- Floki whipped up 300% gains in the last 365 days.
- Floki’s TokenFi staking platform nears $10 million.
- Pro trader forecasts a smooth recovery for DOGE.
Dogecoin (DOGE) and its smaller-cap sibling Floki (FLOKI) have moved similarly since early November. While FLOKI inked 17% gains in the last 30 days, DOGE, equipped with heavy crypto whale activity, gained 22% in the same time frame.
Though DOGE and FLOKI’s monthly price movements look similar, the reasons are completely different. Floki experienced exponential growth in decentralized finance with the launch of the TokenFi staking platform and global tokenization initiative. Meanwhile, a Dogecoin rocket called DOGE-1 X-Band is slated to launch to the moon this month, which heavily contributes to the northward trajectory of Dogecoin’s parallel price channel. The social hype brought DOGE within the crucial $0.10 barrier and claimed a yearly high of $0.105113 on Monday, December 11.
DOGE is one of the few TOP 20 altcoins to remain unaffected by Monday’s all-across crypto plunge, which saw the likes of Bitcoin (BTC), Ethereum (ETH), and XRP (XRP) plummet by over 5% in the last 24 hours. Nevertheless, the DOGE Army remains positive on Twitter. Crypto trader The DOGE Coach forecasts an “extremely bullish recovery” from today’s slight drop.
Which Canine Coin Dominates DeFi Space?
To measure the chances of Floki eventually topping Shiba Inu or even Dogecoin, it’s important to understand the implications of the global tokenization aspect. Earlier this year, Floki launched TokenFi, a platform that enables global tokenization and staking modules up to 129%.
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The platform involves a dual token system, similar to Shiba Inu’s Shibarium Layer-2 & the gas fee token Bone ShibaSwap (BONE). In contrast, Floki’s TokenFi platform encompasses a $9,736,177 locked value, while Shiba Inu’s Shibarium total value is approaching $1 million.
Dogecoin emerges as the most traded Shiba Inu-themed currency in the markets, with daily trading volume in the billions, often boosted by DOGE whale activity. Totaling $14 billion in global market capitalization, the top dog is 35 times bigger than Floki, currently at $375 million.
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Ultimately, Floki’s expenditure in 2023 has outpaced by its two larger brothers. As the global tokenization market is set to reach $16 trillion by 2030, Floki’s new platform could be a game-changer, but the 146th-ranked canine coin isn’t likely to throw down the gauntlet to SHIB or DOGE in market cap until the next year.
On the Flipside
- Another hidden gem in the memecoin category this year is the Solana-based Bonk (BONK), which outsourced SHIB, DOGE, and FLOKI with 449.4% gains in the last 30 days.
- Despite trailing in popularity, the staking plans for FLOKI on the leading exchange Binance offer up to 29.6% APY in contrast to below 1% rates on SHIB and DOGE staking.
Why This Matters
Memecoins drive substantial social engagement for the blockchain due to mass appeal and vast communities.
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