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.