CUPERTINO, CA / ACCESSWIRE / July 15, 2021 / It is no longer news that Elon Musk’s Twitter page plays a vital role in today’s crypto world. So on the 25th of June, 2021 when he tweeted that his new Shiba Inu will be named Floki, the crypto world went crazy. Almost immediately, lots of $Floki coins were floated. But one among them stood out, $Floki V1.
$Floki V1’s rise to the top
In just a few hours, despite the bear-run experience of most coins, Floki’s price skyrocketed. This was going to be a different experience for the community of investors. In fact, Investing reported a 3,500% pump after a few days and an abundant supply of a trillion coins. Everyone wanted to have a piece of the pie, and the high demand led to an upward surge of the price and the market cap.
Wait, it’s a rug pull
The price pump was unfortunately short-lived. It didn’t take a long time for the community to see that the developer involved in the project had an ulterior motive.
A lot of red flags got raised when the users started getting error messages after selling the meme token or after withdrawing it.
Apart from that, the developer was equally charging the investors 20% of all transactions, and minting new tokens to reward holders. This led to an inflation in the supply, and the project had to announce a full disclosure. The developer had gone rogue and the Floki V1 investors were rug pulled.
$Floki to the moon…or rug?
Not willing to give up, the community unified, kicked out the first developer, and got a new developer with a plan to continue the surge to the moon.
Unfortunately, this didn’t end well either. The attempt to revive the project led by the team saw them hire a new Developer called Marvin. Marvin urged the team to dump the tokens the investors had sent to the swap wallet and urge them to buy the dip so that ‘we can have enough liquidity.’ With the community in opposition to his idea, Marvin threatened not to contribute his own share of money to liquidity and left the team racing to cough out the needed cash.
Unknown to them, Marvin had perfected plans to rug pull the team and drained the liquidity pool of the project and the transfer of 236 Ether worth $749,000 to Tornado Cash, leaving a mere 0.25 Ether behind.
Due to an error in the old contract, the team was unable to sell any of the tokens that were collected in the swap wallet, and they were now left to source for funds, again.
Relentless Vikings community to the rescue
But just like a cat that has nine lives, the community of $Floki Vikings with over 23,000 Twitter followers and 6,000 Telegram channel members unified, and swung into action, determined to save the project and push Floki to the moon.
Floki Inu v2 was created with a new Ethereum contract, and holders were advised to migrate their old tokens. Unlike the Floki Inu V1, the new token which was successfully launched on July 8, 2021, was designed to have a 2% reflection to holders, an automatic buyback and burn, and a 3% tax channeled to a fully transparent multisig wallet.
The new Floki V2 was designed to be all about fun, decentralization, transparency, and safety for the investors. With a $4 million gain in trading volume in less than 24 hours, the project is well on its way to becoming the biggest crypto world’s biggest community project.
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