Will the Listing Spell Boost or Flop?
Floki Inu (FLOKI) has once again found itself at the center of attention. With Binance, one of the leading cryptocurrency exchanges, expanding its support for Floki Inu, this time through its Binance TR arm, the possibilities for FLOKI’s adoption have grown exponentially.
The recent listing on Binance TR marks yet another milestone for this digital asset, as it now gains exposure to a significantly larger investor base.
Just last month, Binance’s US division created a significant buzz when it announced the listing of Floki Inu, sparking excitement and capturing the interest of crypto enthusiasts and investors alike. The FLOKI token experienced a surge in popularity as a result, with its value climbing and demonstrating strong potentials.
📢 @RealFlokiInu $FLOKI is listed on @BinanceTR
✅ Trading Pair: #FLOKI/TRY
Floki ecosystem consists of a Play-to-Earn game, FlokiFi, Floki prepaid card (Visa/Mastercard) as well as #NFT collections & marketplaces
Trade👇https://t.co/DpoxLW5cU5#Memecoin #NFTs $BNB #BNBswap pic.twitter.com/tFPox2Qma6
— BNB Swap (@BNBSwap) May 24, 2023
The Binance Effect on Floki Inu (FLOKI)
When Binance.US, a subsidiary of the renowned cryptocurrency exchange Binance, decided to list FLOKI, the impact was nothing short of positive. The token experienced a remarkable surge, catapulting its value by over 40% in a mere 24 hours.
The listing on Binance.US not only provided FLOKI with increased exposure but also served as a catalyst for the cryptocurrency’s unprecedented growth.
FLOKI’s journey continued with Binance TR. While the subsequent price rally may not have reached the same levels of extravagance as before, FLOKI still experienced a positive upward trend. Presently, on CoinGecko, Floki Inu’s price dances at $0.00003106, showcasing a 3.9% increase over the course of 24 hours.
Despite the recent rally, Floki Inu’s resilience was put to the test as it encountered a slight stumble in its seven-day performance. During this period, the altcoin experienced a dip of 3.2%, signifying a setback.
Source: BNB Swap
Key Metrics Take a Hit for FLOKI
Despite the slight price rally, FLOKI experienced a notable decline in its daily active addresses throughout the past week. This significant decrease in user activity indicated a diminishing level of engagement within the FLOKI community. Additionally, the 24-hour trading volume for FLOKI witnessed a substantial increase of over 30%, which further confirmed the prevailing downtrend.
The network growth of FLOKI also suffered, pointing towards a concerning trend. The decline in network growth suggested that only a limited number of addresses were involved in transferring the meme coin.
Crypto has a total market cap today of $1.07 trillion. Chart at TradingView.com
This contraction in network activity raises questions about the overall adoption and usage of FLOKI, highlighting a potential loss of interest among investors and users.
In a disappointing turn of events, Pepecoin (PEPE), another cryptocurrency that garnered attention in recent weeks, also struggled to perform well. The lackluster performance of Pepecoin further emphasizes the overall difficulties faced by meme coins in the current market landscape.
-Featured image from EduBourse