Elon Musk's influence in the crypto space cannot be denied. In May 2021, a tweet from him saw the price of Dogecoin rise by a whopping 26% from $0.38 to reach $0.48 at the time of the report.
In the referenced tweet, Elon informed the world that he was working with Doge devs to expand the system's transactional efficiency. With this, many got the idea that Tesla may add DOGE as a means of payment, causing a spike in the value of the coin.
A new coin emerges
It seems a simple tweet from the Tech Billionaire is the new market determiner and trendsetter. So much so that a new crypto coin, Floki Inu was birthed by followers and members of the Shiba Inu community in response to a tweet by Elon.
On 25th June 2021, he tweeted: "My Shiba Inu will be named Floki". This is the known beginning of Floki Inu, better described as Elon Musks' very own Shiba Inu which is currently listed on the world's decentralized exchange - UniSwap.
The brave puppy - Floki Inu, operates as a community-owned meme coin. It is hyper-deflationary and designed to reward users at every turn. More Floki Inu coins are added to the wallet of users with each transaction they perform. Users also earn rewards for hodling. Provided that its community values are maintained and enhanced, the coin was destined for dominance.
A twist to the tale
Elon's hunger for outer-space treats is no secret and enthusiasts believe Floki is a ticket to the moon. The puppy hit 100x a few days after hitting the ground with a growing community of passionate enthusiasts. Elon's pup was headed for the moon until the activities of its developer started going against the goals of the community.
The Floki Inu community grew rapidly following Elon's tweet. The goals of the community include becoming the most decentralized, fairly driven and fun community project in the crypto space. But according to a report on Medium, the developer was demanding 20% on transactions from holders to channel their funds into his wallet, then holding these funds to ransom, thereby inflating the supply quickly.
Dogged crypto enthusiasts to the rescue
Even though this was unacceptable to the community, they stayed committed, dogged and reinforced their bond. This bond formed a force strong enough to mount pressure on the rogue developer and keep the community going without a leader.
With 6000+ community members on Telegram, 9500+ holders, and a positive mention on Forbes, the community was too determined to let the project fail. They pushed out the first developer, brought in a new developer and set a more community-centric plan in motion.
The new plan for Floki Inu incorporates automatic buyback and burns of 6%, reflections to holders up to 2% and small tax going to a multisig wallet with full transparency (3%). With this, users receive more tokens when they hold longer. The scarcity of the tokens grows daily while the multisig wallet ensures that the community stays in control instead of a single party.
The doggedness expressed by these crypto enthusiasts is uncommon, admirable and the only reason why Elon's favorite dog-inspired crypto still stands the chance to fly users to Mars.