July 23, 2024
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Blockchain News

AliExpress Embraces Memecoin Madness: Payments Now Accepted for DOGE and SHIB Competitors!

AliExpress, the renowned global online retailer associated with tech giant Alibaba, has made a noteworthy move by embracing a memecoin that directly competes with the likes of Dogecoin (DOGE) and Shiba Inu (SHIB).

In an exciting announcement, the creators of the meme-inspired digital asset Floki (FLOKI) have revealed that users now can utilize this canine-themed cryptocurrency for purchasing a wide range of products on AliExpress, which stands tall among the largest online retailers worldwide.

To facilitate this convenient transaction process, consumers can rely on Shopping.io, an e-commerce protocol specifically catering to the crypto community. This innovative platform grants shopper the remarkable opportunity to procure items from major retail giants like Amazon, Walmart, Etsy, and eBay, utilizing their digital assets seamlessly.

Despite the anticipation surrounding AliExpress supporting Floki, the market impact on the value of this memecoin has been relatively minor, with its current trading price standing at $0.000032 at the time of writing. This signifies a marginal decrease within the last 24 hours.

In April, data analysis conducted by IntoTheBlock, a renowned crypto analytics platform, exposed an alarming revelation regarding FLOKI investors. It indicated that a substantial majority of FLOKI traders were experiencing losses. At that time, a mere 19% of FLOKI investors were enjoying profits, while 12% were merely breaking even. Astonishingly, a staggering 70% of investors were grappling with unrealized losses.

Recently, IntoTheBlock revisited its findings and unearthed an even higher percentage of FLOKI holders in dire straits. The latest data illustrates a disheartening reality, where an astonishing 78% of FLOKI owners would suffer financial setbacks if they were to sell their assets. However, it is essential to note that 14% of investors have managed to secure profits, while a further 9% are currently breaking even. Additionally, IntoTheBlock’s research indicates that 81% of SHIB holders also grapple with losses.

The inclusion of Floki on AliExpress is undoubtedly a significant development in the world of memecoins. However, despite the hype surrounding this integration, the current trading price of Floki remains relatively low. Furthermore, recent data suggests that the majority of FLOKI holders, as well as SHIB holders, are facing challenges in terms of profitability.