Connect with us

Cryptocurrency

Meme Queen Wars – Floki Inu Vs. Dogecoin and Shiba Inu

Avatar

Published

on

There is an ongoing meme currency war and it pits a lesser known coin against two other cryptocurrencies that are well established in the space today.

  • FLOKI is a cipher based on Elon Musk’s dog of the same name
  • Floki Inu’s market capitalization is less than $1 billion
  • Crypto has been on the decline after hitting the bottom in June 2022

Floki Inu (FLOKI), a cipher meme inspired by self-proclaimed dog “Dogefather” Elon Musk, aims to surpass Dogeoin (DOGE) and Shiba Inu (SHIB).

This may be easier said than done because it is losing out to dog-themed cryptocurrencies on so many battlefronts.

Total market capitalization is one such aspect and Floki Inu is two worlds apart compared to DOGE and SHIB.

Of the three, Dogecoin has the highest market capitalization at $8.4 billion. Its spin-off is somewhat in line with Shiba Inu’s total capitalization of just over $6.5 billion.

FLOKI finds itself very far from the two, with a market capitalization of just $70.2 million.

Advertisement

In terms of the current trading price, DOGE leads the group. At press time, according to Queen GekkoIt is trading at $0.062. SHIB is trading at $0.00001109 while FLOKI is trading at $0.0000754.

Along those lines, Floki Inu needs to increase its market cap 100 times to surpass Shiba Inu. But even after that, Dogecoin will still be a bigger challenge for cryptocurrencies.

A Glimpse of FLOKI’s Price Action

Even with the minimal value of Floki Inu, he ended up being one of the victims of the last downtrend that plagued the crypto space.

The price action chart shows that the coin reached a low of June 2022 when it reached $0.0000048433 before making an impressive bullish rally, increasing its value by 270% to trade at $0.000178931.


Source: TradingView.com

However, FLOKI was not able to sustain this run and gains, as it fell below the crucial $0.0000135356 level. Since then, it has continued to decline and has been unable to make any kind of recovery.

The altcoin is in a precarious position as a drop from the $0.00000075326 support level would imply a downtrend for the price that will send it to another bearish rally.

Advertisement

Floki Inu: Immediate Origins and Objectives

Shortly after Elon Musk announced that he was naming his dog Floki, an anonymous team worked on the digital currency of the same name and eventually launched it.

The Ethereum Blockchain-based Floki Inu was abandoned by its original developers after they realized there was an inflation bug in its initial token contract.

The Floki community did not abandon the original and formed a team that revived a cryptocurrency that they claim is unique compared to other meme coins because it is able to combine memes and utility.

True enough, the Floki Inu token is actually used to run the metaverse game known as Valhalla.

As for its immediate goals, FLOKI’s chief marketing officer said over the next year, they’ll have more facilities and users than SHIB.

Advertisement

Meanwhile, it will be interesting to see if a new meme coin appears to compete with Dogecoin and Shiba Inu in the upcoming bull market.

Will FLOKI muster enough firepower to defeat DOGE and SHIB?

SHIB total market cap at $5.99 billion | Featured image from Watcher Guru, Chart: TradingView.com

Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Cryptocurrency

Twitter users spotted former Alameda CEO Carolyn Ellison in New York

Avatar

Published

on

A recent photo of what appears to be former Alameda Research CEO Caroline Ellison at a Manhattan, New York coffee shop has gone viral on Twitter.

On December 4, two photos began circulating on Twitter, apparently showing Ellison ordering a cup of coffee at the Ground Support coffee shop in Manhattan.

Adding some weight to the potential sighting, it appears that a gopher puppy, the Golden Doodle puppy who is understood to be owned by FTX and Alameda execs, is also in the photo next to Ellison.

Caroline Ellison’s potential vision: Twitter

Ellison’s last expected location was Hong Kong, which was proposed in the aftermath FTX and Alameda implosion. At the time, a source told Cointelegraph on November 12 that she was Looking to flee to Dubai.

Advertisement



Twitter user and self-described “citizen journalist” Autism Capital appeared to be the first to share the photos, and they are understood to have been submitted by an unnamed user.

One user claims they spotted Caroline Ellison at Ground Support Coffee on West Broad in SoHo Manhattan at 8:15 a.m. [UTC]. This means that she is not in Hong Kong and is in New York and is not under arrest.”

In response, a man who went to Daniel Mentado (dmentado) that he works at the café “confirmed” that he was Ellison, and that one of his employees had served her.

Some members of the community were surprised that Ellison was on American soil given the potential legal ramifications, while others did forecast That Ellison might be looking to make a deal with the authorities.

The coffee shop in question is only short Walk Far from the US Attorney’s Office and the FBI in New York, as some have pointed out.

Advertisement



However, it is worth emphasizing that 100% concrete evidence that this is Ellison in the photo has not yet surfaced. Some members of the crypto community even have them try to To find answers personally, without any success.

Related: The cryptocurrency community reacts to the mainstream media coverage of the FTX implosion: criticism, misogyny, and more

Meanwhile, FTX founder Sam Bankman-Fried went on a media tour painting his side of events by denying anything Intentional foul play And blame Alameda’s leadership.

Advertisement



Notably, Bankman-Fried tweeted a few hours after Ellison’s supposed sighting that he plans to testify at a House Financial Services Committee hearing at some point, but not until he’s “finished learning and reviewing what happened.”