Floki, Baby Doge Crushing the Memecoin Competition in 2023
MemeFi projects Floki and Baby Doge have been flying this year, in terms of both utility and price action. Other memes, such as Dogecoin and Shiba Inu, have lagged $BTC and $ETH.
Meme + DeFi = MemeFi
Floki and Baby Doge have had a monster year so far in 2023, and the price of their tokens has far outperformed other major memecoins, as well as Bitcoin and Ether.
Available on both BNB Chain and Ethereum, the MemeFi projects have been building out the components of their ecosystems. For Floki, that means developing its Valhalla GameFi Metaverse and the FlokiFi token locker, which has about $30 million in TVL. In February, Floki got a major boost from its conscious pivot to attract users in China.
More recently, Floki partnered with Thena, with Thena becoming Floki’s preferred Decentralized Exchange (DEX) and FlokiFi becoming Thena’s recommended liquidity locker.
Meanwhile, Baby Doge has been growing its Baby Doge Swap exchange and token locker protocol. Last week, the exchange passed $60 million in Total Value Locked, with more than $10 million in TVL in its locker. The team is also introducing gaming into its ecosystem, starting with Baby Doge Chess.
This week, Baby Doge announced it is expanding its Decentralized Finance (DeFi) features to other blockchains. Right now, the Baby Doge community is voting on which network it will tackle first: Ethereum, Arbitrum, Optimism or Avalanche.
The focus on utility is paying off big time in 2023.
So far this year, the value of $FLOKI has increased by about 314%, and the token’s market cap (MC) is just above $300 million, according to CoinMarketCap.
$BabyDoge has been red-hot as well, posting a 195% increase in 2023, with a current MC of $323 million, according to CoinMarketCap.
For context, the price of $BTC and $ETH have increased by 72% and 53% during that same time.
And while Shiba Inu has also been intent on developing its MemeFi ecosystem, including the hotly anticipated layer-2 Shibarium network and Shib the Metaverse project, the price action of its tokens hasn’t been nearly as positive yet in 2023.
The value of payment token $SHIB has increased 32% this year ($6.3 billion MC). The value of Shibarium gas token $BONE has increased 22% ($244 million MC). And the value of VIP token $LEASH has increased 29% ($41 million MC).
Meanwhile, the reigning king of memecoins has greatly underperformed the MemeFi projects as well as $BTC and $ETH. Amid the overall crypto market upswing, the price of Dogecoin has increased by 8%. $DOGE has a current MC of $10.5 billion.
What is Dogecoin:
Dogecoin purports to be the accidental crypto movement that makes people smile! Dogecoin features the Shiba Inu, a Japanese breed of dog, as its logo. It is an open-source, peer-to-peer cryptocurrency that utilizes blockchain technology. Dogecoin's underlying blockchain technology is derived from Litecoin. Notable features of Dogecoin included its employment of the Scrypt algorithm, its low price, and its unlimited supply. Dogecoin is very popular, ranking at the top of market capitalization, has enormous popularity, and maintains one of the strongest followings in crypto.
Where to find Dogecoin:
Website | Twitter | Reddit | Discord |
What is Shiba Inu:
Shiba Inu is an Ethereum-based altcoin that has the Shiba Inu—a Japanese breed of hunting dog—as its mascot. The SHIB token aspires to be an Ethereum-based alternative to Dogecoin (DOGE). Unlike Bitcoin, which is designed to be scarce, SHIB was created to be intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.
Where to find Shiba Inu:
Website | Twitter | Telegram | Discord
What is Baby Doge Swap:
Baby Doge Swap is the acclaimed “son” of the popular meme token, DOGE. Baby Doge Swap started out as Baby Doge Coin and is a hyper-deflationary system that progressively increases its scarcity and increases its liquidity. The project is now a fully Decentralized Exchange with swaps, liquidity pools, yield farming, and more. Baby Doge considers its primary utility as building a fun meme community to spread awareness of animal adoption.
Where to find Baby Doge Coin:
Website | Twitter | Telegram | Reddit | Swap |
What is Floki:
Floki began with a tweet from Elon Musk. When the billionaire announced he would name his Shiba Inu puppy Floki, it created a deluge of ‘Floki’ dogcoins. The most successful of these is Floki. Floki is currently the third most popular meme token on the market, behind Dogecoin and Shiba Inu. It is backed by a community of committed enthusiasts and a strong marketing campaign.
Where to find Floki:
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Jupiter's Impressive Growth: Risks and Potential
The recent performance of Jupiter has been impressive, with a monthly increase of over 150% and an even more substantial six-month rise. This trajectory suggests a robust positive trend, which could continue to push the price up, targeting the next resistance at $0.81. The current price of $1.25, slightly below the 10-day SMA of $1.27, implies a healthy momentum, possibly igniting investor interest for further gains. Despite this, any unexpected shifts in market dynamics could see the price test nearer support levels at $0.68 or even $0.42, underlining the importance of vigilance among investors.
In looking at long-term prospects, this meteoric rise of over 4000% in the past half-year positions Jupiter as a noteworthy contender in the market. This kind of movement garners attention, potentially attracting new investors and increasing buy pressure. Nevertheless, market history tells us that assets with such rapid ascents can be susceptible to corrections. Jupiter's support levels at $0.42 and $0.30 could come into play if the tide turns.
Mantle's Price Doubles, Eyes on Upward Trend
Mantle's recent surge to $1.28 from $0.63 in just one month shows a strong upward trend, with the price more than doubling. If Mantle maintains this growth, it could soon break past the second resistance level of $1.27. Long-term, the six-month increase of 223.57% suggests solid momentum. Holding above the simple moving averages of $0.88 and $0.75, respectively, supports a continued rise. However, such rapid increases can invite corrections, potentially testing support levels if traders decide to lock in gains.
On the flip side, if we consider the significant short-term climb, there's a risk of pullback towards the nearest support at $0.63 or even the second support at $0.37. These levels might act as safety nets for the price. In the long run, if the upward trajectory stalls, the price might oscillate around the current simple moving averages. Mantle's ability to sustain above these averages in the face of potential market headwinds will be critical for ongoing growth.
Ondo's Market Surge: Growth & Volatility Risks
Ondo's seen impressive growth, with a one-month jump of over 105% and six-month rocketing close to 2780%. If it keeps catching eyes, the current $0.87 might push past the near resistance at $0.55 and challenge the second at $0.66. This hype could spill over, making short-term gains likely, with the 10-day average at $0.73 hinting at solid interest.
Looking long term, if Ondo holds strong above its support levels at $0.26 and $0.08, we could see steady growth. Such support suggests a faithful base, which helps during downturns. Still, with any asset that's seen a 2779.90% half-year surge, there's a risk of a pullback as early investors take profits.
FLOKI's 1304% Surge: Can It Reach New Highs?
Looking at the impressive growth over the past month of 512.87%, FLOKI's positive momentum could continue. Investors have seen a staggering six-month surge of 1304.41%, pushing past previous expectations. Based on these trends, there's potential for FLOKI to climb towards its all-time high of $0.000313. If buyer enthusiasm persists, the current price could be seen as a stepping stone for further gains.
However, it's crucial to remember that past performance isn't always indicative of future results. The asset has yet to return to its peak, and digital currencies are highly volatile. While historical data provides optimism, it's essential to prepare for fluctuations.
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Website | Twitter | Discord | Telegram
Disclaimer: This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $400. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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