- The series of entries, coupled with improvements to the utility, could help the token get back into the top 100.
- Declining Open Interest and the emergence of a new rival can be a stumbling block.
Named after Elon Musk’s dog and name, Floki Inu [FLOKI] became popular at a time when memes like Shiba Inu [SHIB] and Dogecoin [DOGE] had a field day. But unlike Dogecoin, Floki Inu was not created as a prank project.
Realistic or not, here it is FLOKI’s market cap in terms of DOGE
Instead, it had more similarities to Shiba Inu, as the team behind the project developed utilities around it. Some of these include Valhalla, an NFT gaming metaverse, and FlokiFi – a long chain of Decentralized Finance (DeFi) produced linked to the Floki Inu ecosystem.
Floki Inu: The double agent
However, utility with NFTs, play-to-earn and DeFi are not the only factors that make Floki Inu stand out among its peers. Rather, its official native token’s operation on two separate blockchains makes it significantly different from SHIB and DOGE.
For the context, FLOKI continues to work Ethereum [ETH] blockchain as an ERC-20 token. It also works on the Binance Smart Chains as a BEP-20 token.
Although a FLOKI rally Having once entered the top 100 by market cap, the token recently lost the position to remain in the group. At the time of writing, the market cap position was 104.
Market capitalization is calculated as the product of an asset’s circulation supply and its price. At the time of writing, FLOKIs Market capitalization was $306.7 million, with over 9 trillion tokens in circulation.
Source: Sentiment
With regard to price, Santiment data showed that it had lost 35.01% in the past 90 days. And exchanged hands for $0.000032. Although launched in 2021, FLOKI couldn’t get closer to the all-time achievements of DOGE and SHIB. At the same time, one cannot conclude that it has grown disappointing. This was due to his 656.12% jump since it became available for trading.
But to get into the top 100, Floki Inu’s “fate” rests on the shoulders of continued growth. Continued interest and increased acceptance in the volatile market of memes would also play a role. This may be further threatened by the emergence of Pepe [PEPE] which recently came to the aid of market participants.
Rivalry and a dream to triumph
However, adding PEPE to the competition in the space doesn’t completely write off FLOKI’s chances of returning to the top 100. It is noteworthy to mention that the token is one of the most traded assets on May 7. And this helped it become the 98th most valuable asset by market capitalization.
In addition, Floki Inu is expanding, with a range of exchange listings outside the usual range. Recently, the project has attracted attention Bithumb’s attentionan exchange in South Korea with the highest trading volume.
Moreso, roll out her roadmap for 2023 has helped to gain more traction. With its focus on the Valhalla upgrade, and another partnership with BinanceFloki Inu seems to get the reward of his labor.
As mentioned earlier, one of Floki Inu’s strongest utilities is the NFTs. This has allowed trading volume to reach a number of highs in this regard that run into the millions of dollars.
Based on data from the chain, total NFT volume rose to $16.97 million on March 18. On April 22, the same statistic reached $16.25 million, by way of reference enormous interest in the non-fungible assets associated with the network.
Reclaiming the spot now requires more effort
The momentum appears to have slowed, however, as volume had dropped to $885,000 at the time of writing. In addition, it may take longer than holders can expect for FLOKI to regain its place in the top 100 due to the disappointing status of the active addresses.
Active addresses indicate the level of participation when sending and receiving assets within a specified time frame. According to Santiment, the 30-day active addresses were 172. Compared to the highs around March, this means that speculation around the token was not monumental.
Source: Sentiment
From a trader’s perspective, Floki Inu’s potential to regain its top 100 positions may not materialize anytime soon. This is due to the Open Interest (OI) status. The OI measures the rate at which liquidity flows into the derivatives market. It is also addressed as the total number of outstanding options and forward contracts.
According to Coinglass, FLOKI’s Open interest has been declining since May 23. So this means that many longs and shorts have closed their positions.
Source: Coinglass
How many Worth 1,10,100 FLOKIs today?
In conclusion, predicting the future performance of specific cryptocurrencies such as Floki Inu is highly speculative and subject to several factors that can affect market dynamics.
While it’s challenging to give a specific timeline for when Floki Inu could jump back into the top 100 cryptocurrencies by market cap, it’s crucial to note that the cryptocurrency market is highly competitive, with thousands of projects underway. competing for attention and market capitalization.
