Floki Inu coin is a project which claims to be a movement instead of a meme-coin. It is one of many dog-meme cryptocurrencies such as Shiba Inu and dogecoin inspired by the founder of Tesla Elon Musk. The multi-billionaire recently named his new Shiba Inu breed dog Floki, prompting the creation of Flokinomics, Floki Inu and Shiba Inu. Express.co.uk examines the new coin and whether it is on the rise.

Floki Inu coin is a digital currency inspired by Elon Musk’s Shiba Inu breed dog which is named Floki.

The crypto’s website claims the coin was created by fans and members of the Shiba Inu community.

The website reads: “Floki Inu (FLOKI) is inspired by #DogeFather Elon Musk’s very own Shiba Inu.”

The digital coin’s platform also claims to be the only crypto project official partnered with “#DogeFather’s brother Kimbal Musk’s Million Garden’s Movement”.

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Garrick Hilleman, head of research at Blockchain.com and visiting researcher at the London School of Economics, said cryptocurrencies are subject to fluctuations due to celebrity endorsements.

Mr Hilleman told the New York Post: “There’s a real risk that if the celebrity loses interest or if a particular crypto-meme is overtaken by another currency, the investor will find himself in trouble.”

Michael Kamerman, CEO of Skilling also backed this perspective outlining how digital currencies are often “moved by headlines, tweets, celebrity, or corporate endorsements and while that’s likely belittled by “traditional” investors” – he added it was these factors which brings the masses to cryptocurrencies.

Mr Kamerman told Express.co.uk: “The masses understand headlines, tweets, and endorsements and the masses will likely mature as crypto enthusiasts and begin to appreciate the movement for its more technical nuances.

“Only then, will the cryptocurrency begin to move off of more “fundamental” factors.

“In my view, volatility is likely to taper off in the coming years…As the number of traders picks up, volume and liquidity will rise with it smoothing out the price action for all involved.”