Want to jump straight to the answer? You can buy Floki Inu (FLOKI) on Gate.io and Uniswap.
Floki Inu (FLOKI) is a spinoff of the wildly popular Shiba Inu (SHIB). It is based off of an Elon Musk tweet in which he stated that his Shiba Inu (dog breed) would be named “Floki.” This sent waves throughout the crypto community and led to the creation of Floki Inu. It gained steam on Twitter (NASDAQ: TWTR), bolstering over 50,000 followers, or as they refer to them, “Floki Vikings.” It is currently trading around $0.00005, with all time highs of over $0.000075.
What is Floki Inu (FLOKI)?
Floki Inu is a cryptocurrency memecoin that entices risk-tolerant investors with its low price per token.. It operates on the Ethereum and Binance smart chains. The project has huge ambitions, including a Tesla giveaway and $100,000+ in charitable donations. The project is also looking to do work in the NFT sphere, helping with the distribution of NFTs in their own NFT games and selling of their own merchandise. However, these goals are unlikely to happen anytime soon. The project aims to link utilization and community. They want to make a platform that is useful and easy to use while creating a close-knit community of token holders. Holders are given rewards for storing the token, similar to coins like SafeMoon. These rewards are mostly given to the largest wallets, presenting a pyramid-scheme like structure. The coin currently has over 85,000 holders, with a market cap of $474,986,268.
Brief History of Floki Inu (FLOKI)
Floki Inu was created shortly after Tesla CEO Elon Musk tweeted that his Shiba Inu would be named Floki. The project is hoping to be more than just a memecoin, looking to offer Floki Inu for in-store purchases and their own marketplace, “Flokiplace.” The coin is the only project to partner with Elon Musk’s brother, Kimbal Musk and his Million Gardens Movement. The movement is aiming to tackle food insecurity worldwide. Initially listed for less than millionths of a cent, it soared over 250,000% in September 2021.
How to Buy Floki Inu (FLOKI).
Now that you understand the goals and structure of the project, you may be interested in purchasing the coin. Fortunately, doing so is not too difficult.
- Open an online account.
One way to purchase FLOKI is through an online exchange. Because the project is very new, it is only offered on a select number of exchanges. Gate.io is the easiest to navigate and offers the quickest route to FLOKI ownership.
Gate.io offers thousands of cryptocurrencies, one of which is FLOKI. To purchase FLOKI, you first must create an account on Gate.io. Doing so is easy and just requires an email and password. Next, you must fund your account.
Gate.io does not allow for fiat (U.S. dollar) transfers, so you must send cryptocurrency from another exchange account. For U.S investors, Coinbase, Gemini and Crypto.com are great choices.
- Buy a wallet (optional).
Wallets differ from exchanges in that they let you hold custody of your digital assets, whereas a crypto exchange holds your private keys. You can choose from multiple forms of virtual wallets. Depending on how you go about buying FLOKI, having a wallet may be a necessity.
- Make your purchase.
Once you have a balance in your MetaMask account, you can link the wallet to the Uniswap interface. If you use Gate.io, you can send your crypto directly from the exchange you purchased your ETH on. Using Gate.io, navigate to the FLOKI/USDT pair. To purchase FLOKI, you will have to swap the token with USDT. Choose the amount of USDT you would like to swap for FLOKI and execute the trade.
Afterwards, you should have FLOKI in your Gate.io account. On Uniswap, navigate to the “Swap” section. Select the FLOKI/WETH pair. You can then use your balance to swap your ETH for FLOKI, similar to the process on Gate.io
Best Crypto Wallets for FLOKI
Best Hardware Wallet: Ledger
Ledger is a hardware wallet that is extremely easy to use and supports the sending and receiving of Ethereum (ETH), which you may need later on. Once you have purchased a Ledger hardware wallet, you simply download its software onto your computer and create an account.
You’ll be assigned a wallet address (typically a long string of letters and numbers), and then you can send and receive thousands of cryptocurrencies through the wallet. Hardware wallets offer an extra level of security as opposed to software wallets, but they cost money while software wallets are typically free.
Best Software Wallet: MetaMask
MetaMask is a wallet that allows you to store, send and buy cryptocurrencies. When you open a MetaMask account, you will be assigned an Ethereum wallet address, and you can add other tokens via the wallet’s interface. In this instance, you’ll need to add ETH. This will be the address you will send your ETH to.
You must open and fund an account on a centralized exchange like Coinbase (NASDAQ: COIN) and purchase ETH there. On your exchange, navigate to your ETH position. From there, you should see an option to send your ETH. Click on this and enter the address from your wallet. Hit send, and your ETH should be in your wallet within a few minutes.
Keep an eye on FLOKI’s social media presence. This has been a driving force for the coin’s price.
Trade, Sell or Convert your Floki Inu (FLOKI)
To trade or convert your FLOKI, navigate to the pair of FLOKI and the desired token. The list is very short, however, so there is a likelihood you will not find the pair you are looking for. Once you have located the trading pair, you can do the same process you used to swap for FLOKI to convert it back to either ETH or USDT.
Enter the desired amount and execute the trade. Your position will then be in the other token. To sell, you can take the other token, such as USDT or ETH, and send it back to your centralized exchange. USDT is the most widely supported and therefore the easiest to use. Once the USDT is in your centralized exchange, you can convert it to USD and deposit it in your bank account.
Current Crypto Prices
In late September 2021, China reiterated the enforcement of a ban on all cryptocurrency transactions, leading to a market frenzy. Altcoins surged, interest rates fluctuated and major currencies saw an increase in volatility. This event forced miners and investors to experiment with new forms of decentralization. From moving offshore to going underground, crypto enthusiasts in China are figuring out ways to avoid China’s recent cryptocurrency bann. Indeed, they are changing the future of cryptocurrency as a whole.
While some say crypto may be entering a bear market, others view the drop as a minor setback. Either way, the increased volatility is defining the current market. Volatility provides opportunities to profit but can also lead to severe losses. Make trades with a calculated approach to mitigate risk.
Is Floki Inu (FLOKI) a Good Investment?
Floki Inu, as of right now, is a mostly speculative project. They have not delivered on any of the large promises they have made. Price increases have been the result of their social media presence instead of actual progress. However, if they begin to execute some of these promises, there is hope for the memecoin.
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