FLOKI sets memecoin stage on fire, but is it too big a threat for Shiba Inu?
- FLOKI grew by more than 10% over the last week while most other altcoins including SHIB fell.
- Despite all the hype around FLOKI, SHIB’s popularity was intact.
Floki’s [FLOKI] score on the popularity metric has been high in recent weeks and the buzz has refused to taper down. The third largest meme coin by market capitalization exploded by more than 500% in the year-to-date period, data from CoinMarketCap revealed.
It grew by more than 10% over the last week while most other altcoins shed value in the same period. Shiba Inu [SHIB], the senior member in the memecoin landscape, dropped by nearly 7% in the last week.
While FLOKI has grown impressively, its current market cap is still a fraction of what SHIB enjoys.
How much are 1,10,100 FLOKIs worth today?
FLOKI is not by fluke!
FLOKI burst onto the scene after Elon Musk tweeted that his Shiba Inu dog, would be named Floki.
What sets FLOKI apart from its competition is that it intends to combine the power of memes with the utility to drive mainstream adoption of the coin.
The Floki ecosystem will be powered by utility tools such as Valhalla – an NFT metaverse game, FlokiFi- a protocol comprising of several decentralized finance (DeFi) products, an NFT marketplace called FlokiPlaces and a crypto education platform, Floki University.
FLOKI became the most popular cryptocurrency in the last week as per a list by Binance. However, SHIB flipped it to occupy the numero uno position at the time of writing.
This indicated that despite all the hype around FLOKI, the senior meme coin’s popularity was intact.
Comparing FLOKI and SHIB’s performance
Most of FLOKI’s on-chain metrics recorded a sharp jump in the month of February. The daily active addresses spiked while the network growth indicated that new addresses found FLOKI appealing.
FLOKI’s trading volume also lifted from slumber. The uptick in network traffic made FLOKI profitable, as revealed by the positive value of the 30-day MVRV Ratio.
Anticipating more profits in the future, investors’ sentiment tilted in favor of FLOKI.
Realistic or not, here’s SHIB’s market cap in BTC terms
On the other hand, SHIB’s performance left a lot to be desired. The daily active addresses declined considerably in February. This could be due to the decrease in trading volume and network growth.
Furthermore, SHIB’s MVRV ratio was negative, suggesting that most holders would make losses on their holdings.