Can Floki Inu Reach $0.01? • Altcoin Analysis • Benzinga

Want in on the action? You can buy FLOKI on Uniswap after funding a crypto wallet with ETH from eToro!

Disclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

Another dog-memecoin has found itself surging in popularity among top cryptocurrencies. Currently trading at a fraction of a cent, many investors continue to ask the same question about these memecoins — Will Floki Inu reach $0.01?

What is Floki Inu?

Floki Inu is a ERC-20 smart contract on the Ethereum blockchain, more commonly referred to as a “memecoin” or “shitcoin.” This is because tokens like Floki Inu are launched with the purpose to grow exponentially off of social “hype” from the launch. These memecoins do not necessarily provide any unique protocols or any utility, as the developers often make all the decisions for these projects.

Floki Inu Market Capitalization

The current market cap of Floki Inu is roughly $2.5 billion, currently trading around $0.0002 per Floki Inu token. This is a relatively large market cap for such a low price per token. If price theoretically did climb to $0.01, that would increase the total market cap to $125 billion. This would put Flocki Inu at the #3 top cryptocurrency by market cap.   

Can Floki Inu Hit $0.01?

Theoretically there is the slight possibility that Floki Inu could reach $0.01, with a tremendous amount of trading volume and increased capitalization. Although the realistic outcome would be Floki Inu will never reach $0.01. A $2.5 billion market cap is a lot of money for a token that does nothing; it is hard to imagine investors will want to continue buying a token with no utility. Also keep in mind this is one of many dog themed coins, all with no real utility or purpose. There is nothing about Floki Inu that makes it stand out from other projects.  

How to Buy Floki Inu

There are many different options when it comes to purchasing altcoins like Floki Inu. You can purchase Floki Uni on or use a decentralized exchange like Uniswap to swap another crypto for Floki Inu. A decentralized exchange is a great alternative for traders looking to avoid fiat, or wish to exchange a different altcoin. 

To use a DEX, you’ll need to buy Ethereum on a cryptocurrency exchange. Some great choices are eToro, Gemini, and Coinbase.

1 Minute Review

Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs. 

You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.

Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.

Best For

  • New cryptocurrency traders
  • Cryptocurrency traders interested in major pairs
  • Cryptocurrency traders interested in a simple platform

  • Simple platform is easy to operate
  • Comprehensive mobile app mirrors desktop functionality
  • Coinbase Earn feature rewards you with crypto for learning about available coins

  • Higher fees than competitors

get started

securely through eToro’s

Disclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

1 Minute Review

eToro, headquartered in Cyprus, England and Israel, has provided forex products and other CFD derivatives to retail clients since 2007. A major eToro plus is its social trading operations, including OpenBook, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its lack of tradable currency pairs and underwhelming research and customer service features

Best For

  • U.S. based cryptocurrency traders
  • Social and copy traders
  • Simple user interface
  • Community engagement and following other traders

  • 25 cryptocurrencies
  • Expansive network of social trading features
  • Large client base for new traders to imitate

  • U.S. traders can only buy cryptocurrency

1 Minute Review

Gemini is a cryptocurrency exchange and custodian that offers investors access to 26 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.

Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader. 

In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.

Best For

  • New investors looking for a simple mobile and web app
  • Experienced investors who need a more advanced platform with more tools
  • Users looking for a 1-stop-shop to buy, sell and store all of their coins

  • Easy and quick signups — can get started in as little as a few minutes
  • Multitude of platforms to accommodate traders of all skill levels
  • Hot wallets include insurance to protect your from theft and hacking attempts

  • Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app

Fast Track Your Purchase With Dharma

To many, using a decentralized exchange can be intimidating. These applications can be hard to navigate, and it involves sending cryptocurrencies between different wallets to complete your transaction. Dharma is a mobile app for iOS and Android that makes buying cryptocurrency from decentralized exchanges easy. Simply download the app, fund your account, and you’re ready to invest in any cryptocurrencies available on decentralized exchanges. No need to transfer your funds across wallets –– you can complete the entire transaction through Dharma’s mobile app!

Is Floki Inu a Bubble?

Like most memecoins, Floki Inu is absolutely a bubble. This is due to the fact that there is not necessarily any reason that price is moving –– it is completely speculation. Price rallys and exponential growth rates are not sustainable, eventually leading to a very dramatic decrease in price. Floki Inu relies completely on its community of traders to keep the “hype” alive. Once investors stop advocating for the project, the bubble will burst.

What are Memecoins?

Memecoins would be cryptocurrencies that derive from social media or cultural references. These types of coins are made to gain popularity fast, without necessarily having utility. Memecoins do not have any revolutionary protocols, they rely on jokes and cultural references to attract investors. It is important to consider that memecoins are extremely risky assets, if you are looking to invest in a memecoin do not invest more than you are willing to lose. 

Is Floki Inu a Good Investment?

If you are looking to make a high-risk, high-reward investment with a popular memecoin, then Floki Inu may be a great option for you. If you are looking to invest in revolutionary blockchain projects that will shape the future of DeFi, then Floki Inu may not be a great investment for you. Keep in mind that memecoins are the most volatile assets you can invest in, make sure to never invest more than you can afford to lose.

Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.

Source link