With the pace at which digital currency is evolving, it is hard to take time and describe the market in clear terms, as by the time you will end the description, you will see many new changes have taken place in the market by that time. This is exactly the case with meme coins where the latest popular star is a new meme coin, the Floki crypto. Let us have a look at some of the Floki Inu news.
What Is Floki Crypto And How It Emerged?
When Elon Musk tweeted a picture of Shiba Inu, his pet on 13 September captioning it “Floki has arrived”, the value of Floki crypto which is a meme coin increased by nearly 1000% in just 2 days.
This marked the starting of the massive growth in this meme coin’s price. This digital currency is community inspired and owned by SpaceX and Tesla owner, Elon Musk’s meme coin, the Shiba Inu as stated on the official website of Floki. This crypto was formulated by an anonymous person Ryoshi in August 2020.
Since this year’s March, Tesla CEO Elon Musk has been throwing great emphasis on this project. He tweeted on March 2021,
“I am getting a Shiba Inu”.
Later, he tweeted in June,
“My Shiba Inu will be named Floki”.
The present trading value of Floki Inu at the time of writing this is $0.00007559 and has a trading volume of more than $16 million. The Floki Inu price in INR is ₹0.00569556. This implies the user can purchase 1,00,000 coins for just $7.7. On October 18, in just 24 hours the Floki crypto increased by 24%. Floki and Elon Musk are now synonyms.
However, the rise in price does not imply significant gain in respect to the atrociously low value. In the last two and a half months, the meme coin however increased 1200% between 1st August and 15 October. From $0.000005 on August 1, to $0.00065 on October 15 was the range of increase. The increased percentage implies that if a user invests merely $500 on August 1, then it would have increased to $600,000 on 15 October as per the pricing. If you are wondering, Floki crypto where to buy, then you will get them on their official website and that is the most convenient way to purchase it. But Floki Inu price prediction is not possible at this time as it is a new coin, and the market experts need to study this coin for a considerable period of time.
What Is A Meme Coin?
A meme coin is a digital currency that is connected with a theme. The very first meme coin in the crypto space was Dogecoin which was named after a famous dog. The other examples of meme coins are Shiba Inu, Floki Inu, and many more.
These meme coins are digital currencies that are hyper volatile in nature, even though there is no concrete reason behind these awe-inspiring shifts. Crypto experts try to evaluate the reason behind this massive increase in the value of these meme coins. One reason that is being stated by the experts in the presence of a steady community behind these coins. For instance, Elon Musk has put his weight behind the Floki crypto via his tweets.
The Bottom Line
Despite the mind blowing shifts in these meme coins, the Indian crypto space is not interested in jumping onto the proverbial bandwagon. This is the same case with the Floki crypto as well. According to the chief business officer of CoinSwitch Kuber, Sharan Nair,
“Exchanges like us don’t list these coins because, unlike western markets, in India, we focus a lot on customer protection and prioritize it the most, which I feel is the right thing to do. We take a wait and watch approach towards these coins to ensure that the customers shouldn’t lose money investing in them.”