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Floki Inu Roadmap Reveals Plans For Regulated Bank Accounts, FLOKI Faces 17% Downtrend

The development team behind the dog-themed meme coin Floki Inu has unveiled its highly anticipated roadmap for 2024, revealing several upcoming features and utility-focused initiatives. 

Notable highlights include the launch of regulated digital banking accounts, integration with the Venus decentralized finance (DeFi) protocol, the Floki debit card’s introduction, and the Valhalla mainnet’s upcoming release.

Floki Inu Aims To ‘Bank The Unbanked’

Floki Inu plans to introduce regulated digital banking accounts, enabling users to create and fund bank accounts using FLOKI tokens. 

In partnership with an unnamed licensed fintech company operating in key jurisdictions such as Canada, Spain, Dominica, Australia, and the UAE, these accounts will support SWIFT payments and SEPA IBANs. 

In addition, the upcoming launch of Floki Debit Cards will allow users to link their digital bank accounts to debit cards, providing a convenient and secure way to spend their FLOKI tokens in traditional currencies such as Euro (EUR) and US dollars (USD). 

According to the proposal, the initiative aims to “bank the unbanked” by enabling a broader user base to access traditional banking services using their FLOKI tokens while increasing the utility and adoption of cryptocurrency.

Pending governance approval, Floki Inu also seeks to list its native token, FLOKI, on the Venus Core Pool. This integration aims to unlock deeper liquidity, comparable to established blue-chip cryptocurrencies and allow FLOKI holders to use their tokens as collateral to borrow various assets such as Maker (DAI), Circle’s USDC stablecoin, Binance Coin (BNB) and Ethereum (ETH). 

By integrating Venus Markets directly into Floki’s user interface (UI), the protocol states that users will have frictionless access to the liquidity provided by the platform, further integrating Floki into the decentralized finance ecosystem.

FLOKI-Powered Trading Bot And Valhalla Mainnet Launch

Floki Inu plans to introduce a cross-chain Telegram and Discord trading bot powered by the FLOKI token. This bot will allow users to buy and sell cryptocurrencies on leading blockchain networks. Specifically, 50% of the fees generated will be used to buy and burn FLOKI tokens, increasing their utility and contributing to a deflationary mechanism. 

Finally, the highly anticipated mainnet release of Valhalla, Floki Inu’s flagship utility and metaverse game, will occur. Valhalla on the Mainnet will feature on-chain game mechanics, a PlayToEarn economy, upgradeable NFTs, and an open-world experience. 

Floki Inu

As of this writing, the FLOKI token has experienced a correction of over 17% in the past seven days, aligning with the overall market trend. This correction has resulted in the current trading price of $0.0002295 for the FLOKI token.

Despite the recent downtrend, it is worth noting that FLOKI has still achieved a remarkable year-to-date gain of 440%. This substantial increase in value has propelled the token’s market capitalization to $2 billion, solidifying its position at the 59th spot among the top 100 cryptocurrencies in the market.

Featured image from Shutterstock, chart from TradingView.com

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Dogecoin (DOGE) Is Now 4th Most Popular Cryptocurrency On BitPay

Dogecoin, a dog-themed meme crypto that appears to enjoy strong ties with tech billionaire and Twitter owner Elon Musk, appears to be struggling to gain enough ground for a major upward swing.

After peaking at $0.0749 on January 5, DOGE fell victim to a price retracement that pulled it all the way down to $0.0705 the following day.

Since then, the altcoin launched a mini rally to recoup some of its losses, enabling it to notch a 2.4% increase in value over the last seven days.

According to tracking from Coingecko, at the time of writing, Dogecoin is changing hands at $0.0719 and despite its early struggles this year, it is able to strongly keep its place as the 8th largest cryptocurrency courtesy of its market cap which currently stands at $9.90 billion.

Dogecoin Still Among The More Popular Crypto Assets

Although still far from rewarding its faithful holders with significant profit through a massive price hike, DOGE continues to establish itself as among the well-known digital currencies.

Just recently, BitPay, one of the world’s leading crypto payments processors, revealed that the meme token is the fourth most popular transactional currency in its platform.

According to data shared by the company, in December 2022, Dogecoin accounted for 10% of all transactions it processed, almost doubling the 6% tally it had in June.

The memecoin placed behind Bitcoin (1st, 41.81%), Litecoin (2nd, 25.51%) and Ethereum (3rd, 11.53%).

This development could be interpreted as an indication that more and more people are using the digital asset as a means of exchange.

Along this line, leading Indian cryptocurrency trading app CoinSwitch with more or less 20 million users mentioned in its report that DOGE was included in the list of the most popular virtual currencies owned by its customers.

The Undeniable Musk Effect

As time goes by, it is slowly becoming apparent that Dogecoin might live and fade with the self-proclaimed “Dogefather” Elon Musk as his social media comments of the memecoin triggers instant price movements.

For example, when the Tesla CEO completed his controversial purchase of social media giant Twitter back in October 2022, DOGE’s price registered a significant uptick, from $0.0720 in October 27 to $0.1572 on November 1.

Months before his acquisition of the company, Musk floated the idea of having Dogecoin accepted as a payment for Twitter’s Blue services. 

-Featured image: Cryptoglobe

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Dogecoin Can Regain Losses If DOGE Extricates Itself From This Level

Dogecoin, a dog-themed cryptocurrency released in December 2013, is caught in an extended bearish momentum as it continues to struggle to trim its losses and regain its bullish run.

  • Dogecoin has already lost 91.8% of its $0.73 ATH
  • The $0.057 marker is crucial for DOGE to regain its losses
  • The meme crypto is in danger of hitting prices as low as $0.0140

The meme crypto that rose to popularity – thanks to the billionaire and self-proclaimed “Dogefather” Elon Musk’s promotion – attained its all-time high on May 8, 2021 when it peaked at $0.73.

But DOGE has now lost 91.8% of that value. At press time, according to tracking from Coingecko, the altcoin is trading at $0.060.

The nightmare started for the Shiba Inu-inspired token in December last year when it plummeted below the crucial $0.173 marker.

Since then, the digital asset has been struggling, recording new lows to date and matching its yearly lows during the month of June and September.

Analyzing DOGE Price Movement

The recent and ongoing bear market put dogecoin below is 20 and 50 Exponential Moving Average (EMA) which is a metric used to measure trend direction over a period of time.

Source: TradingView

DOGE bulls are being kept under control by Dogecoin’s trendline reversal and have failed to sustain the $0.0607 high liquidity zone over the last days.

If this results in a pull below the $0.057 marker, the altcoin will be in an extended bullish movement highlighted by the testing of $0.048-$0.052 range in preparation for a mini-bull run.

In reverse, if Dogecoin sustains price above the $0.057 marker, it can test the $0.062 resistance zone. That simplifies the thesis for the meme crypto’s price trend.

Dogecoin can regain its losses if DOGE can extricate itself and move above the $0.057 marker.

A Word Of Caution Before Accumulating Dogecoin

The current price of Dogecoin is very appealing to investors who are looking to shore up their holdings of the crypto.

But caution should be exercised in considering accumulating large volume of DOGE as a breakdown of the $0.0471 support is likely to result in steep fall that will act as continuance of the current bear movement.

If such a scenario happens, Dogecoin could be looking at a 42% decline, plummeting all the way to a trading price of $0.0267.

Trouble doesn’t stop there for the altcoin, as it could still go lower, losing 69$ of its value to change hands at $0.0140.

Investors are then advised to pay close attention to the movement of the digital asset’s price and to keep a vigilant eye on the crucial support levels for the crypto.

DOGE market cap at $7.9 billion on the daily chart | Featured image from Adventure, Chart: TradingView.com