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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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Floki ($FLOKI), the top-ten meme coin and Telegram trading bot inspired by Elon Musk’s pet Shiba Inu of the same name, is falling behind other leading meme coins amidst a market-wide rally that began after Bitcoin ($BTC) crossed the $100,000 threshold in the early hours UTC.
Bitcoin is still climbing too.
The original and world-leading $2 trillion cap cryptocurrency shot up 7.9% overnight and now stands at an impressive $103,523, which is a hairs breadth away (0.6%) from surpassing an all-time high of $103,679 set 12 hours ago.
Bitcoin is effectively bootstrapping the entire market today.
Crypto’s $142 billion meme coin sector shot up 10% overnight, with sector progenitor and OG Good Boy Dogecoin ($DOGE) up 9.3% to change hands at $0.4503.
Its closest contender, Shiba Inu ($SHIB) rallied 5.9%, while Pepe ($PEPE) the frog surged 6.4%.
Floki lags behind all of them with modest gains of 3.5% overnight to trade at $0.0002408.
Still, it managed to beat both DogWifHat ($WIF) and Bonk ($BONK), which rose 0.7% and 1.6% respectively.
Where is Floki ($FLOKI) headed next?
Floki is in a healthy position to get further gains over the Christmas period. The token currently trades slightly below its thirty-day moving average, although this will likely converge overnight as steady buying continues apace.
Floki’s relative strength index (RSI) is at 61 and rising, and rarely has the token strayed into the overbought territory of 70 over the last three months.
This indicates a consistent balance between buy and sell orders that has helped the market to price the token adequately over the period.
Floki’s team also recently gave $FLOKI added functionality with a new trading bot that has already executed 60,492 trades with a combined volume of $118,767,013.14 across 705,102 users.
This ultimately sets it apart from similar-sized rivals like DogWifHat and Brett, which exist solely for entertainment, speculation and transactions.
Traders exit Floki for biggest meme coin presale ever
One of the reasons Floki is not doing so well right now is because there is a new alternative meme coin that has raised an unprecedented $73 million in investments.
Pepe Unchained (PEPU) entered presale this summer with the simple premise that it’s the first Pepe to run on a proprietary Ethereum Layer 2.
Ethereum is the most commercially important blockchain, but it currently processes about 15 transactions per second (tps) which results in high network congestion and large transaction fees.
To solve this bottleneck, Layer 2 protocols sit on top of the main Ethereum network and process transactions independently on a side chain, before adding them to the Layer 1 ledger.
This makes $PEPU a hundred times quicker and cheaper to transact with than Ethereum, or Floki ($FLOKI) for that matter, and the developers are building a whole ecosystem around it.
Two key features in Pepe Unchained’s ecosystem expansion drive include its very own Layer 2 blockchain with a decentralized exchange (DEX) for cheap swaps between $PEPU and supported tokens, alongside a Pepe Foundation, which will help fund “an entire ecosystem with the best developers in the space contributing.”
Additionally, there is a dedicated block explorer to see all transactions on Layer 2 and a Pepe Unchained bridge for instant and low-cost bridging between Pepe Unchained and Ethereum’s Layer 1.
Pepe Unchained, the $PEPE killer, is now sold out, but it will be hitting exchanges soon, where it could easily surpass Floki’s $FLOKI in popularity.
Keep up to date on the official X (formerly Twitter) and Telegram accounts.
Check Out Pepe Unchained Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
