There’s an ongoing meme coin war and it pits a lesser known coin against two other well-entrenched cryptos in the space today.
- FLOKI is a crypto based on Elon Musk’s dog that has the same name
- Floki Inu’s market cap is less than $1 billion
- After it reached its lowest point in June 2022, the crypto is now on a downward spiral.
Floki Inu (FLOKI), a meme crypto that was inspired by the dog of self-proclaimed “Dogefather” Elon Musk, is aiming to surpass Dogeoin (DOGE) and Shiba Inu (SHIB).
This could be difficult as its cryptocurencies based on dogs are losing in many battlefronts.
Total market capitalization is one of these aspects and Floki Inu’s is worlds apart compared to DOGE and SHIB.
Dogecoin, with a market capitalization of $8.4 trillion, has the largest, at an estimated value of $8.4 billion. Its spin-off token is somehow keeping up as Shiba Inu’s total capitalization stands at a little over $6.5 billion.
FLOKI is far away from its two competitors, with a market capital of only $70.2million.
DOGE is the leader in terms of trading prices at present. As of press time, the following: CoinGeckoIt is currently trading at $0.062. SHIB changes hands at $0.00001109 and FLOKI trades at $0.00000754
To surpass Shiba Inu, Floki Inu must increase its market capital 100x. Dogecoin, however, will continue to pose a greater challenge than the other cryptos.
FLOKI Price Alert At A Glance
Even with Floki Inu’s minimal value, it ended up being one of the casualties of the recent bearish streak that plagued the crypto space.
The coin’s price action chart shows that it bottomed at $0.0000048433 in June 2022. It then experienced a remarkable bullish rally and increased its value 270% to $0.0000178931.
Source: TradingView.com
However, FLOKI wasn’t able to sustain that run and gain, as it tipped below the crucial $0.0000135356 mark. Since then, it continued to decline and hasn’t been able to make any kind of recovery.
Altcoin is currently in an uncertain position. Its fall from the support level $0.0000075326 could lead to a price decline that can send it back into bearish mode.
Floki inu: The Origins and Immediate Goals
Soon after Elon Musk declared that he would name his dog Floki a digital currency, an unknown team began work on it and launched it.
After realizing that there had been an inflation bug within its token contract, the original Ethereum-based FlokiInu developers abandoned it.
The Floki group did not abandon the cryptocurrency and created a team to revive it. They claim that the coin is different from other meme coins because it can combine memes with utility.
It is true that the Floki Inu token actually runs the Valhalla metaverse.
As for its immediate goals, FLOKI’s marketing chief said over the next year, they’ll have more utility and holders than SHIB.
Meanwhile, it will be interesting to see whether a new meme coin emerges to go head-to-head with Dogecoin and Shiba Inu in the coming bull market.
Can FLOKI summon enough firepower against DOGE or SHIB?
Featured photo from Watcher Guru. Chart: TradingView.com| Featured image from Watcher Guru, Chart: TradingView.com