Floki Inu was launched in 2021 as a meme coin, amidst much fanfare. However, the recent coin recently experienced price fluctuations of up to 7%.
Following the footsteps of its popular predecessor Shiba Inu, Floki Inu launched in 2019 amidst much fanfare and a “movement, not a meme” approach. With a lifetime supply of 10 trillion, Floki Inu closely follows the practice of various meme coins.
However, in recent days and since its launch it has shed a major chunk of its value after its launch, after gaining an all-time high in November.
The recent turn of events has led to the meme coin losing up to 35% of its value in less than a week, with questions arising about its long-term future. Let us understand the complete scenario.
Floki Inu Suffers Price Volatility
In the past week alone, Floki Inu has suffered some massive price crashes. However, as of writing the cryptocurrency did show some recovery with prices at $0.00001113.
Floki Inu started off as a typical cryptocurrency with a high supply volume and low market cap. The market cap for Floki stood at $103 million at the time of writing. Although, a larger supply usually leads to a lower value due to lesser scarcity.
Furthermore, in the recent few months, the overall popularity and investor confidence can presume to be decreasing, as the numbers might depict. While the cryptocurrency is making some improvements, such as the most recent one with Coinlink, it is yet to be reflected in its price.
