Lil Floki (LILFLOKI) is a memecoin based on Elon Musk’s dog named Floki. Through the charity program, the project hopes to become more than just a memecoin. Tokens like Shiba Inu (SHIB) rose by over 100,000,000 last year, allowing at least 1 investor to raise $8,000 to over $5 billion. Many of these memecoins are owned by dogs and Tesla Inc. Its CEO is Elon Musk. One of them is Lil Floki (LILFLOKI).
What is Lil Floki (LILFLOKI)?
Lil Floki is a project based on Binance Smart Chain (BSC) and aims to be a payment cryptocurrency with a store of value. However, memecoins cannot be considered a store of value as they are some of the highest risk investments you can make. The project has several features to try and maintain value, but the token price is commonly determined by hype.
Perhaps the most important way Lil Floki tries to preserve the value of his coin is through anti-whale procedures. This feature ensures that only 1% of the total LILFLOKI supply can be sold at a time. It also ensures that 1 wallet can hold no more than 2% of the total supply. This rule prevents a single user from having too much influence on the coin’s price.
Another way the team tries to maintain the coin’s value is through the burn mechanism. A portion of each transaction is sent to a wallet where tokens are burned or taken out of circulation. This action reduces the supply after each transaction. However, it only works if there is enough volume to make the burns effective, and the team has yet to reveal the details of the burn feature.
Each transaction incurs a massive 13% fee. Additionally, 2% is distributed back to holders in the form of Binance Coin (BNB); It is put into the liquidity pool of 4% to support the volume; and 7% are sent to “charitable” developers. This means that an investor who buys $1,000 of Lil Floki will actually only get $870 worth of tokens, and if the investor sells immediately, they will get about $750, resulting in a 25% loss if the token is the same value.
The charities supported by the project are related to dogs. In the past, she bought flea treatments and food for dogs in shelters. This unique feature allows the project to have a direct impact on the community. It can also incentivize transactions, as fees go towards a good cause. However, the developers only donated $200, and it’s possible for the developers to pocket some of those funds for themselves.
A Brief History of Lil Floki (LILFLOKI)
The project was launched on September 25, 2021 by 2 New Zealand-based developers named Alice Morgan and Hisham Macpherson. The project was launched surrounding the idea of philanthropy and a shared love for dogs. The developers made sure they were very public to develop trust between themselves and investors.
Most of the first month of the project focused on marketing. This period included the creation of social media accounts and influencer endorsements. Going forward, he hopes to achieve larger goals such as gaining control and developing non-changeable tokens (NFTs).
Although the project has been on sale for just over a month, the price has already increased by over 500%. It’s just starting to get recognition. However, its market cap is under $10 million, so it’s still a very risky investment.
Open an online account.
Now that you understand the basics of LILFLOKI, you may be interested in purchasing the token. Since it is a BSC token, you must first open an account on Binance. To open a Binance account, go to the website and create an account using an email and password. Next, you enter your personal information before depositing funds into your account.
Once your account is opened and verified, you can fund your account using an ACH or credit transfer. Then you can find and buy Binance Coin (BNB). However, you need a wallet to store BNB and exchange it for LILFLOKI.
Download Trust Wallet or Metamask.
A cryptocurrency wallet is a place to store a separate crypto exchange. It allows the investor to be the sole owner of cryptocurrencies. The best wallets for BSC tokens are Trust Wallet and MetaMask.
To open a wallet in either program, you download the software and create an account. You will then be assigned a wallet address to which you will send your BNB. Remember, your wallet address will be set to Ethereum’s network by default. You will need to add BSC before sending your BNB to your wallet.
Convert your BNB tokens.
Make sure you add BSC tokens in the wallet and send your BNB from Binance to your wallet. Once the BNB is in your wallet, you are ready to buy LILFLOKI on PancakeSwap.
Make your purchase.
Navigate to PancakeSwap and connect your wallet in the upper right hand corner. Then find the LILFLOKI and BNB pair. The exact address for the token can be found on the project’s website. Once you have the pair, select the amount of LILFLOKI you would like to purchase and execute the trade.
You may have to increase your slippage to 13% or more to account for the hefty transaction fees that Lil Floki has embedded into the token. Your LILFLOKI will then be stored in your wallet.
source: benzinga.com
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility
