FLOKI beats BTC and SHIB in Binance’s list: Decrypting the memecoin’s rise
- FlokiFi logged a nearly 100% spike in its total value locked (TVL) in February.
- FLOKI’s price has more than tripled over the last one month.
On 20 February, dog-themed coin Floki [FLOKI] became the most popular crypto asset in the world. Floki surpassed giants like Bitcoin [BTC] and Shiba Inu [SHIB] to grab the first position in Binance’s list of trending cryptocurrencies.
This is despite #Floki not being listed on Binance yet.
Floki's popularity is impressive. It truly is the people's cryptocurrency!https://t.co/z2x6gMRvCx
— TCC?️? (@TCryptochicks) February 20, 2023
The memecoin has generated immense hype over the past few weeks, which was primarily built on its high-profile exchange listings. FLOKI jumped over 35% after getting listed on KuCoin in the previous week. It made inroads in the South American market as well after it got listed in one of Brazil’s leading exchanges, NovaDAX.
Speculations are rife that Binance, world’s largest crypto exchange, might be next in line to list the memecoin.
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TVL records sharp growth
Unlike what’s seen with other memecoins, Floki’s growth has been propelled by strong fundamentals. FlokiFi, the DeFi locker under the broader Floki ecosystem, logged a nearly 100% spike in its total value locked (TVL) since the start of February, data from DeFiLlama showed.
As per the official portal, FlokiFi lets users lock their crypto assets, including liquidity pool (LP) tokens and NFTs. At press time, the total number of NFTs locked on the platform was 30.
FLOKI waits for a Binance stimulus
While the TVL grew, the on-chain activity tapered down. Since the news of KuCoin’s listing, FLOKI’s daily active addresses and transaction count declined sharply.
With trading activity slowing down, the weighted sentiment dropped as well, though it should be noted that it was still positive. Declining social volume added evidence to the observation.
How much are 1,10,100 FLOKIs worth today?
The Floki community was expecting a strong macroeconomic trigger which could fuse life into the coin again. Most likely, Binance’s listing could pave the way.
FLOKI’s price has more than tripled in the last one month while its market cap also exploded with gains of over 276% in the same period, per CoinMarketCap. While this sort of growth grabs eyeballs, it is important not to forget the nature of meme coins which have historically showed wild price fluctuations.