Shiba Inu and Dogecoin rival Floki explodes 500% – Is now the time for investors to step in? Report

  • The total value locked on the Floki blockchain has surged by 71 percent so far in February 2023 thus flashing high adoption.
  • Several crypto exchanges – CEXs and DEXs – have lined up to offer support for the FLOKI memecoin.

Memecoins have been certainly on the radar of crypto traders and have delivered a strong show in the crypto market recovery of 2023. While investors continue to observe DOGE and SHIB price moves, another memecoin Floki (FLOKI) is making silent moves.

This week, the FLOKI price is up by more than 200 percent with its valuations soaring past $500 million for the first time. As a result, FLOKI hits a new milestone of making its way into the top 100 cryptocurrencies by market cap. As of press time, FLOKI is at the 84th spot, trading 15.2 percent up at a price of $0.00005894 and a market cap of $573 million.

Not just the last week but FLOKI has had a phenomenal rally so far this year in 2023. The memecoin is up by more than 586 percent since the start of the year surging from $ 0.0000081 all the way to now at $0.00005894.

As FLOKI’s valuations soar, Floki’s native DeFi protocol FlokiFi Locker has also touched major milestones with the total value locked (TVL) shooting past $17 million. So far in February, the TVL on the Floki blockchain has surged by a staggering 71 percent. This massive surge in total value locked highlights the strong adoption of the memecoin.

Exchanges extending support to FLOKI

Furthermore, the recent price surge for FLOKI comes amid a series of positive news for the cryptocurrency. Seychelles-based exchange KuCoin has recently announced the listing of Floki. Thus, FLOKI is trading live on KuCoin against the USDT and the USDC trading pairs. As a result, 27 million global users of KuCoin can now trade the memecoin.

Similarly, the non-custodial and decentralized custodial wallet – Atomic Wallet – has announced support for FLOKI.

Besides, the Liechtenstein-based LCX exchange has also announced the listing of FLOKI. On this platform, FLOKI will be trading with three trading pairs: FLOKI/LCX, FLOKI/USDC and FLOKI/ETH.

Dogecoin and Shiba Inu are on the radar as well

As we are talking about the memecoin fest, Dogecoin (DOGE) and Shiba Inu (SHIB) too have performed well in this crypto market recovery. Dogecoin (DOGE) continues to hold its spot in the top ten crypto list and is up more than 25 percent year-to-date.

As of press time, DOGE is trading 2.86 percent down at a price of $0.08651, however, on-chain data shows a probable rally ahead. Popular crypto analyst Ali Martinez noted that the social sentiment around Dogecoin (DOGE) has reached its highest since October 2022. Over the last 48 hours, the whale activity for DOGE has also shot up significantly. The whales have reportedly purchased 1.06 billion $DOGE worth nearly $100 million. 

Shiba Inu (SHIB) has also been on the traders’ radar. Shiba Inu’s lead developer Shytoshi Kusama said that the Layer-2 scalability platform Shibarium will be a game changer for the entire community. However, the bad news is that the Shibarium launch has been delayed until May 2023.

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