If I think about it, Loki is basically the fusion of 5 emperors:
He has the hype to destroy the world -> just like WB.
He can use several elements -> just like BM.
He has two of the strongest DFs -> just like Blackbeard.
His Haki was so strong, it rivalled HK Harald's -> Shanks' level of Haki.
He has another dragon fruit and is called the strongest -> just like Kaido.
I expected Loki to be Yonko level in his introduction but this is seriously crazy shit.
As if that isn't enough, Loki is basically better in everything Kaido is at. Better physical power. Ancient giant > oni. Loki is a better natural born destroyer than Kaido -> baby Loki replicated the same feat like Kaido when he fell 10km from the sky.
Loki legit has better Haki than Kaido since base Loki was powerful enough to match HK Harald AND tame Ragnir - a weapon capable to bust through ACoC attacks from said ancient giant.
Now, Loki is called the strongest and legit has a superior dragon DF than Kaido. It's highly likely Nidhogg is the "Earth God" in the mural, which makes Loki's DF a god fruit.
Like I said, Loki robbed Kaido of everything but durability - a feat which no longer matters since Warcury already did it to Kaido.