected to officially launch before the end of 2021.
Content Education Platform: Floki Inuversity
The Floki Inu team claims it is working on building a de-facto platform for anyone looking to learn more about cryptocurrency.
They intend to develop the Floki Inuversity into a platform with the biggest database of crypto content that everyone on the internet can have access to using FLOKI as a means of payment.
Floki’s team is actively involved in its global marketing push, with several ads placed in strategic locations in different countries across the globe.
For instance, the project’s ads are already live on the London Underground across 300 London buses with the caption “Missed DOGE? Get $FLOKI.”
This is how the overall roadmap of the project looks like:
Floki’s roadmap. Source: offical website
Where to Buy FLOKI
According to CoinGecko, the leading markets by trading volume of FLOKI are the decentralized exchanges Unisawp and PancakeSwap, and centralized exchanges Gate.io and MEXC Global.
Warning: there are several tokens going by the same name and ticker of FLOKI. Be sure to verify you’re buying the original one. Always use authorized sources such as CoinGecko and CoinMarketCap to verify you’re investing in the right token.
Conclusion
FLOKI has a long way to go before it can potentially rival some of the leading memecoins, such as Dogecoin and Shiba Inu. It’s also worth noting that the entire memecoin trend might also come to a halt, which will surely have an impact on FLOKI.
Investing in cryptocurrencies of this kind is particularly risky, and a lot of them have failed to deliver on the expectations. FLOKI has so far proven that it has a commendable marketing team, especially given that ads of it were seen all over London’s public transport.
Yet, it’s important to remain particularly careful and never risk more than you can afford to lose on an investment of this kind.
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