2021 has been a year of multiple trends, including the continuation of DeFi, the rise of NFTs, but also the explosion of memecoins — a special branch of cryptocurrencies which are, similarly to Dogecoin, inspired by dog memes, as well as by DOGE itself.
Thanks to support from Elon Musk and DOGE’s community, the coin saw a massive price increase this year, becoming one of the best performers of the year, and along the way, it inspired the creation of numerous similar cryptos.
Among them are some coins that have quickly become hits among the community members, but also some relatively recent arrivals that are only beginning to grow, such as Floki Inu. In fact, Floki Inu also recently received attention from Elon Musk, and soon after, from many others in the crypto industry.
Today, we would take a deeper look at the project and try to determine whether or not this coin can hit the price of $1.
What is Floki Inu?
Floki Inu is a new memecoin birthed by fans and members of the Shiba Inu community. It was named after Elon Musk’s puppy, Floki. Given his ties to Dogecoin, it wasn’t long before a coin dedicated to Musk’s own puppy emerged. Naturally, for the first month and a half of its life, the coin’s price was at its bottom, around $0.000004. However, it then started growing in September 2021, hitting an ATH at $0.000075 in the first days of October.
The spike came after Elon Musk tweeted a photo of his puppy, and the ATH itself was reached on October 4th. Since then, the coin’s price corrected to $0.00005 and surged back up to $0.00007. At the time of writing, October 8th, the coin’s price is once again correcting, currently sitting at $0.000063 after seeing a 5.81% drop in the last 24 hours.
As mentioned, the coin was created after Elon Musk announced that he is buying a Shiba Inu dog and naming it Floki. While Musk likely did it to further support Dogecoin, his puppy quickly got a crypto created and named after it.
Will Floki Inu grow?
With the introductions out of the way, let’s tackle the matter at hand — can and will Floki Inu (FLOKI) grow in value in the near future?
The first thing to note is that the coin has been around for about three months now, and since then, it has skyrocketed by over 2,000 percent. In other words, the growth has already taken place, showing that this crypto does attract interest and that it does have potential.
Given that it is not just another random member of the Inu family, but the coin inspired by Musk’s own new dog, chances are that FLOKI will not simply fade away. Meanwhile, its community and the team behind Floki Inu have additional plans to ensure the coin’s growth and success.
One of them is a major marketing campaign expected to start this month, with the team intending to spend almost $1.5 million on marketing efforts alone, not only in October, but over the next few months, as well.
Pushing FLOKI: The team’s marketing plan
One example includes ads that will appear throughout the underground transport network in London. Given that London’s subway transports approximately 5 million people every day — plus over 300 public busses — Floki Inu stands a good chance to be presented to millions on a daily basis.
The coin will also be advertised via billboards in downtown L.A., with the current plan being to present it on at least three billboards, likely in highly popular locations. Los Angeles will also see FLOKI ads on 25 busses in the city’s metro area.
The advertising is being done by an expert company that was previously contracted by the likes of Coca-Cola, Google, American Airlines, Microsoft, and other major companies, so the advertisers certainly know what they are doing. It likely won’t be long before the new Shiba Inu-inspired coin starts getting listed on crypto exchanges, which will increase exposure, demand, and likely, also its price.
With FLOKI potentially also getting a boost from the NFT sector, some predict that its value could at least quadruple before the end of the year. Speaking of Floki Inu and NFTs, the project’s official Twitter account revealed that they are creating a play-to-earn NFT gaming metaverse, known as Valhalla, which is one of the team’s many initiatives that will grant the coin utility, and give it a real purpose.
This amount of attention — especially since Musk is likely to continue supporting the project — might even make Floki Inu one of the largest memecoins. It is unlikely that it will replace Dogecoin, although the possibility does exist, even if it is small and vague.
But, many believe that the real turnaround for the coin would be a Coinbase listing. As mentioned, the team is pursuing many initiatives, with listing on major exchanges being one of them, and Coinbase is right at the top of the list of desired platforms. The coin was already added on Gate.io, which is a good start, but Coinbase would be the real prize that could potentially push the altcoin quite high, maybe even to $1.
The possibility is not that big of a stretch, either. After all, Coinbase has already listed DOGE and SHIB, so why not FLOKI, also?
Both SHIB and FLOKI are still valued under $1, although Shiba Inu has a significantly larger market cap — around $3.5 billion, compared to FLOKI’s $500 million.
In other words, FLOKI still has some ways to go to beat the second most popular memecoin, but its rapid rise certainly indicates that there is interest from the community, and new use cases, listings, and a major marketing campaign could easily push the coin to become DOGE Jr.
For the time being, all we can do is wait and watch, but the future does offer some interesting possibilities, and FLOKI is certainly worth keeping an eye on. FLOKI is currently available on the Gate.io exchange.