Floki Inu ($FLOKI), the highly popular Shiba Inu dog breed-themed cryptocurrency project, has achieved another important milestone.

The idea of creating this cryptocurrency was born on 25 June 2021 after Dogecoin ($DOGE) advocate Elon Musk tweeted that the name of his Shiba Inu dog would be “Floki.”

FLOKI is the utility token of the Floki ecosystem, which “offers a 3D NFT Metaverse, DeFi utilities, a crypto education platform, NFTs, a merchandise store, and more.”

Here is How Forbes recently described Floki Inu:

Floki is a cryptocurrency that initially started as a meme-coin based on Elon Musk’s dog but has evolved to become a fully fledged web3 project spanning decentralised finance, NFTs and the Metaverse. Now referred to as “The People’s Crypto”, the team behind the Floki project have turned a once useless meme-coin into something more.

The token associated with the project, FLOKI, is a multi-chain token that operates on both the Ethereum and Binance Smart Chain (BSC) blockchains, as it is both ERC-20 and BEP-20 compliant. FLOKI tokens can be bridged between the two chains easily, allowing FLOKI holders to use either blockchain to store and transact with their tokens.

It is worth noting that FLOKI has an encoded 3% tax imposed on buying and selling the token but not on the transfer between the two chains. This tax is directed to the Floki Inu treasury, which the project claims will be used to develop the ecosystem further and increase the adoption of Floki. According to the white paper, the team will reduce the tax once the treasury has accumulated enough funds. However, there is no specific target or indication of when this will happen, or how much it would be lowered by.

Anyway, yesterday, the FLOKI team thanked CoinMarketCap for “correctly” tracking $FLOKI’s market cap, as the result of which $FLOKI is currently the 97th most valuable cryptocurrency by market cap.

Source: CoinMarketCap

According to data from TradingView, $FLOKI is up over 489% in the year-to-date period.

Source: TradingView