First there was “alt season” (referring to altcoins), and now there’s “meme season.” Among the so-called meme coins is Floki Inu (CCC:FLOKI-USD), but the fast-and-furious price action is proving that Floki Inu is definitely not a joke.
It’s been reported recently that FLOKI is outperforming rival canine-themed coins Dogecoin (CCC:DOGE-USD), Shiba Inu (CCC:SHIB-USD). However, cryptocurrency investors don’t have to view this as a dog race, as there’s room for all of them to grow in value.
Indeed, some folks are building wealth quickly through altcoin investments. As we’ll see, one crypto-coin millionaire just took a huge stake in Floki Inu, and plans to buy much more.
Yet, you don’t have to be a millionaire to join the Floki Inu Viking community. As this exciting project picks up steam – and even makes a foray into the burgeoning metaverse – just about anyone can join the movement now.
Analyzing the Floki Inu Price
It’s hard to believe now, but FLOKI was as cheap as $0.00000002 in August. Only the die-hard Vikings could possibly have foreseen how far this coin would run over the ensuing months.
Amazingly, Floki Inu reached $0.00006 in late October, followed by $0.00034 on Nov. 4. We’re talking about returns in the thousands of percentage points here.
The price pulled back, but this should have been expected. As the old saying goes, trees don’t grow straight to the heavens.
There may be an epic comeback in the works, though. Impressively, FLOK ran from $0.00012 to $0.00018 in mid-December. That rally represents a 50% gain in just a few days – not too shabby.
Given the positive price momentum, Floki Inu holders should keep an eye on the prior short-term peak of $0.00022, which could prove to be a battle zone.
A Metaverse of Their Own
It’s a natural fit for crypto enthusiasts to get involved with the metaverse and non-fungible tokens (NFTs), as these domains all represent exciting digital frontiers.
Thus, with a handful of hashtags, @RealFlokiInu rallied the troops around an upcoming foray into a vast virtual world:
“Since #PlayToEarn is trending, here’s another reminder that #FLOKI is building a #Play2Earn #NFT gaming #metaverse named #Valhalla.”
The Vikings will need to be patient, as this metaverse is expected to launch in February of next year.
According to a spokesperson of the project, Floki Inu’s virtual world will be a gaming metaverse where people can play to earn unique NFTs.
This venture into the metaverse could prove to be a game changer – no pun intended. Consider that virtual-reality platform The Sandbox sold $70.6 million worth of NFTs in just seven days.
Don’t be too surprised if more tokenized projects enter into the metaverse in the near future. By developing its own NFT-gaming domain now, the Floki Inu project will surely be ahead of the pack.
A New Goal for a Crypto Whale
After having become a millionaire through his Dogecoin investments (and thereby earning the nickname DOGE Millionaire), Glauber Contessoto is now setting his sights on a different canine coin.
Reportedly, Contessoto said that he purchased around $125,000 worth of FLOKI, or about half a billion tokens.
With that, Floki Inu became his second-largest cryptocurrency investment ever. For the time being, DOGE is apparently still Contessoto’s largest crypto holding.
Evidently, this digital-asset millionaire is just getting started. Contessoto declared that he will “continue buying Floki,” pledged to buy the dip at every occasion and announced that his “new goal is to have 1 billion Floki tokens.”
In defense of his massively bullish stance, Contessoto cited the Floki Inu project’s ongoing global marketing campaign. Moreover, he noted the aforementioned gaming-metaverse build-out.
The Bottom Line
While Contessoto is betting big bucks on little coins, it’s wise to maintain small position sizes in all cryptocurrency trades.
That being said, it’s encouraging to see the Floki Inu project making an early and aggressive move into the potentially lucrative world of NFTs.
So, let’s not make this a competition between canine-themed tokens. Each coin has its own merits and unique features, and FLOKI is quickly marking its territory in the dog-eat-dog world of crypto.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.