“Meet Floki Inu, the community owned crypto inspired by Elon Musk”- that’s how the meme coin website defines it.
The coin aims to be a top 10 crypto project, and seeing how Tesla and SpaceX chief Elon Musk backs it; the dream might not be a far sight. Elon Musk and his tweets are well known for swinging the nascent crypto market up and down.
Floki Inu is third in the line of meme-inspired coins(a cryptocurrency associated with a theme). The other two are Dogecoin and Shiba Inu.
The coin was created by fans and members of the Shiba Inu community. It rose dramatically high when Elon Musk announced that his Shiba Inu dog would be named Floki.
From $0.000005 on August 1 to $0.000177 on October 28, it has risen 3,440%. Today, a coin that didn’t even exist a few months before had a trading volume of $164, 673, 679, up by 189.68% in the last 24 hours.
It is surging high now due to Musk’s tweet games but considering its volatile nature, one should invest carefully until external factors start driving its value.