Cryptocurrencies, blockchain, NFT and new trends

FLOKI in Top 100 Cryptos: Big Threat for Shiba Inu (SHIB)?

Floki Inu (FLOKI) also known as the people’s cryptocurrency is gaining lots of traction lately and the buzz has refused to taper down. The latest canine-themed meme coin is inspired by, and named after, Elon Musk’s Shiba Inu dog! With the recent price rally, FLOKI has made it to the top 100 cryptocurrencies based on market capitalization.

According to CoinMarketCap, FLOKI is standing at 97th rank as of writing. It grew by more than 17.28% in the past seven days while most other meme coins like Dogecoin and Shiba Inu shed value in the same period.

Floki Enters Top 100

Apart from Floki’s massive price rally, its utility tools such as Valhalla – an NFT metaverse game, FlokiFi- a protocol comprising several DeFi products, FlokiPlaces, an NFT marketplace, and a crypto education platform, Floki University are key elements of its growth.

Now, Floki has flipped Bone ShibaSwap (BONE), the governance token of the Shiba Inu ecosystem to occupy the 97th position in CoinMarketCap’s top 100 rankings.

– FLOKI (@RealFlokiInu), February 28, 2023

This indicated that despite all the hype around Shibarium, the people’s cryptocurrency has managed to steal the spotlight.

Big Threat for Shiba Inu (SHIB)?

Since the beginning of 2023, Floki Inu has recorded a sharp jump. It is currently trading around $0.00004877 with a 24-hour trading volume of $41,530,958. As per CMC, the token has increased by nearly 17.28% in a week. Also, it has achieved a surge of 100% within a month.

On the other hand, SHIB’s performance left investors craving more. At the press time, Shiba Inu is trading around $0.00001232 with a one-day trading volume of $178,069,632. SHIB price has dropped nearly 4.13% during the past seven days. However, the token has surged 2.20% in a month.

Hence, Floki has not only stolen the spotlight from BONE but has also managed to outperform the senior meme coin like Shiba Inu.

Disclaimer: Meme coins like Floki inu, Dogecoin, and Shib are extremely risky. Therefore, investors must do their own research before putting money into any cryptocurrency.