cryptoglobe.com
Data from the blockchain shows that a significant majority of investors that purchased Dogecoin ($DOGE) and Shiba Inu ($SHIB) rival memecoin Floki ($FLOKI) are currently underwater, meaning they’re sitting on unrealized losses.
According to data form on-chain analytics firm IntoTheBlock, first reported on by Daily Hodl, a mere 19% of $FLOKI holders possess a profitable position at the token’s existing valuation. Among those who acquired the asset, 12% stand at a break-even point, while a staggering 70% are confronted with losses.
The meme-inspired cryptocurrency’s community has recently celebrated a new listing on Binance.US. The exchange noted that it was excited to list the cryptocurrency, and allow its users to trade it with low fees.
The $FLOKI team contends that this Binance listing substantiates the token’s credibility as an asset, further solidifying its position alongside $DOGE and $SHIB in the memecoin arena. Notably, the majority of Shiba Inu investors are also grappling with losses. At $SHIB’s prevailing price of $0.00001, 68% of token buyers are operating at a loss, while only 3% and 28% are breaking even and reaping profits, respectively.
In contrast, Dogecoin investors seem to fare better, with 54% of holders experiencing gains on their investments. A mere 4% and 43% of $DOGE investors are breaking even and incurring losses, respectively. The frontrunner in the memecoin space is valued at $0.079 at the time of writing.
As CryptoGlobe reported, $FLOKI was last month listed on major cryptocurrency exchange Bitpanda, which made it available to its 4 million users against the European fiat currency, the Euro.
Floki has over the last few months been added to several major cryptocurrency trading platforms including OKEx, WazirX, DigiFinex, and others.
$FLOKI, the utility token of the Floki ecosystem, which “offers a 3D $NFT Metaverse, DeFi utilities, a crypto education platform, NFTs, a merchandise store, and more,” became a top 100 cryptocurrency by market capitalization this year.
The Floki Inu team hopes to increase demand and utility for the token with the launch of its $FLOKI-powered Metaverse combat game called Valhalla, which contains in-game creatures that can be purchased with $FLOKI or another in-game currency.
Additionally, $FLOKI will allow users to make various other purchases within the game, and the game’s developers plan to burn a significant amount of $FLOKI tokens permanently, further reducing the circulation supply and potentially increasing its scarcity and value.