- The array of listings, coupled with utility improvements, could help the token re-enter the top 100.
- A declining Open Interest and the emergence of a new rival could be a stumbling block.
Named after Elon Musk’s pet dog and name, Floki Inu [FLOKI] surged to popularity at a time when memes like Shiba Inu [SHIB] and Dogecoin [DOGE] were having a field day. But unlike Dogecoin, Floki Inu was not created as a joke project.
Realistic or not, here’s FLOKI’s market cap in DOGE’s terms
Instead, it had more similarities with Shiba Inu since 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, the operation of its official native token on two separate blockchains makes it extensively distinct from the likes of SHIB and DOGE.
For context, FLOKI works on Ethereum [ETH] blockchain as an ERC-20 token. Also, it functions on the Binance Smart Chains as a BEP-20 token.
Although a FLOKI rally once sent the token into the top 100 in market capitalization, it recently lost out on remaining in the group. At press time, its market capitalization position was 104.
Market capitalization is calculated as the product of the circulation supply of an asset and its price. At the time of this writing, FLOKI’s market cap was $306.7 million, with over 9 trillion tokens in circulation.
Source: Santiment
With regards to its price, Santiment data showed that it had lost 35.01% in the last 90 days. And was exchanging hands at $0.000032. Although launched in 2021, FLOKI could not inch closer to the all-time performance of DOGE and SHIB. At the same time, one cannot conclude that its growth has been underwhelming. This was because of its 656.12% jump since it became available for trading.
But to achieve a top 100 ranking, Floki Inu’s “destiny” rests on the shoulders of sustained growth. Continued interest and increased adoption in the volatile market of memes would also play a part. This could further be threatened by the emergence of Pepe [PEPE] which recently came to the aid of participants in the market.
Rivalry and a dream to triumph
However, the addition of PEPE to competition in the space does not completely write off FLOKI’s chances of getting back into the top 100. It is noteworthy to mention that the token was one of the most traded assets on 7 May. And this helped it become the 98th most valuable asset in market capitalization.
Alongside that, Floki Inu has been expanding, with a series of listings on exchanges beyond the usual scope. Recently, the project caught the attention of Bithumb, an exchange in South Korea with the highest trading volume.
Moreso, the rollout of its roadmap for 2023 has helped it gain better traction. With its focus on the Valhalla upgrade, and another partnership with Binance, Floki Inu seems to be getting the reward of its labor.
As mentioned earlier, one of Floki Inu’s strong utilities is in terms of NFTs. Due to this, the trade volume in this regard has been able to hit a number of highs running into millions of dollars.
Based on on-chain data, the total NFT volume on 18 March soared to $16.97 million. On 22 April, the same metric hit $16.25 million, denoting massive interest in the non-fungible assets linked to the network.
Regaining the spot now requires more effort
However, the momentum seems to have slowed down as the volume had fallen to $885,000 as of this writing. Besides that, it could take longer than holders may expect for FLOKI to regain its top 100 spot due to the underwhelming state of the active addresses.
Active addresses indicate the level of participation in sending and receiving an asset within a particular timeframe. According to Santiment, the 30-day active addresses were 172. Compared to its highs around March, this means that speculation around the token wasn’t monumental.
Source: Santiment
From a trader’s perspective, Floki Inu’s potential to reclaim its top 100 positions may not occur in the short term. This is because of the Open Interest (OI) state. The OI measures the rate at which liquidity is flowing into the derivatives market. It is also addressed as the total number of outstanding options and futures contracts.
According to Coinglass, FLOKI’s Open interest has been decreasing since 23 May. Therefore, this means that a lot of longs and shorts have been closing their position.
Source: Coinglass
How much are 1,10,100 FLOKIs worth today?
In conclusion, predicting the future performance of specific cryptocurrencies such as Floki Inu is highly speculative and subject to various factors that can influence market dynamics.
While it is challenging to provide a specific timeline for when Floki Inu might jump back into the top 100 cryptocurrencies by market capitalization, it’s crucial to note that the cryptocurrency market is highly competitive, with thousands of projects vying for attention and market capitalization.
