Flokinomics up 2,300% in 24 hours: should you buy?
Elon Musk created a new crypto, Flokinomics, named after his dog Floki. The Dogecoin knockoff gained 2,300% in the past 24 hours, Benzinga wrote on October 8. Dubbed as “the best rebase token known to man,” the coin runs on Binance Smart Chain.
At the moment, it ranks 2,804th on the market according to CoinMarketCap. On October 8, the coin was at $0.00002144. Is it the next Dogecoin? Musk has yet to comment on the coin even though Flokinomics have been sending shout outs to him on Twitter repeatedly.
Enter the Doge knockoff era
There are a few Doge knockoffs on the crypto market. Thanks to endorsements from people like Musk, they are all chasing profit and popularity.
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So, should you invest in every new one that comes along? Garrick Hilleman, who teaches at the London School of Economics and works as head of research at Blockchain.com, answers this question in an interview with the New York Post:
There’s a real risk that if the celebrity endorser loses interest or the meme-ability gets out-memed by another coin, you’re in trouble.
Dogecoin fights for its name
In August, Dogecoin said they were fighting back to reclaim their mission, goal, and name after several other coins used some version of the name. At the end of August, they filed an official claim on the Dogecoin brand name.
Jens Wiechers, a Dogecoin Foundation board member, said in an interview with The Wall Street Journal:
Most believed it’s not worth registering those trademarks because who knows how long this would survive. Now we basically are ruing that a little bit.
Dogecoin Foundation said in a statement:
For many years, the Dogecoin community has continued to think the best of people and hoped that everyone could play nicely with the name and logos. Dogecoin belongs to the people after all. However, in recent times, numerous attempts have been made to co-opt the ‘Dogecoin’ brand in various jurisdictions, in ways that would prevent the community and the project itself from using them. Not many people know this, but we would like to commend … Jens Wiechers, who since 2014 has single-handedly and at great personal expense fought these kinds of attacks … to protect everyone’s right to use the Dogecoin brand.
Dogecoin’s name refers to an Internet meme. It was created as a joke itself. Who knew.