Elon Musk chases Floki-Inu course northward

“Floki has arrived,” Elon Musk tweets. And shoots the price of the Dogecoin offshoot Floki-Inu up by almost 100 percent.

It’s no secret by now that Elon Musk has influence in the crypto world. Still, one can only be surprised time and time again by how strong the reactions to his tweets and posts turn out to be. Most recently, Musk tweeted three words on September 13: “Floki has arrived.” That phrase was enough to boost the price of the meme cryptocurrency Floki Inu (FLOKI) by nearly 100 percent.

What is Floki all about?

Here we need to distinguish – once in Elon Musk’s Shiba Inu Floki and once in the cryptocurrency Floki Inu. First of all, the Shiba Inu is simply a normal (real existing) dog, which is also really in Elon Musk’s possession since September 13.

Floki Inu, on the other hand, is a cryptocurrency. More specifically, a Dogecoin offshoot. According to the website, the idea for FLOKI came about on June 25, 2021, when Musk tweeted “My Shiba Inu will be called Floki.” It is a deflationary token that rewards its owner:s for holding the coin. The longer they hold the coin, the bigger the reward supposedly is. This is because a kind of redistribution tax of eight percent is levied on all purchases and sales. This is then, it is said, split equally between the marketing wallet and the meme coin holder:s. The former is to fund the marketing campaigns. It is a multi-signature wallet, which is supposed to guarantee the highest security and enable constant transparency.

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The marketing around the Meme-Coin

According to the developers, the cryptocurrency will be introduced in four phases. Of these, only phase one has been achieved so far. Phase two will then include “donations to charity” as well as a “user rewards program.” Phase three will then see “real-world events” before a “Tesla raffle” reportedly occurs in phase four. Additionally, “massive donations to dog shelters/charities in excess of $100,000″ are to be made. However, the total owner:inside number appears to be capped at 150,000.

The marketing is at the same time concerned with painting a space picture around Floki Inu. On the website, they declare the dog, which is also depicted on the logo, to be a hero, or rather a space explorer. One should “just love him and pet him”. And then “watch Floki Inu fly to Mars!”. It remains to be seen whether the hype around FLOKI can emulate that of its role model Dogecoin in terms of price appreciation.