Elon Musk Launches Dogecoin Knockoff Flokinomics — Should You Buy?


Jirapong Manustrong / Getty Images/iStockphoto

Jirapong Manustrong / Getty Images/iStockphoto

A new crypto, Flokinomics, a Dogecoin wannabee knockoff named after Elon Musk’s dog Floki, went up 2,300% in the past 24 hours, according to Benzinga.

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“WE $FLOKIN DID IT,” Flokinomics tweeted.

The coin, which deems itself “the best rebase token known to man,” operates on the Binance Smart Chain, according to CoinMarketCap, which lists it in the 2,804 market rank position.

Today, the coin was at $0.00002144 mid-morning, according to CoinMarketCap data, which leads some to see it as the next Doge as it has room to grow.

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While Flokinomics has been sending several shout outs to Musk on Twitter, he hasn’t yet said anything about the coin.

It’s important to note that there are several Doge knockoffs on the crypto scene, all chasing the same popularity and gains Doge, thanks to celebrity endorsements such as Musk’s. “The risk on these meme coins is quite high,” Garrick Hilleman, head of research at Blockchain.com and a visiting fellow at the London School of Economics, told 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.”

Just last month, Dogecoin, which was created as a joke — its name is a reference to a popular internet meme — said it would be fighting back to reclaim its name, purpose and mission after several other cryptos used some iteration of its name.

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The Dogecoin Foundation, a nonprofit formed in 2014 by Dogecoin’s creators and supporters, filed an official claim on the Dogecoin brand name in late August.

“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,” Jens Wiechers, a Dogecoin Foundation board member, told The Wall Street Journal.

The foundation announced its relaunch in August, according to a statement.

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This article originally appeared on GOBankingRates.com: Elon Musk Launches Dogecoin Knockoff Flokinomics — Should You Buy?

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