Shiba Inu ($SHIB) Rival $FLOKI Surged Nearly 500% Year-to-Date

When the protocol team revealed its roadmap, a meme coin rivaling Dogecoin ($DOGE) and Shiba Inu ($SHIB) has risen roughly 500% this year.

Floki’s utility token, FLOKI, “offers a 3D NFT Metaverse, DeFi utilities, a crypto education platform, NFTs, a merchandise store, and more.” The coin became a meme because Musk named his Shiba Inu Floki.

Floki Inu’s roadmap announced its goal to become the most popular cryptocurrency. The roadmap launched a retail store, partnered with Binance Pay and Pyth Network, and released a Chinese whitepaper. The project then launches on OKC, the OKX Chain, provides DeFi lending and borrowing, upgrades FlokiFi Locker, and releases a native staking software.

A second phase launched FlokiFi’s makeover and a debit card, followed by a third step that released a public version of the University of Floki. The fourth phase would release Valhalla’s mainnet and a Chinese play-to-earn NFT game. The team mentioned a “secret project.”

FLOKI will only progress to the next phase after finishing the previous one. As CryptoGlobe reported, the project’s price rose earlier this month after Tesla, Twitter, and Space X CEO Elon Musk posted photographs of his dog, Floki, as CEO of his microblogging site.

The bulk of the cryptocurrency community supported the idea, which maintained that burning tokens reduces supply and increases token value if demand remains steady. The Floki team also intends to show a strong focus on usefulness and basics, which will help the product stand out in the congested DeFi market.

The crypto community has debated cross-chain bridge security vulnerabilities, which the idea highlighted. Since their major cross-chain bridge carries 55.7% of FLOKI’s total circulating supply, the Floki team believed that an exploit would destroy the project.