shiba inuAfter the rise of earlier this week Floki Inumade an even more dramatic climb from SHIB, aided by transaction tax changes and a marketing attack.
Shiba Inu is yesterday’s big cryptocurrency winner, continuing its recent rise and rivaling in terms of total market cap dogecoinleft behind. But today’s most notable meme coin is a nascent Dogecoin Competitor, which has seen hype rising more than 200 percent in a single day. Floki Inu (FLOKI) it happened
According to CoinGecko, the Floki Inu, named after Elon Musk’s Shiba Inu puppy, is currently worth $0.00016786 per token. The cross-chain Ethereum and Binance Smart Chain token, launched in July, hit an all-time high of $0.00021552 earlier today. The token continued its significant rise, which it started yesterday, and has risen even more sharply today, up 223 percent in one day.
While it’s difficult to pinpoint the reason for the rise of a meme coin – especially as they’re so sensitive to changing social media sentiment – there have been a few notable developments surrounding Floki Inu lately.
To begin with, the creators of the crypto token recently launched a marketing campaign in London on public transport systems, including ads at bus and tube stations. Ads were recommending that investors who missed the early Dogecoin excitement buy Floki Inu instead.
While the ads first appeared in October, a wave of press articles covering the campaign were published only this week, including from the Financial Times.
“Did you miss DOGE? Get FLOKI!”
Some months back the team @RealFlokiInu said they would have advertising on London buses and the London Underground…
Well a friend of mine has just sent me this image 👀👇🏻💥 🚀 🌙 #FlokiVikings #FLOKI #Crypto pic.twitter.com/zTfmcJlRGw
— DJ JY (@DJJY) October 27, 2021
Second, the developers have significantly changed the fee structure, reducing the tax on each transaction while eliminating “reflections” or royalties paid to other owners based on total transaction volume. The Reflection system was similar to that of SafeMoon, another popular meme coin earlier this year.
Floki Inu’s developers said in a tweet thread published Wednesday that they removed the copyright-like bounty element, which was mainly due to regulatory concerns. Royalty-like payments to token holders can make a token appear as an unregistered security; this is something some NFT projects have been struggling with lately as well. The tweet thread also included the following statements:
“We are in discussions with several major CEXs regarding the listing of FLOKI. For these exchanges, compliance is the number one priority. In other words, even the slightest possibility that FLOKI will be considered a security, listing will be difficult. Removing reflections fixes this issue!”
Floki Inu has reduced the transaction tax from 8% to 3%, and the tax money is now used to fund marketing goals (like London ads) as well as build the overall ecosystem around the meme coin, including a planned video game metaverse project “Valhalla” .
According to its official website, Floki Inu has over 170,000 total investors – although that number may have increased based on recent activity. CoinGecko has reported over $203 million in total trading volume in the last 24 hours, a new high for the token.
According to CoinGecko data, the value of Floki Inu has increased by nearly 250,000 percent since its launch in July.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.