Over 70% of Investors in Shiba Inu and Dogecoin Rival $FLOKI is Underwater, Data Shows

According to blockchain data, a significant majority of investors who bought Dogecoin ($DOGE) and Shiba Inu ($SHIB) rival memecoin Floki ($FLOKI) are currently underwater, which means they have unrealized losses.

According to data from on-chain analytics firm IntoTheBlock, which was first reported on by Daily Hodl, only 19% of FLOKI holders are profitable at the token’s current valuation. 12% of those who purchased the asset are at a break-even point, while a staggering 70% are losing money.

The community of the meme-inspired cryptocurrency recently celebrated a new listing on Binance.US. The exchange expressed its delight at listing the cryptocurrency and allowing its users to trade it with low fees.

The FLOKI team believes this Binance listing validates the token’s credibility as an asset, further solidifying its position in the memecoin arena alongside DOGE and SHIB. Notably, the majority of Shiba Inu investors have also suffered losses. At the current price of $0.00001 for SHIB, 68% of token buyers are losing money, while only 3% and 28% are breaking even or profiting.

On the other hand, dogecoin investors appear to fare better, with 54% of holders reporting gains on their investments. Only 4% and 43% of DOGE investors are breaking even or losing money. At the time of writing, the frontrunner in the memecoin space is worth $0.079 USD.

FLOKI was listed last month on major cryptocurrency exchange Bitpanda, which made it available to its 4 million users against the European fiat currency, the Euro, as CryptoGlobe previously reported. Floki has recently been added to a number of major cryptocurrency trading platforms, including OKEx, WazirX, DigiFinex, and others.

 FLOKI, the Floki ecosystem’s utility token that “offers a 3D NFT Metaverse, DeFi utilities, a crypto education platform, NFTs, a merchandise store, and more,” entered the top 100 cryptocurrencies by market capitalization this year.

The Floki Inu team hopes that the launch of its FLOKI-powered Metaverse combat game Valhalla, which contains in-game creatures that can be purchased with FLOKI or another in-game currency, will increase demand and utility for the token.

FLOKI will also allow users to make various other purchases within the game, and the game’s developers intend to permanently burn a significant amount of FLOKI tokens, further reducing circulation supply and potentially increasing scarcity and value.