After the success of Dogecoin, other digital assets in the family made their debuts in the crypto market. Riding on the success of the meme coin, coins such as Shiba Inu and the likes have attained a degree of success. However, one should note that the main protagonist, Tesla CEO, Elon Musk, has been a driving force of the dog coins. This is noticeable by the number of tweets that the CEO has posted in favor of the dog coins. Musk recently made a tweet where he said that he had adopted a new coin, which he named Floki. In this article, we will be looking at the Floki coin and if it should be added to our portfolio.
What is Floki Crypto?
The Floki Inu coin is a token on the Binance Smart Chain. Before it was released there, the token was previously developed on Ethereum. Just like the other dog family tokens, Floki Inu has about 9.4 million tokens in circulation. The token is regarded as hyper-deflationary because most of its token is removed from circulation. Developers also charge users 8% as tax for transactions with the token. In the tax charged, half of the tokens are sent to a marketing wallet that the developers own.
The other half is distributed across various wallets holding the token. However, one should note that the other half is shared evenly among wallets no matter how small the token it contains. One of the wallets is a burn wallet as Floki sends tokens there to undergo burning. As Floki is sent into the burn wallet, holders of the token get more rewards. This is used to raise the price of the token since the token in supply will reduce significantly.
Floki Price Movement
The Floki Inu token is very volatile. It undergoes massive amount of price swings in short periods. One reason why this happens is that the market capitalization of the token is very small. Presently, Floki is still smaller compared to Dogecoin and Shiba Inu. The token trades at $0.00006091 with a market capitalization of over $600 million. Before now, the token was trading at a region around $0.0000165. A tweet by Elon Musk sent the token on a bullish run, ending the run around the $0.0000642 price mark. The coin recently took on another bullish run to rest on its all-time high price of $0.00007509 on October 11.
How To Buy The Floki Inu Token
Knowing that the Floki token is a good investment is one thing, and knowing how to get it is another thing. Since the asset is pretty new, most crypto exchanges do not have it listed on their platforms. Below is a safe and secure way to buy the Floki Inu token.
Send Ethereum To Your Wallet
To purchase the token, you will first buy Ethereum and send it to your wallet. This is because most crypto exchanges have not listed the token. However, you can purchase it from a decentralized exchange. You can head over to most of the DEX to swap your Etheruem for the tokens. Note that you should connect a supported online or offline wallet to the DEX you plan to buy from. Which DEX you might be asking? Well, Pancakeswap and Uniswap both support swapping to FLOKI.
Connect your wallet and purchase
To use any DEX, you will be required to connect your wallet to the browser you are using to access the platform. After connecting your wallet, head over to the platform and click on the select token button. You will need to enter the correct contract address of Floki Inu in the space provided. The contract address is on CoinMarketCap. You will need to enter the amount of Ethereum you want to swap to get the Floki token. The last step requires you to click on the swap button and approve the transaction.
Is Floki Inu A Good Investment?
Without a doubt, Floki Inu is a good investment, as explained above. It is a coin that will rival other dog coins and crypto alike. Getting it now could put you in the driving seat of some vast profits in the coming years. Floki can bring in profits worth more than 300% in the future. However, this does not mean that the asset will not fall to zero, but the chances are doubtful. Also, you should know that you still need to carry out your research and only buy with spare cash.
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