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

The price of a memecoin rivaling Dogecoin ($DOGE) and Shiba Inu ($SHIB) has recently exploded nearly 500% so far this year, and has kept on climbing over the last few days after the team behind the protocol unveiled its roadmap.

FLOKI is the utility token of the Floki ecosystem, which “offers a 3D NFT Metaverse, DeFi utilities, a crypto education platform, NFTs, a merchandise store, and more.” The cryptocurrency was created as a meme shortly after Musk revealed his Shiba Inu dog was named Floki.

In its newly unveiled roadmap, the team behind Floki Inu revealed the project aims to become the most known and used in the cryptocurrency space. The roadmap includes a complete phase that saw the launch of a merch store, a partnership with Binance Pay and Pyth Network, and the launch of a Chinese version of its whitepaper. The project is then working on launching on OKC – the OKX Chain – and providing DeFi lending and borrowing facilities, upgrading FlokiFi Locker and releasing a native staking program.

The roadmap also includes a second phase, which involved the launch of a redesign for FlokiFi and a debit card for the project, before a third phase would include the release of a public version of the University of Floki. A fourth phase would see the release of the mainnet of Valhalla, as well as a Chinese version of the play-to-earn NFT game. The team also alluded to a “mystery project.”

The phases are not tied to specific months or quarters and the team behind FLOKI will only move to the next phase once the previous phase is completed. As CryptoGlobe reported, the project’s price surged earlier this month after Tesla, Twitter, and Space X CEO Elon Musk published pictures of his dog, named Floki, as the CEO of the microblogging platform he owns.

Year-to-date, FLOKI is up nearly 500% as it’s one of the best-performing digital assets on the market.

$FLOKI’s price has also been surging after it became the largest holding among BNB Chain whales after its developers made late last month a proposal to burn nearly $55 million of its FLOKI tokens and reduce a transaction tax in a move made to position Floki as a serious DeFi contender and address security risks associated with cross-chain bridges.

The proposal was approved by an overwhelming majority of the cryptocurrency’s community and argued that burning tokens is a way to reduce supply, which subsequently adds value to each token so long as demand remains constant. In addition, the Floki team hopes that by taking this step, they can demonstrate a strong focus on utility and fundamentals, which will help the project stand out in the crowded DeFi market.

The proposal also highlighted the security risks associated with cross-chain bridges, which have been the subject of much debate in the crypto community. The Floki team argued that an exploit on their main cross-chain bridge would have a catastrophic impact on the project since it currently holds 55.7% of what FLOKI’s total circulating supply should be.

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