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On June 25th, when Elon Musk tweeted “My Shiba Inu will be named Floki”…a team of developers from the Shiba Inu community recognized that this had the potential to become a trend, and so they created…Floki Inu. It was perfectly positioned so that, when Elon Musk announced that he had adopted his puppy, Floki, on September 12th…their coin was ALL READY to go…and now, it’s up 370% in the last 7 days.
They have good marketing:
They were smart to name the cryptocurrency after Elon Musks new puppy…and, whether or not he endorses Floki Inu…a mere MENTION of the dogs name on twitter will send people speculating into oblivion that…MAYBE…”he secretly meant the cryptocurrency, and it’s about to moon any moment…”…so, it’s genius.
Second, they have interesting future projects – if they actually capitalize on the momentum:
Long term – they want to build their own Metaverse, which would include gameplay elements of Pokemon, SkyRim, Animal Crossing, and FarmVille…with upgradeable NFTs along the way.
Third, the twitter user, RedStart, also explains that several very large holders…known as “Whales” – have slowly begun to buy in Floki Inu, and – apparently – those were the same people who helped initiate the Shiba Inu Pump.
Fourth…undoubtedly, there’s a confirmation bias that – if Dogecoin and Shiba Inu did it – FLOKI INU CAN, TOO…and, whether or not that’s right…if enough people believe it to be…it will. .
Fifth…there’s now a growing petition to get Floki Inu listed on Coinbase, which would make it MUCH easier for people to buy and sell.
First, they have a big marketing budget – and, because of that – it becomes harder to tell who’s genuinely interested in the project, and who’s paid to talk about it as an influencer.
Second, Floki Inu is benefitting from the exposure of Shiba Inu…which, benefited from the exposure of Dogecoin…and, if one of those were to fall…I have a feeling, the rest would drop alongside with it.
Third, I’ll be honest…I’m not sure I see the NEED for a gaming metaverse tied to the cryptocurrency.
I just think, if this were a popular game – there would be MANY, MANY ways to monetize – from memberships, recurring in-game purchases, renting skins, and a variety of other options – of which, would be in their best interest to accept ANYTHING – not just Floki Inu.
And fourth – just like every other cryptocurrency that has the potential to rally in price – be prepared that this can go down, too.
When things seem so easy, and people rush from one to another, chasing returns …it makes me worried that risk isn’t being taken into consideration, and instead – it’s a game of musical chairs to make money as fast as possible. I have NO DOUBT that you can make some pretty substantial returns in the process if you time it well…but, speculating on short term movements shouldn’t be taken lightly.
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