Can FLOKI compete with SHIB, DOGE after its latest listing

• Crypto exchange Bitfinex announced that it will list FLOKI. 
• DOGE’s open interest sank, while SHIB’s exchange reserve declined.

Floki Inu’s [FLOKI] price action turned bullish as a major exchange announced the token’s listing. Bitfinex in a 3 May tweet mentioned that it will soon list the memecoin. 

Bitfinex will be listing the $FLOKI token! 🔥️#Bitfinex is an institutional powerhouse and one of the oldest and most respected #crypto exchanges.

This listing further legitimizes $FLOKI while making it easily accessible to industry movers and shakers. https://t.co/s6L2m8QWyS

— FLOKI (@RealFlokiInu) May 3, 2023

How much are 1,10,100 FLOKIs worth today   

The tweet mentioned that Bitfinex will open deposits for FLOKI on 4 May and trading will begin on 5 May. Reacting to this, FLOKI’s price spiked on the day of the announcement. However, the memecoin was not able to maintain the uptrend, and the growth halted soon.

Confidence in FLOKI is high

However, at press time, FLOKI’s chart again turned green, as it was up by more than 2%. According to CoinMarketCap, it was trading at $0.00003418 with a market capitalization of over $332 million. 

Source: CoinMarketCap

The memecoin has the support of the crypto community as its positive sentiment remained relatively high. The confidence might as well be reflected in FLOKI’s chart, as its MVR ratio improved slightly, which was bullish.

The memecoin’s network growth was also high, which indicated that more new wallets were used to transfer the asset. 

Source: Santiment

The MEME gang is getting ready

The other top memes like Dogecoin [DOGE] and Shiba Inu [SHIB] were also setting up their game as their daily charts registered gains.  The prices of both the coins increased by over 1% in the last 24 hours.

CryptoQuant’s data further revealed that things looked good for SHIB and suggested a continued price uptick.

The memecoin’s exchange reserve declined lately, which indicated less selling pressure. Moreover, SHIB’s MVRV Ratio also increased on 3 May, further suggesting that investors can expect SHIB’s price to go up. 

Source: Santiment

DOGE’s metrics also gave a bullish notion. According to Santiment, the largest memecoin’s demand in the derivatives market was high, as evident from its green Binance funding rate. In addition to that, as per Coinglass, DOGE’s open interest was declining.

Declining open interest means that the market is liquidating and that the prevailing price trend is coming to an end. As the memecoin’s price registered drops over the past week, a fall in open interest gave hope for a trend reversal in the coming days. 

Source: Coinglass

Read Dogecoin’s [DOGE] Price Prediction 2023-24

The new player slows down 

Pepe [PEPE], the latest addition to the meme gang, made quite a splash over the last few days by growing exponentially. The growth allowed PEPE to slide into the list of the top 100 cryptos by market cap on Coingecko.

However, its momentum seemed to have reduced as it kept drifting down the list. At press time, PEPE was trading at $0.00000117, giving it the 97th spot on Coingecko’s list of top 100 cryptos.