What Is Floki Inu (FLOKI)?
Floki Inu (FLOKI) is a dog-themed meme coin, calling itself not a meme coin but “a movement.” It’s a cryptocurrency birthed by fans and Shiba Inu (SHIB) community members. The coin is named after Elon Musk’s Shiba Inu. Elon Musk is a prominent fan of Dogecoin, although he publicly denied owning any SHIB. Floki Inu is working on “three flagship utility projects”:
- An NFT gaming metaverse called Valhalla
- An NFT and merchandise marketplace called FlokiPlaces
- A content and education platform called Floki Inuversity
The community calls itself the “Floki Vikings” in honor of Floki (Musk’s dog), named after a Viking character. Floki Inu vows to take its community efforts seriously and has been listed several times in the Top 10 of LunarCrush’s social engagement leaderboards. Floki Inu has also partnered with CryptoCart, giving its holders the option to purchase items at over 1,700 stores through a partnership with CryptoCart (CC). It is also working on a similar collaboration with Curate (XCUR) to allow Floki tokens to be used as a payment method on the Curate physical goods marketplace.
What Makes Floki Inu Unique?
Floki Inu wants to set itself apart from other meme coins by combining the memes with utility. The team’s long-term vision is to create an autonomous and decentralized ecosystem, including strategic partnerships, building utility on the token itself, and developing use cases for the Floki Inu brand through NFTs, games, and decentralized finance features.
Its main flagship product is the NFT gaming metaverse called Valhalla. Floki Inu envisions it to be a play-to-earn gaming metaverse, where you can earn rewards for battling and trade or hold on to assets obtained in the metaverse. The team plans to take successful elements from games like Pokémon and Skyrim and incorporate them in Valhalla. Players will be able to capture and battle with creatures called Vera, and the game will also have a gardening system where players can tend to their crops, which can later be sold as NFTs. With Valhalla, Floki Inu tries to follow the path forged by games like Axie Infinity, which popularized playing and earning on the blockchain.
How Many Floki Inu (FLOKI) Coins Are There in Circulation?
Floki Inu has a total supply of 10 trillion FLOKI. According to BscScan and Etherscan, over 200,000 holders of FLOKI on Ethereum and BSC combined. Users can buy FLOKI on Uniswap and PancakeSwap, but each purchase incurs a 3% marketing tax used for the continued development of the Floki Inu ecosystem. The team plans to reduce the marketing tax in the future, as sufficient funds are collected.
2. Ravencoin (RVN)
What Is Ravencoin (RVN)?
Ravencoin (RVN) is a digital peer-to-peer (P2P) network that aims to implement a use case-specific blockchain that efficiently handles one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin was announced on October 31, 2017, and released binaries for mining on January 3, 2018, with a fair launch: no premise, ICO, or masternodes. It was named after the TV show Game of Thrones.
What Makes Ravencoin Unique?
As a fork of the Bitcoin code, Ravencoin features four key changes: modified issuance schedule (with a block reward of 5,000 RVN), block time reduced to one minute, coin supply capped at 21 billion (a thousand times more than BTC), and a mining algorithm (KAWPOW, formerly X16R and X16RV2 respectively) intended to mitigate the centralization of mining caused by ASIC hardware.
Ravencoin aims to solve the problem of assets transfer and trading over the blockchain. Previously, if someone created an asset on the Bitcoin blockchain, it could be accidentally destroyed when someone traded the coins it was made with.
RVN coins are designed as internal currency within the network and must be burnt in order to issue token assets on the Ravenchain. The assets can represent anything: real-world custodial objects like gold or physical euros, virtual goods and objects, a share of a project like stocks and securities, airline miles or an hour of someone’s wage, etc.
The planned future versions of the Ravencoin protocol will support integrated messaging and voting systems.
How Many Ravencoin (RVN) Coins Are There in Circulation?
Ravencoin insists on being as fair and open as possible for a new cryptocurrency. There was no pre-mine, no ICO, and no coins were held for developer or founders rewards.
In three years since its inception (as of March 2021), 39% of coins are already mined. The total supply is capped at 21 billion coins.
What Is SHIBA INU (SHIB)?
According to the SHIBA INU website, SHIB is the “DOGECOIN KILLER” and will be listed on their own ShibaSwap, a decentralized exchange.
Shiba Inu coin was created anonymously in August 2020 under the pseudonym “Ryoshi.” The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and Tweets from personalities like Elon Musk and Vitalik Buterin.
Shiba Inu aimed to be the Ethereum-based counterpart to Dogecoin’s Scrypt-based mining algorithm. Shiba Inu and the SHIB token are part of a swarm of dog-themed cryptocurrencies, including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM). These lesser-valued tokens have attracted investors who missed the Dogecoin pump from 0.0002 to nearly 0.75 USD.
On September 17, 2021, Coinbase, the largest US-based crypto exchange, listed Shiba Inu on its platform. This news caused Shiba Inu’s price to rise by over 40% in the following two days, bringing the meme dog token into the spotlight again.
What Makes SHIBA INU Unique?
The SHIBA INU website invites dog-inspired artists worldwide to foster the “artistic Shiba movement” as they bring their SHIBA INU community into the NFT market.
SHIBA INU has also created a campaign using Amazon Smile to collect donations to rescue real, live Shiba Inu dogs with the Shiba Inu Rescue Association.
How Many SHIBA INU (SHIB) Coins Are There in Circulation?
The SHIBA INU website notes that they locked 50% of the total token supply on Uniswap and “threw away the keys!” The remaining 50% was “burned to Vitalik Buterin.”
In response to the “gift” from the Shiba Inu team, Vitalik Buterin sent 50 trillion SHIB tokens worth $1 billion in Shiba Inu price at that time to India’s Covid Crypto Relief Fund. Buterin then burned 40% of the total supply to a dead wallet.
Several other tokens are described on the SHIBA INU website — LEASH, which has “been unleashed and will not rebase,” and BONE, the “Dogecoin Killer.”
LEASH has a fixed supply of only 107,646 tokens. It offers enticing rewards to liquidity providers, while BONE has 250,000,000 tokens and is a governance token that allows holders to vote on the Shiba Inu’s Doggy decentralized autonomous organization (DAO).
The WoofPaper notes that you will use SHIB to DIG for BONES, ShibaSwap, or even BURY your tokens. “Trainers” can teach their Shibas to SWAP tokens as well — all of these actions create “Returns” that are put into the Puppy Pools, where the #SHIBARMY has the option of BURYING or DIGGING for BONES.
At the beginning of May 2021, dog-themed meme tokens like Shiba Inu saw transaction volumes in the hundreds of millions of dollars. Shiba Inu’s price hit an all-time high (ATH) of 0.00005 on May 10, 2021, before going on a downtrend.
On May 13, Vitalik Buterin (who was given half of the token supply by the developers) announced that he was donating a large amount of these tokens to a fund helping India with COVID relief. The SHIBA developers had not anticipated Buterin selling his tokens, so the relief fund (as of May 18) will have to navigate how to sell the tokens to use the money on aid without preventing market shocks in the SHIB market. At Buterin’s announcement, Shiba Inu’s price dropped 44%.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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