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From Musk's Dog to Binance.US Listing: A Comprehensive Examination of FLOKI Inu and Its Tokenomics

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TL;DR

  • Binance.US has added the dog-inspired cryptocurrency, Floki Inu (FLOKI), to its list of supported coins, which enables users to trade FLOKI against USD and USDT on the platform.   
  • FLOKI has a total supply of 20 trillion tokens across the Ethereum and Binance Smart Chain networks, and it features a multichain protocol allowing token holders to bridge their tokens between the two blockchains.  
  • FLOKI is not intended to be used as a medium of exchange but rather as a secure and convenient mode of payment and settlement between participants within the Floki Ecosystem.
  • The Floki ecosystem includes Valhalla, a PlayToEarn game, FlokiFi, a suite of decentralized finance products, a Floki prepaid card, and Floki Places, an NFT and merchandise marketplace.

Floki Inu, a widely popular dog-inspired cryptocurrency, has recently been added to the list of supported coins on Binance.US, the American arm of the renowned cryptocurrency exchange Binance. This enables users to trade FLOKI against USD and USDT on the platform.

In this article, we will delve deeper into the FLOKI token, exploring its price history, tokenomics, and the comprehensive Floki Inu ecosystem.

FLOKI Price History

Floki Inu, classified as a 'meme token' cryptocurrency, has exhibited high volatility in its price movements over the past few years. The currency was launched in June 2021, following reports that Elon Musk had purchased a Shiba Inu dog and named it Floki.In 2022, Floki Inu suffered a significant decline, dropping from its initial price of $0.0000998 to $0.00000881 by the year-end, marking a correction of over 91%. Nevertheless, Floki Inu's fortunes have changed in 2023, with the cryptocurrency experiencing a surge. On February 16th, 2023, the price of Floki Inu rose by almost 50%, thanks to a series of tweets from Elon Musk, where he featured his dog Floki as the new CEO of Twitter.

Most recently, Binance.US added the token to its platform. Following the announcement, the token's price surged by 40% within a span of 24 hours following the announcement. However, the price experienced a gradual decline in the subsequent days.

According to CoinMarketCap, at the time of writing, the current trading price of FLOKI is $0.000033 with a 24-hour trading volume of $28,116,369. Over the past 24 hours, FLOKI has experienced a 7.49% decline, and its current live market capitalization stands at $315,927,868 USD.

Source: https://coinmarketcap.com/currencies/floki-inu/

FLOKI Tokenomics 

FLOKI was originally launched on the Ethereum blockchain with a total supply of 10 trillion tokens. However, in order to tap into the massive user base of the Binance Smart Chain (BSC), FLOKI also launched on the BSC network with a supply of 10 trillion tokens. This means that there are currently 20 trillion FLOKI tokens in existence across both chains.  

  • Multichain Protocol

One of the unique features of FLOKI is its Multichain protocol. This protocol enables FLOKI token holders to bridge their tokens between the BSC and ETH blockchains within minutes. This feature allows FLOKI holders to move their tokens seamlessly between the BSC and ETH blockchain networks.

Due to the 1:1 swap, the supply and price of FLOKI between ecosystems are connected.

  • Token Distribution and Burn

The token distribution of FLOKI is structured as follows: 4.29 trillion tokens were burnt on the Ethereum network, while 5.77 trillion tokens were burnt on the Binance Smart Chain.

Additionally, 678 billion tokens are permanently out of circulation/inaccessible due to being blacklisted in wallets that got excess tokens due to a V1 inflation bug.

This means that a total of 10.74 trillion tokens are permanently out of circulation across both chains, leaving a circulating/available supply of approximately 9.26 trillion tokens.

  • FLOKI as a Payment Settlement

FLOKI is not intended to be a medium of exchange accepted by the public as payment for goods or services, but it is designed to provide a secure and convenient mode of payment and settlement between participants within the Floki Ecosystem without intermediaries, the team said in the whitepaper.

  • Token Ownership and Rights

Token ownership of FLOKI does not entitle token holders to any promise of fees, dividends, revenue, profits, or investment returns, and it does not represent any shareholding, participation, right, title, or interest in the company or any other enterprise. Ownership of FLOKI carries no rights other than the right to use FLOKI as a means of enabling interaction within the Floki Ecosystem.

  • Taxation and Treasury Wallet

A 0.3% transaction tax is applied to every buy and sell transaction of FLOKI, with the funds going to a treasury wallet. These funds will be used for further development of the Floki Ecosystem and marketing activities aimed at ensuring adoption.

The Floki Ecosystem

Source: https://docs.floki.com/floki-whitepaper/
  • Valhalla - A PlayToEarn game

Valhalla is a PlayToEarn game that allows users to earn and collect Floki tokens by playing. In Valhalla, players can communicate, monitor each other's progress, and encounter one another in the virtual world. The first major release of Valhalla with Open World went live in Q4 2022, and it's currently playable on the Optimism Goerli testnet.

  • FlokiFi - Decentralized Finance

FlokiFi is the umbrella name for a suite of decentralized finance products that will be launching under the Floki brand. The first utility product under FlokiFi is FlokiFi Locker, a protocol for securing digital assets. Users can lock Liquidity Pool (LP) tokens, NFTs, fungible tokens, and Multi-tokens using FlokiFi Locker.

  • Floki Prepaid Card - Visa/Mastercard

Offered in collaboration with FCF Pay, this card allows users from all over the world to generate virtual Visa/Mastercard prepaid debit cards and fund them with Floki tokens. These virtual cards have a balance limit of $5000, daily transaction limit of $2,500 and can be used with millions of merchants from around the world. The card has a 3.75% top-up fee, of which 1% goes towards buying and burning FLOKI tokens, thereby further making the FLOKI token perpetually deflationary.

  • Floki Places - NFT & Merchandise Marketplace

If you're a collector of NFTs or merchandise, Floki Places is the perfect place to trade. ShopFloki.com is live and has partnered with Binance Pay to accept payment in multiple cryptocurrencies. Floki also features three NFT collections, Flokitars, Diamond Hands (Genesis), Gemstones, that provide holders with benefits within Floki's Ecosystem. These can be purchased on Opensea NFT marketplace.

  • University of Floki - Crypto Education

This crypto education platform offers live classes in Floki's virtual classroom environment, as well as asynchronous materials that can be accessed at any time. The first release of asynchronous materials for University of Floki is expected in early 2023.

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