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Elon Musk backed Floki on rise, turns Rs 1000 into Rs 34 lakh in two months

Elon Musk backed Floki on rise, turns Rs 1000 into Rs 34 lakh in two months

If you had invested in Floki Inu coin two months ago, you would have been sitting on a fortune right now.

Elon Musk named his new pet Floki. Elon Musk named his new pet Floki.
Story highlights
  • Floki Inu coin has been on a rise for the past few months.
  • The crypto currency has given massive returns in the last two months.
  • Floki Inu is backed by Tesla chief Elon Musk.

There are people who love pets and then there is Elon Musk who turns them into crypto coins. They eventually end up making a lot of investors rich. The latest to do so is Floki Inu, a coin named after Elon Musk's new pet Floki. If you had invested in this meme coin two months ago, you would have been sitting on a fortune right now. Floki Inu has turned Rs 1,000 investment into a...wait for it...Rs 34 lakh return over the last two months.

Almost everyone knows that Musk was one of the biggest promoters of Dogecoin at the beginning of this year. His tweets and frequent statements sent the cryptocurrency on a high. However, in June, the Tesla chief had also announced that he will be getting a pet Shiba Inu dog (the face of Dogecoin) soon, and later announced that it will be named 'Floki.'

Musk shared an image of Floki in September this year, and it immediately sent the Dogecoin on another rally. All the linked or inspired coins like Baby Doge and Shiba Inu also benefitted from this. The biggest gainer, though, has been Floki Inu which is giving massive returns to its investors. Interestingly, the coin didn't even exist till a few months ago.

Floki Inu coin rallied nearly 1,500 per cent within the first three months of its inception. The coin was valued at $0.00000002 on August 8 and was sitting at $0.00006805 on October 8. Between these two months, it has given unbelievable returns of 3,40,150 per cent. In simple words, if you had invested Rs 1,000 in this coin in August, you must have made Rs 34 lakh by now.

The market-cap of Floki Inu was about $700 million (Rs 5,250 crore) as of Sunday, which is more than many listed companies. The official website of this coin states that Floki Inu was founded by fans and members of the Shiba Inu community and is inspired by Doge father Elon Musk's Shiba Inu.

While the coin may sound like an exciting investment, you must know that it will remain volatile till the fluctuations depend on external factors. If you are planning to invest in Floki Inu, you must connect with crypto experts and put in money only after consultation.