Everyone knows that at the start of this year, Musk was one of the most vocal proponents of Dogecoin. His regular pronouncements and tweets propelled the cryptocurrency to new heights. Tesla CEO Elon Musk, on the other hand, stated in June that he will be getting a Shiba Inu dog (the face of Dogecoin) as a pet shortly, and that it will be named 'Floki.'
In September of this year, Musk shared a photo of Floki, which sparked another surge in the Dogecoin. This benefited all the linked or inspired coins, such as Baby Doge and Shiba Inu. Floki Inu, on the other hand, has been the largest gainer, with significant returns to its investors. Surprisingly, the coin didn't even exist until recently.
The digital token has risen 3,40,150% in just two months, from $0.00000002 on August 8 to $0.00006805 on October 8. In rupee terms, this implies it turned a Rs 1,000 investment into Rs 34 lakh in less than two months. As of Sunday, Floki Inu had a market capitalization of $700 million (Rs 5,250 crore), which was higher than that of listed companies such as Sequent Scientific, Strides Pharma, Inox Leisure, Cochin Shipyard, Sudarshan Chemicals, MTAR Technologies, and others.
Floki Inu is also the only crypto project officially affiliated with Elon Musk's brother Kimbal Musk's 'Million Gardens Movement,' which aims to empower people to choose, grow, prepare, and consume healthy food. In a contribution drive for this movement last week, Floki Inu raised $1.4 million in just 35 minutes. Floki Inu issued 10,000 Flokitars to the general public on September 18, 2021.
Floki Inu is riding high on the play to earn revolution, which resonates with millions around the world, according to Sharat Chandra, Blockchain & Emerging Tech Evangelist. This explains the coin's unprecedented pricing.
"It’s going to head north in the days and months to come. Team behind Floki is focussed on developing an ecosystem of use cases powered by NFTs, games, decentralized banking and creating new monetization models," Sharat said.
According to Darshan Bathija, Co-Founder and CEO of Vauld, "the way this meme coin is being regarded has radically changed over the last six months as they have grown more mainstream." If a coin's price movements are influenced by a big external source, it poses a greater concern and investment risk, Darshan added.
