Dogecoin and Shiba Inu are the current largest meme coins per market cap. Can Floki Inu challenge them?
In the history of Web3 and cryptocurrency, the 2021 bull market will be remembered for its memecoins. Memecoins, although they don’t have many utilities, helped people who caught the train at the right time make huge gains.
The History of the memecoins trend
Although Dogecoin was created in 2013, it started getting limelight in 2021 when Tesla CEO, Elon Musk, frequently tweeted about it. Elon Musk’s first tweet about Dogecoin was in 2019 when he said that Dogecoin might be his favorite cryptocurrency.
He openly tweeted in support of Dogecoin on Twitter. The coin would rally 30-50% whenever Tesla CEO tweeted about it. He calls himself “The Dogefather.” In May 2021, he announced that SpaceX would launch a “Doge-1” satellite to the moon, the mission that will be paid for in Dogecoin.
Although it is down by over 90% since its all-time high in August 2021, Dogecoin is still up by over 900% from 1 Jan. 2021, when it was trading at roughly 0.005 cents. It is the 10th largest cryptocurrency per market cap and the 2nd largest proof-of-work protocol after Bitcoin.
Shiba Inu is the 2nd most popular memecoin and the 12th largest cryptocurrency as per market cap. It was created as a Dogecoin killer by an anonymous person or group called “Ryoshi.”
Along with Elon Musk’s tweets about Dogecoin, Shiba Inu also gained traction in 2021 because the dog depicted in Dogecoin’s symbol belongs to the Shiba Inu breed. Shiba Inu grabbed eyeballs in May 2021 when Ryoshi sent 50% of his Shiba Inu holdings to Ethereum co-founder Vitalik Buterin. Vitalik then burnt 90% of the coins and donated the remaining 10% to India’s Covid Relief Fund. The value of that 10% was over $1 Billion at that time.
Around October 2021, Shiba Inu managed to flip Dogecoin for a brief period based on the news of the possibility that Robinhood might list SHIB. However, later Dogecoin took back its crown of being the largest memecoin.
The birth of Floki Inu (FLOKI)
Floki Inu was created by an unknown team of developers who were enthusiastic fans and members of the Shiba Inu community. It is based on Ethereum Blockchain and Binance Smart Chain.
Like every other memecoin, this one was also inspired by Elon Musk and his activities on Twitter. It was created after Elon tweeted that his Shiba Inu dog, would be named Floki.
The project’s original developer abandoned it because a week after its creation, he realized that the initial token contract had an inflation bug. The Floki community revived the project, led by the current team.
The developers behind Floki Inu believe they are unique compared to other meme coins because they want to combine the power of memes with utility.
The Floki Ecosystem
There are four elements to the Floki Ecosystem.
- Valhalla
It is Floki’s own NFT Metaverse game. According to Floki’s whitepaper, it will feature A-level game mechanics on the blockchain that will include on-chain gaming interactions and upgradeable NFTs powered by FLOKI.
Floki launched the playable Valhalla Alpha Battle Arena on Kovan Testnet in February 2022. - FlokiFi
It is the umbrella name for a suite of decentralized finance products that will be launching under the Floki brand. The FlokiFi locker will be the first product to launch under the FlokiFi umbrella. It will allow people to lock and vest fungible tokens, LP tokens, NFTs, and multichain tokens for an almost infinite amount of time. - FlokiPlaces
It is an NFT marketplace that will allow people to trade NFTs and merchandise using crypto. FLOKI will be the main currency of the FlokiPlaces marketplace. - Floki University
Floki University aims to become a premium crypto-education platform for beginners who will discover crypto in the coming years. FLOKI will be the utility token for the Floki University
The Floki Gemstone NFTs
The Floki Gemstone NFTs were launched in July 2022. The NFT holders can use every product in the Floki Ecosystem without paying transaction fees. All the courses of The Floki University will be free for Gemstone NFT holders. The holders will also get early access to The Floki Debit card.
All those who bought FLOKI tokens worth at least 0.2 ETH on upgraded FLOKI contract addresses after 2 PM UTC on Jan. 23, 2022, were eligible to claim the NFT, provided they held the FLOKI tokens for at least 48 hours. You can read more about this here.
The Price Action
The coin bottomed at nearly 0.0000048433 in June 2022. After that, it gave a strong rally of almost 270% and made a new local high at around 0.0000178931. It formed a double top and gave a breakdown below the neckline at 0.0000135356. It has been in a downtrend since then, down by nearly 55% from its August highs.
From a short-term perspective, the coin is tightly consolidating between 0.0000080972 and 0.0000075326. The breakout of the resistance above can start a short-term uptrend, but the breakdown from the support below will continue the downtrend.
Will FLOKI beat DOGE and SHIB?
Floki Inu might beat Dogecoin or Shiba Inu in terms of the vast utility the Floki ecosystem brings. But can it beat the two meme coins in terms of market cap?
The current market cap of FLOKI is nearly $71.7 Million. Whereas the market cap of SHIB is almost $6 Billion and the market cap of DOGE is nearly $8 Billion.
FLOKI will need at least 100X growth in market cap to beat any of the two OG memecoins. Earlier this year, BeInCrypto asked the marketing chief of Floki Inu if they could flip Shiba Inu.
“That’s the goal,” he said. “We really do believe that over this next year we’re going to have more utility than Shiba, we’re hopeful to have more holders than Shiba, and so, if that’s the case, there’s no reason we shouldn’t be able to flip Shiba in terms of market cap.”
The upcoming bull market will be an exciting time to see if we have a new meme coin rising to challenge the OGs, Dogecoin, and Shiba Inu. What do you think? Will FLOKI flip DOGE and SHIB?
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here
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