What’s Happening with Dogecoin and its Shiba Inu Competitor Floki Inu?
Floki Inu, a meme cryptocurrency that is a rival to Dogecoin and Shiba Inu, has seen a 24.5% drop in its value since its peak on Monday. This fall is attributed to profit taking by investors after the crypto was listed on Binance. Floki Inu was created after Elon Musk tweeted that his Shiba Inu dog would be named “Floki.” This resulted in the crypto community creating a cryptocurrency with the same name, along with many copycats. On Monday, the cryptocurrency saw a surge in social media engagement, with LunarCrush reporting a 356% increase in social engagement within a 24-hour period.
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