How to Buy Floki (FLOKI): Meme Coin Risks and Step-by-Step Guide
Floki is a meme coin named after Elon Musk's dog. We explain what's behind the token, why its risks are extreme and how to buy it on an exchange step by step.
What Is Floki
FLOKI appeared in 2021 on a wave of dog-themed meme coins. The name refers to Elon Musk's Shiba Inu dog. Musk himself has nothing to do with the project.
The team is trying to build out products such as a game, DeFi services and educational projects, but the token's price still rests mostly on hype. The token exists on the Ethereum and BNB Chain networks.
For a similar project, see how to buy Shiba Inu.
Floki Risks: Extreme
- Speculative price. News and social media move the price more than any product does.
- Two networks. Sending FLOKI to the wrong network is a common mistake that can cost you your coins.
- Fakes with similar names on decentralized exchanges.
- A huge supply. A low price per coin doesn't make the token "cheap."
How to Buy the Floki (FLOKI) Meme Coin Step by Step
Step 1. Choose a major exchange that lists the FLOKI/USDT pair, and sign up. The whole process is covered in how to open a crypto exchange account.
Step 2. Complete KYC verification, then turn on 2FA and an anti-phishing code. Details: how to secure your exchange account.
Step 3. Get USDT into your account. The easiest way is to buy it from another person, as explained in how to fund your account via P2P. Why you need this stablecoin in the first place: what is USDT.
Step 4. Open the spot market, find FLOKI/USDT and place a limit order at your price. How it differs from a market order: limit vs. market orders.
Step 5. If this is a trade rather than a buy-and-hold for years, set a stop-loss right away. With a meme coin, never go without a stop: a drop of tens of percent in a single day is routine for it. If you'd rather not look for the levels yourself, check out Aspiro Trade: it has signals on 45 assets, each with an entry point, take-profit and stop-loss. You can see exactly which assets are on the list in the app.
Step 6. When withdrawing FLOKI, choose the network (Ethereum or BNB Chain) that your wallet supports, and keep a little ETH or BNB on it for fees.
Where to Keep FLOKI After You Buy
| Where | Pros | Cons |
|---|---|---|
| Exchange | You can sell in seconds, and stop-losses work | The exchange controls the keys |
| A wallet for Ethereum or BNB Chain | Your coins are under your control, and you can use the network's apps | Lose the seed phrase and you lose access |
| Hardware wallet | The most secure option for large amounts | Costs money and must support the right network |
Our partner link. If you decide to open an OKX account, please sign up through it: it's free for you and doesn't change any of the terms. If you trade, the exchange pays Aspiro a partner bonus, which goes toward developing our apps and the free Academy. We have no access to your account, your money or your trades.
- FLOKI is a meme coin: its price runs on hype, and you can lose everything.
- No leverage, and no money you need to live on.
- A stop-loss is mandatory on every trade.
- Buy on a major exchange so you don't end up with a fake.
Frequently Asked Questions
Is Floki connected to Elon Musk?
No. Only the name, which comes from his dog. Musk didn't create the project and doesn't run it.
Which network should I use to withdraw FLOKI?
The token exists on Ethereum and BNB Chain. Choose the network your wallet supports, and send a test amount first.
Can I buy FLOKI with leverage?
Not as a beginner. Meme coins already swing by tens of percent, and leverage makes liquidation very likely.
Start with free education
A step-by-step OKX guide and free Aspiro Academy courses: 26 lessons on investing and trading from scratch, with practice and a certificate.