NinjaFloki Price Boost: Elon Musk-Inspired Meme Coin Sees 800% Surge Amid Dogecoin, Shiba Inu Crash

Although most cryptocurrencies are suffering a slump, one unexpected meme coin surged over 800 percent this week. Investors should definitely look out for the play-to-earn coin NinjaFloki, which was named after Elon Musk's dog.

In these past couple of weeks, most cryptocurrencies have continued to lose value at alarming rates. The dip is spearheaded by Bitcoin, which is trading at $41,802.98 at the time of writing.

However, according to Benzinga, some altcoins have finally reflected market gains on Tuesday night. Its profits surged past expectations and eventually overshadowed the fan-favorites Dogecoin and Shiba Inu.

NinjaFloki Price vs. Dogecoin vs. Shiba Inu

Benzinga said that NinjaFloki (CRYPTO: NJF) went up by 828 percent and traded at $0.00001039 on Tuesday. This indicates an 820 percent surge against Bitcoin and an 840 percent surge against Ethereum.

In the same period, the infamous Dogecoin went down by 4 percent and traded at $0.1656. The Shiba Inu, also referred to as the "Dogecoin killer," went down by 4 percent and traded at $0.00002812.

So why did NinjaFloki get gains when all the other cryptocurrencies suffer losses? The biggest contributor to its recent success is probably its advertisement teaser for its incoming project.

Meme Coin: NinjaFloki Value

Earlier this week, NinjaFloki announced its gaming-based income-generating strategy. Although their game is still in the development stage, they shared a demo of their play-to-earn game.

Full details were announced on their Twitter account. NinjaFloki also declared it's getting ready to launch some nonfungible token (NFT) characters.

According to their official website, "by playing Ninja Floki, you will have fun and increase your tokens. When you finish the game, which will consist of 50 chapters, a big prize will be waiting for you. You will earn tokens for each level you pass. You will need to have Ninja Floki token to play the final version of the game when it is released."

Although its advertising teased a lot of potential, not all fans were convinced about the game. One pointed out that their Telegram channel was not working. Another fan called it a scam, saying they "can't sell (my) ninja floki. Only buy."

One trader was annoyed that developers had gone quiet when they asked for proof of transaction. The other commenter warned other traders that "Trust Wallet tries to cash in (NJF), but it doesn't change exactly."

Should You Invest in NinjaFloki?

It is worth noting that NinjaFloki started from a joke about Elon Musk's pet Shiba Inu named Floki.

As such, this meme coin hardly has a reputation for a stable market. For now, traders should be careful when trading in the market. Traders are advised to only put in money they can afford to lose in the NinjaFloki game.