Floki Price Jumps More than 300% Year-to-Date
FLOKI, the novel token of the Floki ecosystem, has spiked by approximately 390% since the start of 2023, data from cryptocurrency price tracker CoinMarketCap showed.
The cryptocurrency has benefited extensively from the crypto market's rebound this year after the entire sector plunged to new lows on the back of a bearish outlook in 2022 that saw many firms reduce their headcounts.
While some analysts have attributed the price spike to industry-wide gains, the increase in the token's value is largely down to accomplishing milestones and setting up new ones.
Floki price jumping as a result of the roadmap
On 21 February, the crypto company published its roadmap for the year. While the first phase, which featured the launch of the project’s shop, a partnership with Binance Pay, an upgrade of the Valhalla Website, the development of a Chinese Whitepaper, and a partnership with Pyth Network has been completed, other developments are still in progress.
These milestones include the launch of the crypto asset on the OKX chain (which also houses the well-known cryptocurrency exchange OKX), integration with decentralized finance (DeFi) lending and borrowing protocols, the first major upgrade of Floki Finance, and the first phase of staking.
The second phase of staking, the redesign of Floki Finance, and the release of the Debit Card will come off in phase two, while Floki Finance Project TL and University of Floki (phase three) and Valhalla Mainnet launch, Valhalla Chinese Version, and the project's Mystery Project will follow accordingly in phase four.
In crypto, prices are normally driven by the adoption of a cryptocurrency by a mainstream company as a payment method, the addition of a coin or token by a major exchange, and the provision of staking services, which brings passive income to traders and investors.
Since the digital currency has triggered two of the three price drivers (staking and exchange listing), it explains why it reached a yearly high of $0.00006684 on 16 February.
FLOKI price gains dwarf Shiba Inu and Dogecoin
While Dogecoin (DOGE) and Shiba Inu (SHIB) continue to dominate the meme-inspired digital currency sector of the crypto economy, their gains are smaller than the coin named after Elon Musk’s pet.
While FLOKI holders have seen their portfolios rise more than three-fold, (SHIB) has increased by 8% while DOGE has gone up by 20% since 1 January.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.