FLOKI in profit or not? Here’s what its latest partnership means for memecoin

• Floki Inu announced a partnership with PL club Nottingham Forest in an effort to boost its brand recognition
• FLOKI has delivered better returns than BTC and other high-cap alts, including memecoins

The memecoin niche has witnessed the emergence of several new names like Notcoin (NOT) and Dogwifhat (WIF) in recent months. These newer entrants have especially appealed to speculators looking to diversify their portfolios owing to their highly speculative and volatile nature.

And yet, evergreen memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI) have, for the most part, retained their relevance.

In fact, at press time, TradingView data revealed that FLOKI has been one of the best-performing cryptocurrencies thus far, up almost 210% year to date.

Source: TradingView

DOGE and SHIB have moved up by 9.45% and 23.70%, respectively, while newcomer BRETT has gained by 32% during this period. Only PEPE has delivered more returns with an overwhelming 410% swell.

FLOKI among the top memecoins in holder profitability

FLOKI’s impressive price action this year has positioned a majority of speculators holding the coin in the green.

According to IntoTheBlock’s data, for instance, FLOKI was ranked second among memecoins, with the most holders sitting on profits on 15 August behind DOGE. Up to 70% of FLOKI holders were in profit, at the time of writing, when it traded at $0.000117 compared to 72.75% of Dogecoin holders who were in profit at around $0.1034.

Almost two-thirds (61.5%) of Mog Coin (MOG) holders were in profit, while the percentage of holders with positive yields was 56.06% for Pepe (PEPE). Shiba Inu (SHIB), the second-biggest memecoin by market capital, stood out as the only one with less than half of its holders (46.3%) making a profit on their stashes.

Floki Inu presses ahead with high-profile sports collaboration

Floki Inu’s ecosystem celebrated another milestone this week. The meme crypto project announced in a post on X (Twitter) that it will be the official crypto partner of Nottingham Forest FC for the 2024/2025 campaign. The strategic collaboration aims to increase FLOKI’s visibility within mainstream audiences as the altcoin’s branding will be displayed during the club’s matches.

This visibility will enhance its credibility, helping attract new users to its ecosystem. The collaboration also illustrates the altcoin’s brand association with innovation and growth, enabling it to establish a stronger presence in its fast-evolving and competitive niche.

Floki Inu has actively pursued initiatives to build utility on the FLOKI token and real-life use cases for the brand.

In November 2022, for instance, Floki Inu confirmed the development of a 3D metaverse NFT game, Valhalla, built on the Optimism Goerli testnet. Valhalla offers players a unique blend of entertainment and real-world value creation, furthering Floki’s presence in the game finance sector.

The game, set in a Viking-themed universe, combines traditional gaming elements with blockchain, allowing users to trade, battle, and collect assets that can be monetized through decentralized finance mechanisms.

FLOKI’s price outlook

The latest milestones for the Floki Inu ecosystem highlight its ambitions to expand beyond the memecoin space into DeFi and GameFi.

The partnership with Nottingham Forest, however, didn’t deliver any boost in the spot market as the memecoin tumbled alongside other cryptocurrencies during its midweek market action.

Source: TradingView

FLOKI’s price slid from $0.00012 to $0.000113 on Thursday, before recovering to $0.000117 earlier today. The sustained sell-off today pushed FLOKI south to an intraday low of $0.0001105.

In fact, FLOKI erased 37.45% of its value in the last 30 days, a downtrend that its holders would like to reverse soon.