Binance, the global crypto exchange renowned for its vast scale and influence, has taken a step towards promoting the widespread acceptance and usage of Floki Inu, the popular memecoin that has captured the attention of crypto enthusiasts worldwide.
Embarking on a strategic initiative, Binance has ingeniously incorporated Floki Inu into two exceptional categories within its expansive ecosystem, namely the Metaverse and Gaming sections.
With this development, Binance has effectively opened up new avenues for the crypto named after billionaire Elon Musk’s dog, propelling its growth trajectory and solidifying its position as a prominent player in the ever-evolving crypto landscape.
This is a big deal and allows millions of users to trade #Floki alongside top metaverse and gaming cryptocurrencies like $SAND, $MANA, $AXS, $IMX, $GALA, and $ENJ.#Floki adoption continues! pic.twitter.com/UKIssfoOih
— FLOKI (@RealFlokiInu) June 16, 2023
The Floki Inu team may have hoped that news of Binance’s decision to add the meme to the Metaverse area would increase the value of their coin, but this was not the case today.
Floki Inu Price Wasn’t Feeling It
At the time of writing, FLOKI price was nearly unchanged, managing to notch a meager 1.4% increase in the last 24 hours, data from crypto market tracker Coingecko shows. In the last seven days, the meme coin was only able to maintain a less than 5% gain.
The dog-themed token was likewise struggling in the 14-day and 30-day timeframes, shedding an average of 30% declines as questions about its capability to reclaim its recent strong performance mount.
Floki’s popularity has been on the rise in recent months, making it the fourth largest meme coin by market cap. Bitci, a leading cryptocurrency exchange in Turkey with more than 5 million customers, has added support for the token.
The meme coin’s recent tweet, stating its plans to develop a crypto education platform, also caused a stir in the crypto community. The University Of Floki is an online resource designed to meet the needs of the estimated 1 billion cryptocurrency users worldwide by 2025.
As of today, the market cap of cryptocurrencies stood at $1.03 trillion. Chart: TradingView.com
By placing Floki Inu in the Metaverse section of the exchange, Binance has essentially set up the way for the meme coin to flourish in the field of virtual reality and digital environment.
By also realizing Floki Inu’s potential in the gaming industry, Binance has created a link between the cryptocurrency industry and the ever-evolving world of digital entertainment.
Dismal Social Volume Figure
Meanwhile, Santiment’s research reveals that FLOKI’s social volume suggests there was minimal excitement or speculation about the token after the Binance metaverse integration was announced. The social volume measures the amount of buzz surrounding a coin in a certain time frame.
FLOKI weighted sentiment and social volume. Source: Santiment
Like the total social volume, the weighted sentiment of FLOKI remained in the negative zone. Despite some uncertainty, the general attitude toward FLOKI has remained unfavorable as measured by its weighted sentiment rating of (minus) 0.536.
This number is an aggregate expression of opinion across all available data on FLOKI, such as threads, comments, and interactions.
Persistently unfavorable sentiment indicates widespread doubt, anxiety, or discontent about FLOKI and its associated variables among the community and market participants.
If people are generally optimistic while talking about a token, it can be inferred that their opinion toward the asset is good.
In contrast, FLOKI’s predominance of negative numbers indicates that pessimistic commentary predominates. This shows that people are mostly apprehensive rather than optimistic about the meme coin.
Featured image from Sam Cooling x Floki Inu