First, there was the meme token known as Dogecoin (CCC:DOGE-USD). Then came Shiba Inu (CCC:SHIB-USD), which actually managed to overtake Dogecoin in popularity. Yet, there’s a third canine-themed coin, Floki Inu (CCC:FLOKI-USD), and I don’t recommend dismissing Floki Inu as an also-ran.
I’ll admit that as an old-school, fundamentals-focused investor, I had difficulty taking any of these coins seriously at first. However, an old dog like me can learn new tricks, and we all have to adapt to changing market conditions in the 2020’s.
Indeed, even the most level-headed investors can have several dogs in the race, so to speak. You can have your serious, bread-and-butter investments, but also hold some Floki Inu tokens just for the fun of it.
And who knows – FLOKI could be your next 10x trade. So, let’s open our minds up to a dog-centered digital asset that deserves more consideration from crypto enthusiasts.
Analyzing the Floki Inu Price
Are you ready to see a whole lot of decimal points and zeros?
Floki Inu is a super-affordable coin which could make some traders wealthy even if it only goes to a penny.
As recently as August, FLOKI was just $0.00000002. Over a period of months, however, it ascended quickly.
The token’s price reached $0.00006 in late October, which already represented a substantial gain. Nonetheless, taking profits at that point would have been a big mistake.
That’s because Floki Inu soared like an eagle, hitting $0.00034 on Nov. 4.
It might be hard to wrap your head around these minuscule prices, but we’re talking about a nearly 17,000% gain since the bottom was reached in August.
Suddenly, FLOKI isn’t such a joke anymore. Recently, it pulled back to $$0.00025, which could provide a dip-buying opportunity if you aren’t positioned yet.
Not a Meme Coin – Got It?
If I called Floki Inu a meme coin earlier, now I’ll have to apologize and take it back.
The token’s white paper clearly states (boldface and all-caps courtesy of the original author(s), not yours truly):
“Floki Inu is not a meme coin. IT’S A MOVEMENT. A new cryptocurrency birthed by fans & members of the Shiba Inu community.”
So, there you have it. Don’t call FLOKI a meme coin – you’ll probably offend somebody!
The white paper also explains the origin of the Floki Inu token, which was named after Elon Musk’s Shiba Inu (the dog, not the cryptocurrency).
Apparently, the project behind the coin is working on three flagship utility projects.
These include a non-fungible token (NFT) gaming metaverse called Valhalla, an NFT and merchandise marketplace known as FlokiPlaces and a content/education platform dubbed Floki Inuversity (get it?).
This Could Change Everything
By the way, there’s a community called the Floki Vikings, named in honor of Floki, the Viking character which Elon Musk’s dog was named after.
Without a doubt, some of the Vikings are behind a grassroots movement to get FLOKI listed on the popular Coinbase (NASDAQ:COIN) cryptocurrency exchange.
Before you decide that this is just a pipe dream, consider that there’s a petition to have the token listed on Coinbase.
As of Nov. 10, that online petition has 28,379 signatures. Clearly, there’s a veritable army of Vikings supporting this movement.
Keep in mind, it was the popular demand that led to Shiba Inu being available for trading on Coinbase.com and in the Coinbase Android and iOS apps.
So, don’t be too surprised if you wake up one day and discover that FLOKI is available on Coinbase.
And that, almost certainly, would cause a huge move in the coin’s price.
The Bottom Line
Not every low-priced digital coin has its own white paper and a movement to get it listed on Coinbase.
Like it or not, Floki Inu is serious business. As the token’s awareness and acceptance grows, so should the price.
You’re certainly entitled to form your own opinion on FLOKI.
But just remember: whatever you do, don’t call it a meme coin.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.