Want to jump straight to the answer? You can buy ETH on eToro and then swap it for Floki Inu on Uniswap.
Floki Inu (FLOKI) is a spinoff of the wildly popular Shiba Inu (SHIB) that has captured a market capitalization of over $10 billion. It’s based off of an Elon Musk tweet in which he stated that his Shiba Inu (dog) would be named “Floki.” This sent waves throughout the crypto community and led to the creation of the Floki Inu cryptocurrency and many other copycats. It gained steam on Twitter (NASDAQ: TWTR), bolstering over 50,000 followers, or as they refer to them, “Floki Vikings.” It is currently trading well below its all-time highs that occurred back in November 2021.
Floki Inu is down over 70% from its all-time high prices. This may present a buying opportunity for believers in the coin, but many investors see dog-themed cryptocurrencies as a bubble that has already popped. To make the decision for yourself, read more to find out what exactly Floki Inu is and how you can buy it today.
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 both the Ethereum blockchain and Binance Smart Chain. 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 blockchain-based video game.
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 100,000 holders, with a market cap over $1 billion.
Brief History of Floki Inu (FLOKI)
Floki Inu was created shortly after 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.
This bullish price action went through the end of October with FLOKI seeing new all-time highs. However, the token retraced alongside the general cryptocurrency markets in December 2021 and heading into 2022. While there is a chance for Floki to recover, most investors would agree that Floki Inu is much more risky than a major cryptocurrency like Bitcoin or Ethereum.
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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.
For non-US customers –– 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.
If you’re located in the U.S, you’ll need to send Ethereum tokens to a crypto wallet. From there, you can use a decentralized exchange like Uniswap to swap your ETH into FLOKI. Most platforms let you send ETH to a cryptocurrency wallet, such as Robinhood, eToro and Crypto.com.
- 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. The best software wallet to use on Uniswap is Metamask wallet, which you can download for free on the Google Chrome app store.
- Make your purchase.
Once you have a balance in your MetaMask wallet, 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
Why Are Memecoins Popular?
While meme coins aren’t typically innovative projects, they’re still incredibly popular. You may ask yourself, why do these doggy-themed coins have any value, anyway? Memecoins can be viewed from a similar angle as NFTs: they grant access into a community of like minded people and can be ridiculously profitable for what they are. Whether it’s the Bored Ape Yacht Club or the Floki Vikings, owners of these tokens belong to a large community of other owners of the project which some see as valuable. Plus, the only way for these investors to make a profit is by convincing others to buy their tokens. Memecoin owners are often vocal about their favorite token of choice going to the moon on social media platforms for this exact reason.
Best Crypto Wallets for FLOKI]
Now that you know how to buy Floki Inu you need to know how to store it safely. Here are a few of the best cryptocurrency wallets on the market:
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 to purchase FLOKI. Once you have purchased a Ledger hardware wallet, you simply download its software onto your computer and create an account. Ledgers support more than 1,000 different cryptos including Bitcoin, Ethereum, Dogecoin and all ERC-20 tokens (including Floki Inu)
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 Robinhood, eToro and Crypto.com 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
October 2021 proved to be a great month for cryptocurrencies. Dog coins seemed to outperform the general market, with Shiba Inu, Floki Inu, and other memecoins up over 100%. Since then, however, most cryptocurrencies are trading below their all-time highs –– and by a lot. 2022 has been a bearish year thus far, but many blockchain enthusiasts are still bullish on the asset class on a macro time frame. For the most up to date crypto prices, check out our table below.
Is Floki Inu (FLOKI) a Good Investment?
Floki Inu is a high-risk, speculative project. It’s returns have been massive, but it’s unlikely that cryptocurrencies surviving off hype will be viable long-term investments. Floki Inu was a fantastic investment if you bought in early enough and sold near the top. It has been a bad investment for almost everyone else so far. This could, change however, if it recovers its hype and its price skyrockets again. The project has not delivered on any of the large promises they have made. Plus, the digital asset was rug pulled by previous developers that have since left the team. Price increases have been the result of their social media presence instead of actual progress.