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Will FLOKI be the new DOGE and SHIB destroyer?
Recently there have been times when SHIB’s market cap has surpassed DOGE’s. As a result, many argue that this Ethereum-based token will hit the market as a “Dogecoin killer”. It seems that the breed of dogs will be very intense in the near future.
The most worried question, however, is whether another new “dog” coin, Floki Inu (FLOKI), has the potential to threaten SHIB and DOGE in the future?
Exciting dog race
After a close race, SHIB is now in 10th place in the ranking of market capitalization and officially joins the top 10 cryptocurrencies. Meanwhile, DOGE currently ranks 9th with a market cap of $ 38.89 billion, $ 5 billion more than SHIB.
Yesterday, SHIB price soared a staggering 174% in one week before dropping to 128% at press time. In any case, the owner has made a “fat” profit. On the other hand, the supply on the exchanges continues to decline as traders move their coins to cold wallets.
When SHIB DOGE tumbled and quickly took over DOT’s position by market cap, the community was still concerned about the possibility that a meme coin might do so. And it seems, but they’re right because it can only become a DOGE killer for a moment.
At the time of writing, SHIB is back in 10th place, DOGE in 9th place and DOT in 8th place by market capitalization.
However, with SHIB down almost 30% in just 5 hours, it seems that many people are missing out on the token’s explosive rally again.
In the midst of this FOMO, FLOKI seems to be “barking” the loudest, claiming to be the next DOGE and SHIB destroyer.
The next DOGE and SHIB killer?
Interestingly, in May 2021, when DOGE was accelerated, SHIB gained prominence as a DOGE killer. While this claim seemed ridiculous at the time, after 5 months SHIB actually did (even if it was only for a day).
Likewise, FLOKI, a meme coin named after Elon Musk’s Shiba Inu dog, is attracting attention with massive advertising campaigns in London.
To attract new users to the Floki Inu community, the ads included the slogan “Missing DOGE? Floki appeared everywhere. Indeed, the marketing campaign seems to be working as FLOKI is up 107.52% in 24 hours yesterday. However, can the coin that ranks 2715 by market capitalization make it into the top 100?
Several analysts, including Ted Talks Macro believe that FLOKI SHIB could soon surpass.
As if that weren’t enough, FLOKI is also being promoted as a project with better utilities. In fact, the network is working on the three main utility projects: the NFT Valhalla Gaming Metaverse, the FlokiPords Merchandise and NFT Marketplace, and the Floki Inuversity education and content platform.
In particular, the FLOKI transaction fees have been reduced to 3% on both the Ethereum and BSC networks in order to increase acceptance. So if the SHIB rally slows down, could FLOKI become the new coin in a thriving growth sector?
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Usually a new coin meme needs the support of a listing event that resonates. Listing FLOKI on exchanges can drive prices up sharply, just as listings have helped SHIB.
Currently, SHIB does not appear to be doing this as the number of active addresses and the speed of network growth escalate. However, as the dog racing becomes more and more competitive it will be interesting to see which tokens can really be the “DOGE destroyers” and where FOLKI will eventually end up.