Floki Inu Could Catch Up To Its Pup Coin Forebears
InvestorPlace - Stock Market News, Stock Advice & Trading Tips Thanks to a key advantage and upcoming catalyst, Floki Inu has a chance to rival Dogecoin and Shiba Inu for...
The pup coin bubble appears to have popped or, at the very least, peaked. Crypto traders have been taking profits in Floki Inu (CCC:FLOKI-USD) and Shiba Inu (CCC:SHIB-USD). Dogecoin (CCC:DOGE-USD), the dog-themed meme coin that inspired Shiba Inu, which, in turn, inspired Floki Inu, has also been trending lower.
So, what does the future hold for these pupcoins?
As I recently discussed, Dogecoin’s “get-rich” potential has long since passed. What started out as a joke grew to the world’s fourth-highest valued cryptocurrency with a market cap of more than $70 billion at its May highs. But as traders’ attention turned to younger pup coins, Dogecoin fell. And given that it has failed to make progress in increasing its utility, the coin could see further downward pressure.
In late October, following a fast-and-furious rally, Shiba Inu overtook Dogecoin to become the eighth-most-valuable coin with a market cap of $42 billion. Although its market cap stands at $30.3 billion today and the coin still trades for a fraction of a penny, the chances of it experiencing a 2x jump in price, much less a 10x jump, seem slim. Since it also lacks any usefulness in the decentralized finance (DeFi) department, it could remain stuck at present levels or sink lower.
Floki Inu, on the other hand, still has a shot at experiencing one last three- or four-digit percentage jump thanks to a key advantage and an upcoming catalyst.
The Key Advantage Floki Inu Has on its Side
Leading pup coins Dogecoin and Shiba Inu have become a victim of their own success. They are the No. 10 and No. 11 cryptos, respectively, by market capitalization. To head to higher prices, they need more on their side than just meme coin status.
Sure, there’s still the possibility their respective developers put in the work to give them the DeFi capability needed to make them formidable competitors to leading altcoins such as Cardano (CCC:ADA-USD) or Solana (CCC:SOL1-USD). But Doge and Shiba are far from reaching that level of functionality. And even if they do, it could be a case of too little, too late.
Thankfully, Floki Inu doesn’t have this problem. It’s not yet at the point where it needs more than meme popularity to spark a big rise in price. With a market capitalization of just $2.1 billion, a 10x move (or more) remains a possibility.
To catch on as the next top meme coin and go on another incredible run, Floki Inu will need to increase its name recognition beyond crypto aficionados. Fortunately, the token’s developers have a plan for that.
An Upcoming Catalyst Could Spark a ‘To The Moon’ Move
A few weeks from now, Floki Inu could be a lot more famous thanks to a massive marketing campaign that’s already underway.
The promotion began with the large-scale rollout of outdoor (billboard, transit) ads across Europe promoting the token. But it should really start to pick up in December. That’s when “prominent features” (Floki’s words) about the token will appear on major U.S. TV networks with the goal of hitting over 100 million impressions.
Ostensibly, the goal of this promotion is to promote the use of this token, not necessarily to boost its price. But given Dogecoin and Shiba Inu skyrocketed as the public became aware of them, it’s hard not to view a price rally as the developer’s true motivation.
Although that may sound a little, dare I say, “pump and dump” for your liking, if you are looking for something other than pure luck to rationalize buying this token today, this is your catalyst.
A Fun Wager, but Not One to Bet Big On
Admittedly, buying Floki Inu today and selling it at higher prices once the marketing campaign kicks into high gear may be too good to be true. After all, it’s not guaranteed the 100 million TV impressions Floki hopes to get will result in a stampede of buyers for the coin. That’s especially true given Floki Inu is not currently available for trading on platforms like Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD).
Worse yet, flopping with its ad blitz isn’t the only thing that could send Floki Inu lower. For example, instead of traders cycling out of Dogecoin and Shiba Inu and into Floki, they could cash out of pup coins altogether. Rather than becoming the “top dog,” this “also-ran” may simply fall in tandem with its older rivals.
Floki Inu is far from a lock, but it still has some “to the moon” potential. Like with other canine-based tokens, treat it as a fun wager. Stick to more serious cryptos when it comes to big positions in your portfolio.
On the date of publication, Thomas Niel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Thomas Niel, contributor for InvestorPlace.com, has been writing single-stock analysis for web-based publications since 2016.
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