TL; DR Breakdown
- The dog coin Floki Inu on a steady rise, overtaking Shiba Inu and Dogecoin.
- Traders are choosing the coin, using their profits from SHIB and DOGE profits to purchase Floki.
These past weeks have worked out well for meme coins, especially for Shiba Inu’s, SHIB. Elon Musk played a part in booming its price, along with several other currencies. However, Floki is taking the spotlight from Shiba Inu. It has been on a constant rise over the past few days.
Notably, investors are inputting their profits from trading Shiba and Dogecoin to buy and invest in Floki. The coin has risen by over 50% over the past 24 hours. Furthermore, it has managed to breach a new all-time high, setting its price at $0.00025. The meme coin surpassed its counterpart, Shiba Inu, standing as the 8th coin among the most traded cryptocurrencies in the market today.
According to a Gate.io report, Floki is also beating significant coins like Cardano, Solana, Ripple, to mention but a few. Its trading volumes are above the mentioned coins while chasing the popularity of Bitcoin, Ethereum, Binance Coin, and a few more on the exchange.
Floki thriving in the markets
As it stands, most analysts think that Floki could be the top dog coin in the market, given a chance to progress. Currently, it seems to be outdoing all dog coins, risking the growth of Dogecoin and Shiba Inu.
Floki Inu is a coin whose conception came from Shiba Inu, the Elon Musk dog coin. Floki Inu boasts the support of Kimball Musk, Elon Musk’s brother. It is not only focused on crypto as it has contributed to other causes, including food security.
Another development on its platform is its investment into non-fungible tokens, a growing trend among crypto and blockchain companies. Moreover, it sustains a marketplace, FlokiPlaces. It recognizes the need for educational support to help its community participate in its ecosystem and cryptos at large.
Elon Musk is an influential name in the progress of the Floki Inu coin, whose story began in June this year. The crypto community also played a vital role in reviving its significance in the crypto universe.
Shiba Inu in trouble?
Elon Musk still holds the ropes on Shiba Inu, resulting in its plunge earlier this week. In his tweet, he expressed that he did not hold any SHIB, leading to a 20% dip. This action is problematic to the coin as its value is relatively low.
Additionally, it is a clear indicator of how much influence the SpaceX billionaire still has on the crypto world. It also shows his preference for other cryptos to Shiba Inu, which raises a few questions on Shiba Inu’s significance.
The Floki price action makes it clear that Shiba might not be the one to go to crypto. Dogecoin, considered the father of meme coins, is also a non-issue in the crypto world. The coming days will determine the future of both coins on a noticeable scale.