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Why FLOKI Is Up 275% This Week

Why FLOKI Is Up 275% This Week
Written by publisher team

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Floki Inu is aimed at people who feel they have lost their use of Dogecoin. Here’s why there are better cryptocurrencies to buy.

the main points

  • Floki Inu is a new cryptocurrency named after Elon Musk’s puppy.
  • Its 275% price jump is due to an advertising campaign on public transport in London.
  • A 3% marketing tax is charged on deals.

The meme makers are having a field day right now. Tesla CEO Elon Musk, the infinitely memorable Dogecoin (DOGE) infinity champion, has his very own Shiba Inu puppy. It’s called Floki. As a result, there are now more than 20 coins associated with Floki listed on CoinMarketCap.

So far, Floki Inu (FLOKI) leads the group of puppies. With the tagline “Missed Doge? Get Floki,” the coin unabashedly plays on people’s fears that they’ve missed a Dogecoin bus. Speaking of buses, the ad was recently placed on buses and other forms of public transport across London.

puppy power

The advertising campaign had the desired effect. Floki Inu posted 275% growth this week. Floki Inu took first place in the list of the top 3000 cryptocurrencies by market capitalization, ahead of Baby Floki Doge and Floki Elon. Although it still has a way to go if it succeeds in achieving its stated goal of becoming a top 10 cryptocurrency and starting the next crypto revolution.

Floki Inu claims to be more than just a meme coin – apparently, Floki Inu is a “movement”. But it’s hard to see how a coin based on a billionaire’s puppy could be anything but a meme, no matter how big her social media following.

Why am I cautious about Floki Inu

There are many reasons why you should be very cautious about buying Floki Inu. First, it is a shameful Dogecoin game that tries to take advantage of investor fears that they have missed. This is not a good justification for any investment.

Dogecoin, which is based on a popular meme of the Shiba Inu dog who spoke in broken sentences, was created as a joke and has no real use in the real world. No one expected it to reach such extraordinary levels of success and popularity. Especially since it is intended to simulate the way people have bought cryptocurrencies that they did not fully understand.

But when Dogecoin produced amazing returns against the odds, two things happened:

  1. It reinforced the idea that traditional investment logic does not apply to cryptocurrencies.
  2. Hundreds of imitations of Dogecoin cryptocurrency were born.

As a result, we’re witnessing a pet currency craze, as people hope to get rich by investing in a pool of currencies that don’t actually do much. Floki Inu is one of them – and that alone is a good reason to be careful. But here are some other warning signs.

1. The so-called “industry eminent persons” are mostly unknown

According to the Floki Inu white paper, “The Floki Inu team consists of many big crypto influencers and reputable industry figures, such as B, PetaByte Capital, Saber and MrBrown Whale who put their reputation on the line for this project.”

But if you search for these people, you will find that many of them are only on Twitter. And don’t be fooled by the name, PetaByte Capital is not an investment fund. The founders of the coin remain anonymous, which is a red flag for any new crypto venture. Knowing who is in charge and what their background is gives you an idea of ​​whether a project can be trusted.

2. You will be charged for each transaction

There is a 3% “marketing tax” on all FLOKI trades. According to the white paper, this tax goes first to the coin marketing efforts and second to the development of the Floki Inu system. This is a very high fee – especially since you will have to pay it when buying And when you sell. So, let’s say you bought $100 worth of FLOKI on a decentralized trading platform, Uniswap. You’ll pay $3 in addition to the transaction fee. Then you will pay another transaction fee plus another 3% when you want to sell.

I am also concerned about the focus Floki Inu is placing on marketing. Call me old fashioned, but they seem to put the horse before the cart. Cryptocurrencies that can have a real-world impact and are likely to stand the test of time put their efforts into technology and product development before launching expensive advertisements around the world.

3. Not available on major cryptocurrency exchanges

You can only buy FLOKI from decentralized exchanges such as Uniswap and PancakeSwap. Decentralized exchanges do not need an intermediary to facilitate currency swaps, and often do not have the same anti-money laundering systems in place.

The coin is not listed on top central cryptocurrency exchanges, which makes it more complex and often more expensive to trade. Not being listed isn’t a red flag in and of itself – there are thousands of coins out there and many of them aren’t available on the big platforms. But there are various risks when using decentralized exchanges, and investors need to approach with caution.

All cryptocurrency investments involve risks, but Floki Inu is a particularly risky investment. People may want to speculate that intense advertising and social media activity will push the price even higher. But long-term investors are better off looking for projects that have real interest and can grow in value over time.

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