- A South Korean top exchange listed FLOKI and PEPE.
- While PEPE could be on the move to share DOGE and SHIB’s liquidity, FLOKI was playing catch-up.
In the grand scheme of things, Shiba Inu [SHIB] and Dogecoin [DOGE] have established themselves as meme cryptocurrencies that can last the test of time. However, playing down the emergence of others like Floki Inu [FLOKI] and Pepe [PEPE] might be a great undoing, due to recent development.
Realistic or not, here’s FLOKI’s market cap in DOGE terms
PEPE and FLOKI are Asia-ready
Recently, the latter group, especially PEPE, has enjoyed positive reception from the crypto community. But in another attempt to broaden its reach, South Korean exchange Bithumb announced that it was listing both tokens on 18 May.
With trading already in motion on the said date, Bithuum also added that FLOKI users might be eligible for rewards for participating in the South Korean Won (KRW) market.
Although the listing of tokens comes with differing reactions, the decision to allow access to these memes in Asia could well put SHIB and DOGE on their toes.
One reason for this is the way the South Korean region has contributed massive liquidity to the crypto ecosystem this year. For instance, Ripple [XRP] was a beneficiary of increased activity in that region a few months ago.
Following the development, FLOKI’s exchange inflow rose to its second-highest value in the whole of May.
Exchange inflow shows the total number of tokens deposited into exchange wallets. Thus, this implies that there has been increased activity due to the aforementioned exchange action.
Source: Santiment
While FLOKI had existed before PEPE, the token’s supply on exchanges has been skyrocketing. As shown above, Santiment’s data showed that the metric had reached 135.22 trillion.
To capture the kings, the newbies need more
However, the trend of both metrics could have bearish implications for their respective values. Nonetheless, it poses a possible threat to the liquidity of DOGE and SHIB.
When considering PEPE’s social volume, on-chain data showed the hype had significantly reduced. Built on top social data, the metric measures the number of search terms related to an asset.
Source: Santiment
Despite the decrease, texts connected with PEPE were almost on par with those of Shiba Inu. Therefore, this could mean that the newly emerged meme had sufficiently shared the popularity. SHIB has had over the last month.
FLOKI, on the other hand, might need an influx of users to compete with DOGE. At press time, the seven-day DOGE active addresses had decreased to 65.000. The metric indicates the level of speculating and crowd interaction by distinct addresses.
How much are 1,10,100 PEPEs worth today?
Although the FLOKI active addresses increased, it was far beyond Dogecoin’s numbers to consider itself a threat.
Source: Santiment
In conclusion, yes, PEPE’s rise could browbeat SHIB and DOGE. As for FLOKI, it might need more than a listing on several exchanges for it to be considered a serious competitor.