Floki Becomes Largest P2E Crypto Asset by Market Cap

Floki has become the first play-to-earn (P2E) crypto asset by market cap, surpassing Axie Infinity, The Sandbox, Decentraland, and Gala.

According to CoinMarketCap, Floki has officially taken the top spot as the leading cryptocurrency in the play-to-earn market. Surpassing established players like Axie Infinity (AXS), The Sandbox (SAND), Decentraland (MANA), and Gala (GALA), FLOKI would solidify its position in the market.

Market dominance and recent performance

According to CoinMarketCap dataFLOKI’s market rank is currently 52, with a price of $0.0001784. The token has a market cap of $1,707,058,711 and a 24-hour trading volume of $239,323,470.

Over the past week, FLOKI has seen a remarkable increase of 28.76%, indicating strong upward momentum. Despite a slight decline of 0.17% over the past 24 hours, the overall trend remains positive, reflecting investors’ confidence in the token’s potential.

Top Competitors in the Play-to-Earn Game Industry

Notably, FLOKI’s competitors in the play-to-earn sector include Notcoin, Axie Infinity, Beam, and Gala.

No coinlisted at $0.0155, ranks second with a market cap of $1,588,204,783 and a 7-day change of +4.65%. Axie Infinity, trading at $6.09, ranks third with a market cap of $901,355,046 and a 7-day change of +15.99%.

Beam, priced at $0.01781, ranks fourth with a market cap of $880,867,002 and a 7-day change of +4.24%. Gala, priced at $0.02345, ranks fifth with a market cap of $771,742,681 and a 7-day change of +11.11%. Despite these competitors, FLOKI’s market cap and recent performance make it the dominant player.

Strategic developments and future prospects

FLOKI’s strategic positioning is reportedly further strengthened by its upcoming metaverse NFT game, Valhalla, which is set to launch on mainnet later this year. This milestone is expected to solidify FLOKI’s leadership in the play-to-earn space.

Recently, Floki provided a full preview of Valhalla during a Binance Live AMA, showcasing Viking-style characters and gameplay features. The AMA, attended by 33,000 people, highlighted the game’s potential and received positive feedback from the community.

Adding to the excitement, a few weeks ago, Floki DAO approved a token engravingdestroying 15.2 billion FLOKI tokens to manage supply and increase the value of the tokens. This measure received overwhelming support from the Floki community, with 99.84% of voters in favor of the destruction.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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