A competitor to Shiba Inu (SHIB) has gone under the radar, leading to the announcement of a major crypto exchange allowing perpetual contracts for the dog-themed crypto asset.
On Friday, Dubai-based crypto exchange Bybit revealed which added support for Floki Inu (FLOKI) perpetual contracts with up to 12.5x leverage.
Floki Inu’s Twitter account welcome development, saying that Bybit’s move is a sign that people are starting to look at rival Dogecoin (DOGE).
“This is an IMPORTANT move that further legitimizes Floki and shows that key industry players continue to regard it as a mature asset.
NOTE: Leverage trading is very risky and volatile. You may lose all your funds. Do not use leverage unless you are an experienced trader who knows what he is doing!”
Prior to the Bybit announcement, FLOKI bounced big last week, going from a low of $0.000038 on February 22 to a high of $0.000054 the next day, an increase of 42%. The 99th largest crypto by market cap has since retraced slightly and is trading at $0.000049 at the time of writing, up more than 3% over the past 24 hours.
Floki has been on a roll of late, rising nearly 100% from its February open of $0.000025 to outpace both SHIB and DOGE, who have been struggling to mount a sustainable rally this month.
Last week, the team behind FLOKI announced that it is partnering with the Venus Project, the second largest decentralized finance (DeFi) ecosystem on the BNB chain. The collaboration allows FLOKI holders to use their coins as collateral to borrow other crypto assets.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock/Lubos Mak/sdecoret/DM7
