A Shiba Inu (SHIB) competitor has rallied under the radar leading to the announcement of a major crypto exchange enabling perpetual contracts for the dog-theme crypto asset.
On Friday, Dubai-based crypto exchange Bybit revealed that it added support for Floki Inu (FLOKI) perpetual contracts with up to 12.5x leverage.
Floki Inu’s Twitter account welcomed the development, saying that Bybit’s move is a sign that people are starting to look at the Dogecoin (DOGE) rival.
“This is a MAJOR 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 can lose all your funds. Do not use leverage unless you’re an experienced trader who knows what you’re doing!”
Prior to Bybit’s announcement, FLOKI bounced big last week, surging from a low of $0.000038 on February 22nd to a high of $0.000054 the next day – a 42% increase. The 99th-largest crypto by market cap has slightly retraced since and is trading for $0.000049 at time of writing, up over 3% in the last 24 hours.
Floki has been on a tear as of late, surging by almost 100% from its February open of $0.000025 to outperform both SHIB and DOGE, which have been struggling to mount a sustainable rally this month.
Last week, the team behind FLOKI announced that it is teaming up 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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Featured Image: Shutterstock/Lubos Mak/sdecoret/DM7
