FLOKI is undergoing consolidation closely between 0.0000080972 and 0.0000075326 for the short term, but it might start a short-term bullish trend. The memecoin will need at least 100x market capitalization growth to beat DOGE and SHIB.
Dogecoin (DOGE) emerged in 2013, but Tesla CEO Elon Musk popularized it in 2021 through his frequent Tweets. In 2019, the billionaire entrepreneur claimed the memecoin might be his favorite crypto asset.
The price of DOGE would rise by 30 to 50% every time Musk tweeted in support of it. In May 2021, he announced the launch of a Doge-1 satellite to the moon by SpaceX.
Although DOGE is over 90% below its all-time high in August 2021, it is still more than 900% above 0.005 US cents. It occupies 10th place in the cryptocurrency ranking and is the second-largest PoW protocol after Bitcoin.
Shiba Inu (SHIB), the second most popular memecoin, is the 12th largest cryptocurrency by market capitalization. An anonymous person or group called Ryoshi created it as a Dogecoin killer.
Musk popularized SHIB and DOGE through his tweets in 2021, as the dog symbolizing them belongs to the Shiba Inu breed. In May 2021, Ryoshi sent 50% of his Shiba Inu holdings to Ethereum co-founder Vitalik Buterin. Then the latter burned 90% of the coins and donated the rest to the Indian COVID Relief Fund.
Musk Inspires the Creation of the Memecoin Floki Inu
An unknown team of enthusiastic developers in the Shiba Inu community created Floki Inu (FLOKI). The Ethereum blockchain and the Binance Smart Chain serve as the base of that new memecoin.
The activities of Musk on Twitter also inspired the creation of FLOKI, as he said he would call his Shiba Inu dog Floki.
The original developer abandoned the project as he saw the initial token contract had an inflation bug. The current team led the Floki community to relaunch the project.
The Price Action of the Memecoin Floki Inu
In June, the price of FLOKI rallied sharply by almost 270% after bottoming out at almost 0.0000048433. It broke below the neckline at 0.0000135356 and started a bearish trend toward nearly 55% from its highs in August.
The memecoin is undergoing consolidation between 0.0000080972 and 0.0000075326 for the short term. It might start a short-term bullish trend if it breaks above the previous resistance. However, the breakout of the underlying support will continue the bearish trend.
FLOKI Might Beat DOGE and SHIB regarding Their Market Capitalization
Regarding the sheer utility the Floki ecosystem provides, FLOKI might beat DOGE and SHIB. However, nobody knows whether it can outperform the two memecoins regarding their market capitalization.
The market capitalization of FLOKI is almost USD 71.7 million, while those of SHIB and DOGE are nearly USD 6 billion and USD 8 billion, respectively.
FLOKI will need at least 100x market capitalization growth to beat the above memecoins. At the beginning of the year, the director of marketing of Floki Inu said they believed they would have more Shiba utilities and holders.
Meanwhile, FLOKI is trading at around USD 0.00000759 and has accumulated a 4.1% loss over the last 24 hours. While its daily trading volume is above USD 1.09 million, its market capitalization is USD 70.73 million, according to CoinGecko.
By Alexander Salazar
