Meme Coin Wars – Floki Inu Vs. Dogecoin And Shiba Inu


There is an ongoing meme currency war and it pits a lesser known coin against two other cryptocurrencies that are well established in the space today.

  • FLOKI is a cipher based on Elon Musk’s dog of the same name
  • The market value of Floki Inu is less than a billion dollars
  • Crypto has been on the decline after hitting the bottom in June 2022

Floki Inu (FLOKI), a cipher meme inspired by self-proclaimed dog “Dogefather” Elon Musk, aims to surpass Dogeoin (DOGE) and Shiba Inu (SHIB).

This may be easier said than done because it is losing out to dog-themed cryptocurrencies on so many battlefronts.

Total market capitalization is one such aspect and Floki Inu is two worlds apart compared to DOGE and SHIB.

Of the three, Dogecoin has the highest market capitalization at $8.4 billion. Its spin-off is somewhat in line with Shiba Inu’s total capitalization of just over $6.5 billion.

FLOKI finds itself very far from the two, with a market capitalization of just $70.2 million.

In terms of the current trading price, DOGE leads the group. At press time, according to Queen GekkoIt is trading at $0.062. SHIB is trading at $0.00001109 while FLOKI is trading at $0.0000754.

Along those lines, Floki Inu needs to increase its market cap 100 times to surpass Shiba Inu. But even after that, Dogecoin will still be a bigger challenge for cryptocurrencies.

A Glimpse of FLOKI’s Price Action

Even with the minimal value of Floki Inu, he ended up being one of the victims of the last downtrend that plagued the crypto space.

The price action chart shows that the coin reached a low of June 2022 when it reached $0.0000048433 before making an impressive bullish rally, increasing its value by 270% to trade at $0.000178931.


Source: TradingView.com

However, FLOKI was not able to sustain this run and gains, as it fell below the crucial $0.0000135356 level. Since then, it has continued to decline and has been unable to make any kind of recovery.

The altcoin is in a precarious position as a drop from the $0.00000075326 support level would imply a downtrend for the price that will send it to another bearish rally.

Floki Inu: Immediate Origins and Objectives

Shortly after Elon Musk announced that he was naming his dog Floki, an anonymous team worked on the digital currency of the same name and eventually launched it.

The Ethereum Blockchain-based Floki Inu was abandoned by its original developers after they realized there was an inflation bug in its initial token contract.

The Floki community did not abandon the original and formed a team that revived a cryptocurrency that they claim is unique compared to other meme coins because it is able to combine memes and utility.

True enough, the Floki Inu token is actually used to run the metaverse game known as Valhalla.

As for its immediate goals, FLOKI’s chief marketing officer said over the next year, they’ll have more facilities and users than SHIB.

Meanwhile, it will be interesting to see if a new meme coin appears to compete with Dogecoin and Shiba Inu in the upcoming bull market.

Will FLOKI muster enough firepower to defeat DOGE and SHIB?

SHIB total market cap at $5.99 billion | Featured image from Watcher Guru, Chart: TradingView.com



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