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What are the Floki cryptocurrencies and what do they mean?

What are the Flokinomics, Floki Inu and Shiba Floki crypto coins?

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Shiba Inu cryptocurrency token continues to raise as it joins Coinbase.

What are the Flokinomics, Floki Inu and Shiba Floki crypto coins?

Illustration by Alex Cochran, Deseret News

A number of new cryptocurrencies named after Tesla CEO Elon Musk’s dog have popped up in recent days, including Flokinomics, Floki Inu and Shiba Floki.

What are the Floki cryptocurrencies?

Per Benzinga, Flokinomics, Floki Inu and Shiba Floki are all meme-based cryptocurrencies that are seeing high spikes in value.

Floki might sound familiar to cryptocurrency fans. As you may recall, Tesla CEO Elon Musk tweeted a picture of his dog, a Shiba Inu breed named Floki, as I wrote the Deseret News. That dog breed is the namesake of the cryptocurrency token, Shiba Inu coin. So it’s clear the two crypto coins are linked.

  • Recently, Flokinomics jumped 1425.27% in a 24-hour period.
  • Floki Inu jumped 24.9% in 24 hours as well, per Benzinga.
  • Shiba Floki jumped 31.2% as well.

What is Floki?

According to Floki Inu’s website, the crypto project is partnered with Musk’s brother, Kimbal Musk, through the Million Gardens Movement.

  • Floki Inu is also working on “an NFT gaming metaverse known as Valhalla, an NFT and merchandise marketplace known as FlokiPlaces, and a content/education platform known as Floki Inuversity,” too.

Is Floki risky?

The Financial Conduct Authority issued a warning about cryptocurrencies recently, saying some crypto tokens have risks tied to them.

  • “Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money,” the group’s statement said. “If consumers invest in these types of product, they should be prepared to lose all their money.”