The crypto community is spending $ 1 million to revive the Elon Musk-inspired Floki Inu token

This week, Bitcoin Magazine reported that Floki Inu (FLOKI), a new Elon Musk-inspired canine-themed token, “pulled” users’ carpets not just once but twice on some days. However, members of the Floki community shared a story of betrayal, sacrifice, and miraculous resurrection.

Floki’s story began on June 25 when Tesla and SpaceX CEO Elon Musk announced their intention to name their Shiba Inu dog Floki – apparently in honor of the eponymous character on the TV series famous Vikings.

Right after Musk posted the line tweets, a number of new opportunistic meme tokens have hit the crypto market in hopes of capitalizing on the new hype train. And one of them quickly gained a huge following – Floki Inu.

As Floki Inu’s popularity grew, users soon found that Floki’s developer not only kept minting new tokens for redistribution, but pocketed a significant portion (or even all) of each transaction via a hard-coded 20% tax – instead of keeping them 5% and spending the rest on marketing.

With this realization, the community criticized the developer and urged him to create a new hard fork. In essence, the hard fork is a new alternate version of the token and will be “the funniest, fairest, most decentralized community project named after Elon’s beloved dog Floki”. And here it gets worse.

Start pulling the carpet

After the community finished voting for the launch of “Floki V2,” the original developer quickly withdrew funds from the token’s smart contract, according to Bamidele, an anonymous user who initiated the hard fork.

“He was defiant at first, but with a little pressure he agreed: as long as the community participates. We surveyed the community and they overwhelmingly voted in favor. Immediately afterwards, the developer deleted his account, got out and started to withdraw, ”said Bamidele.

According to one Ethereum address appears to belong to the original developer of Floki, who raised about 2,600 ETH – worth more than $ 5 million.

“Not sure how much, but definitely at least $ 5 million in less than 2 weeks. I just checked and it’s 2,590 ETH; about $ 5.5 million, ”Bamidele estimated.

With the introduction of the new hard fork, the most active members of the community began to make all the necessary preparations for the launch event. So a new developer named “Marvin” (not sure if this is his real name or not) was added to the team to take over the code from Floki V2.

“Why do we error? “

At the same time, the Community Administrators and their friends – who had also joined – began adding liquidity to the Floki V2 pool so that it could later be traded easily. In total, community members invested around $ 550,000 to revive a rather obscure project.

“However, a few hours before it expired, this developer suggested we start swaps and asked people to buy dips to give us more liquidity. I protested vehemently to Telegram, fearful that another carpet-pulling operation might happen. But the influential partner who introduced him was very reliable, so I calmed down, ”recalls Bamidele.

In the end, Bamidele personally texted the other administrators to convince them that this was a bad idea and “thank god they agreed”. But that didn’t stop in the end, because after the plan was discarded, “Marvin” decided to pull the carpet the next morning.

Bamidele notes that at this time he reached out to a new developer by the nickname “Moontography” and “make sure you have a backup plan”.

“When I woke up and found out about the carpet pulling, I immediately posted tweets asking everyone to calm down because there was a backup. I immediately contacted the developer, reached an agreement, and work began. This time everything is under my control until it’s done, “he explained.

Bamidele was tweets on July 7th:

“I know there are a lot of dramas with FLOKI and lost trust is hard to regain. For the new FLOKI:

– Ownership expires as soon as the token airdrop is distributed – no one controls.
– Locks liquidity for 420 years.
– Conducting audits and announcements.
– Multiple signature on marketing wallet “.

But the loss is very great. In a flash, “Marvin” withdrew around 550,000 US dollars from Floki V2 – money that was contributed by community members who did not want to see this “dog” die.

Additionally, the initial migration plan – with a swap wallet that allows users to swap their Floki V1 for the equivalent of Floki V2 – failed due to a “mining bug that resulted in more tokens than it should be” in the pool . So the chances of survival of the token after the second devastating move in a row are as good as nonexistent – but the convinced community has not yet given up.

Save Floki

In a desperate final attempt to save Floki, the community administrator again invested another $ 450,000 in the project, a portion of which is said to have sold almost all of their cryptocurrencies to keep the token alive.

Most of that funding (around $ 300,000) was added to Floki V2’s liquidity pool (currently valued at $ 600), while the remainder was used to pay developers, pay for audits, and so on.

“The team had to put up with a lot of hardship. We actually solved the problem from the first scam developer, took our own money (not the community) and then started a team sponsored liquidity pool where we paid 50,000 ETH gas fees for the air drop, ”said anonymous user Uniswap Detective, also one the leader of the community project. “The community doesn’t have to pay. You would have nothing if we didn’t take on the project. “

After the originally planned exchange was unsuccessful, the new team finally decided to compensate the Floki owners with an airdrop. However, not all users receive 100% of their Floki V1 credit.

“The idea is to compensate every user. However, inflation broke out at the last minute (with supply almost doubling in the 30 minutes to the end of the swap – possibly due to a massive surge in volume) so we made some changes. Those who deposit 12 hours in advance will all be swapped 1: 1, others will be discounted according to the estimated increase in inflation for the old contract, ”explains Bamidele.

They were promised the greatest comeback of all time.

And that’s exactly what the community gets.

This is the ground floor for $ FLOKI ️ pic.twitter.com/kVz6dRrImX

– Uniswap detective????️ (@UniswapD) July 10, 2021

“The greatest comeback of all time. And that’s exactly what the community gets. That is the minimum price for FLOKI. “

At the time of writing, the Floki price is continuing to recover, according to the CoinGecko platform. The token is currently trading at around $ 0.00000427, up about 20% over the past 24 hours. However, that level is still a long way from the July 1st all-time high of $ 0.0001412.

Floki Inu price chart | Source: Coinecko

In the end, Floki is clearly just a meme token created to capitalize on the hype fueled by Elon Musk, but at least one thing sets it apart: It actually becomes the “Token of Tricks,” the devil’s game.

Minh Anh

According to Cryptoslate

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