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What is Floki? What is the reason behind the recent surge in popularity of this cryptocurrency?

With every passing day, the cryptocurrency craze  is getting bigge. Floki Inu, a meme coin, is the newest star in the crypto universe. Let's look at what it is and why it is increasing.

It's difficult to put into words how quickly the bitcoin business is evolving. Because by the time the dust had settled on a crypto token's meteoric rise, a new obscure token would, more often than not, have surpassed the previous star in no time.

This is exactly what is happening with meme coins, with the most recent star being the now-famous Floki Inu.

On September 13, Elon Musk posted an image of his Shiba Inu puppy with the message "Floki has arrived," causing the meme coin Floki Inu to rise 1,000 percent in just two days.

This is exactly what is happening with meme coins, with the most recent star being the now-famous Floki Inu.

On September 13, Elon Musk posted an image of his Shiba Inu puppy with the message "Floki has arrived," causing the meme coin Floki Inu to rise 1,000 percent in just two days.

This was the beginning of a rapid surge in the value of this meme coin. According to Floki's website http://theflokiinu.com, this cryptocurrency is community-owned and inspired by Tesla and SpaceX CEO Elon Musk's Shiba Inu.

An anonymous person known only as Ryoshi developed the coin in August 2020.

Elon Musk has been seen putting his weight behind the project since March of this year. 'I am buying a Shiba Inu,' he tweeted in March 2021. 'My Shiba Inu will be named Floki,' he later tweeted in June.

The price of Floki Inu is currently $0.00007731, with a trading volume of just over $16 million. This implies you can get a total of 1,00,000 coins for just $7.7. According to coingecko.com, crypto coins increased by 24 percent in just 24 hours on October 18.

However, given the abysmally cheap price, the price increase does not represent a significant gain.

The meme coin, on the other hand, has risen 1,200 percent in the last two and a half months, from August 1 to October 15. On August 1, it increased from $0.000005 to $0.000065 per piece. On October 15, it increased to $0.000065 per piece. It increased by more than 1,200 percent in just two and a half months. According to the data on Coincodex, a $500 investment on August 1 would have climbed to $600,000 on October 15.

What is a meme coin, exactly?


Meme coin is a cryptocurrency that is linked to a certain theme. Dogecoin, named after a popular dog, was the first meme coin. Shiba Inu and Floki Inu are two other meme coins.

Meme coins are extremely volatile cryptocurrencies, despite the fact that there does not appear to be a compelling cause for this incredible rise.

Experts are trying to figure out why these meme coins have become so popular. The existence of a robust community behind these coins is one of the reasons for their spread. Another factor is that these coins are backed by strong personality cults. Elon Musk, for example, has thrown his support behind Floki Inu in a series of tweets.

The third reason is that the low entry threshold encourages retail investors to rush to meme coins, driving up their price.

Meme coins are traded on Indian crypto exchanges.

Despite the phenomenal growth of these coins, Indian cryptos are hesitant to join the bandwagon.

"Exchanges like us don't offer these coins because, unlike western markets, in India, we focus a lot on client safety and prioritise it the most, which I feel is the appropriate thing to do," says Sharan Nair, chief business officer of CoinSwitch Kuber. We are taking a wait-and-see approach to these coins in order to ensure that our consumers do not lose money by investing in them.

"All these coins are trying to imitate the so-called success of DOGE coin," he says, dismissing the quick price spike of meme coins. The majority of investors in these coins are novices looking to earn quick money. They have no concept of cryptocurrency or blockchain."

To summarise, meme coins are extremely volatile, even more so than traditionally volatile cryptocurrencies such as BTC, ETH, XRP, and ADA. Unfortunately, there are no strong foundations behind the rise or collapse of meme currencies, and it's impossible to predict which one will rise next and when.

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