The crypto market has been off to a pretty good start this year, with Bitcoin hitting $23,000, and Ethereum hitting $1,650 today, completely reversing the losses triggered by the FTX implosion and looking primed to go harder.
Meme cryptocurrencies like Dogecoin and Shiba Inu tend to be the center of attention at times like this when the market turns risk onbut Floki seems to be stealing the spotlight this time around.
Dogecoin (DOGE) is the world’s largest memecoin, with a market valuation of $11.5 billion at the time of writing. Shiba Inu (SHIB), which was inspired by Doge, is the second-largest dog coin with a market valuation of $6.6 billion.
Floki (FLOKI), which is a newer entrant to the space, is inspired by both Dogecoin and Shiba Inu and named after Tesla CEO Elon Musk’s Shiba Inu pup. It has a conservative market valuation of $100 million.
Floki has grown to be regarded as a major crypto movement in such a short period of time. It currently boasts over 420,000 holders and is widely regarded as the third most popular memecoin after Dogecoin and Shiba Inu.
These three things just happened to Floki
While things have been relatively silent for both DOGE and SHIB lately, with the exception of the SHIB devs teasing out the possible launch of the Shibarium blockchain anytime, Floki has had a lot of exciting developments happen for it all in the span of a few days.
Floki recently announced a partnership with Binance Pay, which is the payment arm of the world’s largest crypto exchange and the most recognized crypto brand in the world, Binance.
Floki’s Binance Pay partnership announcement has been viewed almost a million times in a matter of days if Twitter’s public view count is anything to go by.
Binance Pay is the main crypto payment solution we will be using for Floki’s new merch store, Shop Floki!
— FLOKI (@RealFlokiInu) January 17, 2023
The partnership has not only legitimized Floki as a major crypto brandbut the massive exposure it has received has shown Floki to be one of the world’s most popular cryptocurrencies.
On the heels of Floki’s Binance Pay partnership announcement was the launch of Floki’s merchandise store named, ‘Shop Floki.’
Shop Floki is Floki’s much-anticipated merchandise store where users can buy unique items and fashion pieces for themselves, their pets and their loved ones. It has launched to great reception, further generating massive hype for the popular memecoin that bills itself as ‘the people’s cryptocurrency.’
As if two major developments wasn’t enough, Floki’s market cap was also verified by popular crypto data site CoinMarketCap. This is a significant move for the project’s legitimacy and a process that has taken almost two years to achieve.
The popular crypto tracking site posted a Tweet to congratulate Floki about its newly verified market cap and acknowledged that the process has taken a very long time:
We know you've been waiting long enough, it's time to check these numbers yourself!
— CoinMarketCap (@CoinMarketCap) January 19, 2023
The above three major developments certainly have put Floki in the spotlight, and Floki very well might pose a threat to the Dogecoin and Shiba Inu’s cryptocurrencies’ market dominance.
It sure is looking likely that Floki will continue to be one of the most talked about cryptocurrencies this year based on how its year has started.
Doge and Shib catalysts
While Doge and Shib have been relatively silent compared to Floki this year, they are not altogether without major catalysts and exciting developments on their roadmap.
Dogefather Elon Musk plans to send Dogecoin to space this year, and Shiba Inu has hinted that its Shibarium layer one blockchain will be launching anytime soon. These are very important catalysts to pay attention to, and only time will tell what kind of impact they will have on helping grow adoption for Dogecoin and Shiba Inu.
Despite these catalysts for DOGE and SHIB, it’s worth noting that Floki has consistently stood shoulder-to-shoulder with both in terms of popularity most recently.
Leading social intelligence platform Lunarcrush recently released a list ranking Floki above Shiba Inu and just after Dogecoin in terms of popularity.
— FLOKI (@RealFlokiInu) January 19, 2023
Regardless of the individual performance of each of these cryptocurrencies in the short term, it’s clear that there will be a lot of people talking about Floki, Doge and Shib this year.