Musk-backed token turns Rs 1,000 into Rs 34 lakh in just two months – Economic Times

Musk-backed token turns Rs 1,000 into Rs 34 lakh in just two months – Economic Times

New Delhi: As the euphoria over memecoins and Elon Musk‘s new pet, Floki, erupted on social media, the meme tokens were back in the buzz again.

A new crypto token based on Musk’s new pet, named Floki Inu, became the ‘pet’ of global memetoken lovers, as it rallied about 1,500 per cent in just three months since inception.

Interestingly, the digital token has skyrocketed a whopping 3,40,150 per cent in just two months to $0.00006805 on October 8 from $0.00000002 on August 8. In rupee terms that means it turned an investment of Rs 1,000 into Rs 34 lakh in just two months.


The market-cap of Floki Inu was about $700 million (Rs 5,250 crore) as of Sunday, which is more than the listed players like Sequent Scientific, Strides Pharma, Inox Leisure, Cochin Shipyard, Sudarshan Chemicals, MTAR Technologies and others.

According to a website, theflokiinu.com, this crypto coin birthed by fans and members of the Shiba Inu community and is inspired by Doge father Elon Musk’s Shiba Inu.

Floki Inu is also the only crypto project officially partnered with Elon’s brother Kimbal Musk’s ‘Million Gardens Movement’ for working to give power back to the community to choose, grow, prepare and eat healthy food.

Last week, Floki Inu raised $1.4 million in just 35 minutes in a donation drive for this movement. On September 18, 2021, Floki Inu released its 10,000 Flokitars to the public.

Floki Inu is also working on three flagship utility projects: an NFT gaming metaverse known
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