In news that feels like you asked an AI generator to write a headline, somebody has launched a brand new cryptocurrency – Floki Inu – off the back of an Elon Musk tweet. You truly cannot make this shit up.
Over the weekend, Musk took to Twitter to assert that his new pet Shiba Inu is named Floki.
My Shiba Inu will be named Floki— Elon Musk (@elonmusk) June 25, 2021
Naturally, this prompted a huge spike for the popular Shiba Inu (SHIB) alt-coin, which saw a 23 per cent spike in the hours following the tweet, according to CoinGecko.
In addition to sending Shib one step closer to the moon, the tweet also spawned a whole new cryptocurrency. So what exactly is Floki Inu, where did it come from and – most importantly – is it going to the moon?
What Is Floki?
Floki (outside of the crypto world) is the name of a character in the popular TV series Vikings. It is believed that this is where Musk found the inspiration for his new pet Shiba Inu.
As for the coin, Floki Inu ($FLOKI) is a brand new meme coin spawned off the back of Elon Musk’s recent tweet. You know, because it’s the world of crypto and every meme can be monetised.
How Many Floki Coins Are There?
As far as we know, Floki has an abundant supply. There are currently 1 trillion coins in circulation, but the total supply is still unknown.
This isn’t particularly shocking considering most meme coins like DOGE and SHIB also have no maximum supply. However, it’s worth noting that coins without a supply cap are generally harder to protect from hyperinflation.
How Much Is Floki Worth?
In the hours following Musk’s tweet (which also happen to be the hours following the birth of this currency altogether) the value spiked by a staggering 3,500 per cent, according to UniSwap.
At the time of publishing, one $FLOKI coin is equivalent to $US0.00000140, which is up 13.3% for the day.
How Many Holders Does Floki Have?
In the hours immediately following its launch, Floki coin holders quickly exceeded 1,000, which is impressive to say the least.
According to Etherscan, there are currently 2,334 $FLOKI holders at the time of publishing, with nearly 9,000 transactions to-date.
Does It Have A Future?
Floki isn’t currently listed on any of the popular cryptocurrency exchanges, which obviously makes it harder to purchase and therefore less likely to go mainstream. However, this hasn’t stopped it from skyrocketing a massive 3,500 per cent in just a matter of days, so it’s really anyone’s guess at this point.
According to the roadmap outlined on the Floki website, the creators hope to exceed 3,000 holders and branch out into influencer marketing next month. By August 2021, the goal is to exceed 10,000 holders. Obviously, this could very well just be wishful thinking.
Meme coins are a particularly volatile breed, and without having a time machine, it’s basically impossible to tell whether this coin will be the next to reach the moon, or the worst investment of your life.
As always, do your own research and don’t invest anything you can’t afford to lose. While Elon Musk may treat cryptocurrency like a game, you’re investing very real money and a poor decision could have real-world consequences.
Is Elon Musk Personally Invested In Floki?
Without knowing Elon Musk’s personal cryptocurrency wallet address, it’s impossible to know exactly what – and how much – he is investing in.
While we’re able to see which cryptocurrencies Tesla invests in, the same can’t be said for his own investment portfolio.
Unfortunately, this means it’s unclear if Musk has actually thrown some money behind Floki or not. But regardless, you probably shouldn’t be hedging your bets on his unsolicited financial advice on Twitter.
Is This The Only Coin To Be Born From Elon’s Tweet?
Absolutely not. Floki Inu is just one of quite literally hundreds of Musk-inspired coins.
Other coins such as Baby Floki, Floki Coin, Floki Musk and countless other tokens have been born off the back of this tweet.
Will any of these coins survive long term and have real gains? Only time will tell.
How To Buy Floki
Floki Inu ($FLOKI) hasn’t been added to any of the popular crypto exchanges yet, so it’s a bit of an effort to actually invest in this coin.
Additionally, you can’t buy Floki directly with USD or AUD on UniSwap, so you have to purchase an intermediary coin, then use this coin to purchase Floki. That is, if you’re actually interested in buying this coin.
DISCLAIMER: Nothing in this article should be taken as financial advice. Gizmodo Australia is not recommending that you invest in Floki, or any other cryptocurrency. Do your own research (and don’t just listen to Elon Musk).