Unless you have been living under a rock then you have most likely heard of FLOKI, touted as a meme coin that’s been shilled by everyone crypto youtuber under the sun but is it more than just a meme coin?. And what do the tokenomics say about the project? In this article we’ll dive into the tokenomics of FLOKI to see if it’s all a meme or if there is some depth to the project.
FLOKI Use Case
Unlike many meme coins FLOKI actually has a fair few use cases including real world use such as their partnership with CryptoCart which allows FLOKI to be spent to purchase goods from over 1,500 different stores.
Floki has developed a rather robust ecosystem which includes:
- its own play to earn NFT metaverse “Valhalla”
- its own DeFi protocol “FlokiFi” which allows users to stake and lock tokens and NFTs from 12 supported blockchains
- ShopFloki which is a merch shop where you can buy Floki inspired merch using the FLOKI token.
- University of Floki, a crypto education platform
- Flokitars, Flokis very own NFT collection
Floki started out as a meme coin however has now flourished into a thriving ecosystem offering a range of projects mostly focused around NFTs and the future of crypto gaming/the metaverse. Floki has even gone so far as to get featured on TV in both the USA and Turkey.
Is Floki Inu a deflationary coin?
Floki Inu is what some may call a hyper-deflationary token as tokens are constantly being taken out of circulation and either being burnt or locked on both ETH and BSC, below is the current count for burnt and locked FLOKI tokens:
- 1.43 trillion FLOKI burnt on ETH
- 1.1 trillion FLOKI locked in ETH
- 3.5 trillion FLOKI burnt on BSC
- 4.5 trillion FLOKI locked in BSC
FLOKI has a 3% transaction tax that occurs when buying and selling the FLOKI token on both ETH and BSC, this 3% transaction tax goes to the Floki Inu treasury.
How many FLOKI tokens are left?
FlOKI has a total supply of 10 trillion tokens with 9.3 trillion in circulation which equates to roughly 45% of the total supply in circulation. These tokens are spread across roughly 400,000 holders on both Ethereum and BSC where the FLOKI token is available.
FLOKI via CoinGecko
Does FLOKI have a limited supply?
Yes. The FLOKI token is capped at a total supply of 10 trillion tokens. Once all tokens are in circulation no more FLOKI tokens can be minted, the supply will actually reduce as the team performs buy backs and burns tokens.
Are the FLOKI tokenomics safe?
While FLOKI has built a much more in depth ecosystem than the majority of meme coins, at its heart FLOKI is still a meme coin and very much in a sense has “meme tokenomics”. While FLOKI has a chance to perform very well during a meme season due to its relatively low market cap and its 400,000 plus community matched with the developing ecosystem I personally would not call FLOKI a “serious investment”.
How can I buy FLOKI directly?
The easiest way to buy FLOKI on both BSC and ETH is through a DEX as FLOKI is not currently listed on any major centralized exchanges such as Binance. If you are wanting to buy FLOKI on ETH then the DEX Uniswap is the palace for you, if you want to buy FLOKI on BSC then the DEX PancakeSwap is the place for you.
Both of these DEX’s use Metamask.
While FLOKI may be a meme coin it has developed an interesting ecosystem that shows signs of growth with a strong community of over 400,000 holders. The FLOKI tokenomics are not the flashiest however that can be expected of a meme/fun project.