While much of the crypto-world has paid attention to Shiba Inu Coin’s recent surge, other doge-based tokens such as Floki Inu saw their own dramatic price increases.
So, with Floki touting itself as the next SHIB, how could it overtake SHIB’s market cap?
Could Floki Overtake SHIB?
For Floki to overtake Shiba Inu’s market cap of $29.1 billion, it would need to reach a price of $0.00316. With a reported 9.21 trillion FLOKI in circulation, this is a 1300% increase on its current price of $0.00022595.
If Floki was to reach the fabled $0.01 price, its market cap would be $92.1 billion. This is enough to overtake the likes of Cardano and Solana’s market cap.
To put this percentage increase in context, Floki is currently up 246.5% in the last 30 days. However, its growth somewhat mirrors SHIB’s increases - a link it would need to break or outperform to overtake SHIB.
There is a slight caveat here. Even if Floki immediately hit this market cap, CoinMarketCap and CoinGecko - the two largest coin trackers - might not display Floki as above SHIB. This is because neither of these sites has verified Floki’s circulating supply - a task made difficult by its cross-chain nature.
Similarly to SHIB, Floki is distancing itself from other memecoins by promoting its utility, or future utility. As SHIB lines up a potential Oshiverse NFT game, Floki plans to launch Valhalla - its own play-to-earn NFT title. Floki’s site also states it will release an NFT marketplace (FlokiPlace) and cryptocurrency education platform (Inuversity).
Unlike other cryptocurrencies, however, Floki has a more traditional approach to advertising. It launched an advertising campaign that saw Floki posters placed in London’s Tube stations and buses. Floki has also partnered with heavyweight boxing champion Tyson Fury, who is now a Floki Ambassador.
[Image: Billy Huynh/Unsplash]