Reporter
FLOKI Memecoin Surges by 104%
- FLOKI experienced a remarkable 104% increase within 24 hours.
- Despite the surge in Total Value Locked (TVL), Floki’s market value remained unaffected.
Floki’s staking program witnessed a surge as the total value of FLOKI tokens locked crossed $300 million. This increase came after a significant rise in the memecoin’s market price in the past 24 hours.
Currently, Floki tokens are trading at $0.0001187, displaying a 104% spike within a 24-hour period, as per data from CoinMarketCap.
AMBCrypto’s analysis of Floki’s official staking portal revealed that 1.4 trillion tokens were deposited on Ethereum [ETH] and an additional trillion tokens were staked on the BNB Chain [BNB].
The staked amount accounted for 26% of Floki’s total circulating supply, indicating a significant portion of the meme coin, inspired by Elon Musk’s Shiba Inu dog, was not available for trading.
The Significance of Staking
In a recent statement, Floki highlighted that it was the sole major memecoin with a substantial portion of its supply staked.
The surge in deposits was primarily driven by the high yields offered, reaching up to 34% for a locking period of four years. The longer the staking duration, the higher the Annual Percentage Yield (APY) received.
Source: staking.floki.com
Additionally, there was a motivation to stake coins driven by Floki’s asset tokenization platform, TokenFi [TOKEN]. Users staking FLOKI tokens earned TOKEN as a reward. TokenFi was launched to tap into the emerging trend of representing real-world assets as tokens on a blockchain.
FLOKI’s Comparative Performance
Aside from staking, other projects within the ecosystem contributed to the overall TVL. Notably, FlockiFi, a platform for securely locking tokens and NFTs, showcased a TVL exceeding $111 million at the time of analysis.
For speculative purposes, let’s assess the current value of 1, 10, and 100 FLOKI tokens.
In contrast to some competitors, Floki has focused on utility-based adoption, introducing products such as NFT-based games, NFT collections, and even a cryptocurrency debit card.
Despite these offerings, Floki has lagged behind other meme projects in terms of trading and speculation, currently ranking as the sixth-largest meme coin by market cap, trailing Pepe [PEPE], which lacks real-world utility.