Memecoins
Floki staking crosses $64M – Will it bring down the infamous volatility?
Posted:
Journalist
- The staked amount was nearly 21% of FLOKI’s circulating supply.
- FLOKI was up 76% over the past month at press time.
Meme coin project Floki [FLOKI] has been hogging the limelight in the crypto market lately.
Floki staking becomes a rage
More than $64 million worth of FLOKI tokens have been deposited on the platform’s staking program which was launched just two weeks ago.
Talking about the achievement in a lengthy post on social platform X, Floki stated that the staked amount was nearly 21% of the crypto’s circulating supply.
The mad rush to stake coins was driven by Floki’s new asset tokenization platform TokenFi [TOKEN].
The sister project was launched to capture a slice of the growing industry which involves representing real-world assets as tokens on a blockchain.
While the token was available on trading platforms, more than half the supply was reserved for those who stake their FLOKI tokens for a minimum duration.
Users can opt for staking periods ranging from a minimum of 3 months to 48 months. The longer the staking duration, the higher the annual percentage yield (APY) earned, Floki claimed.
For example, user staking for a year can earn 2x the invested amount as rewards. The same shoots up to 4x if a user decides to lock their FLOKI for four years.
Good days coming for FLOKI?
While it was still early days, the TokenFi factor had the potential to bring a significant chunk of FLOKI’s liquid supply into staking. This could also help in reducing the asset’s volatility, the infamous label attached with memecoins.
Moreover, this presented a new use case for FLOKI. Unlike some of its competitions, the Floki project had a utility-oriented approach towards adoption.
FLOKI created various products such as NFT-based games, NFT collections, and even a crypto debit card.
How much are 1,10,100 FLOKIs worth today?
To the contrary, Pepe [PEPE] with a higher market cap, neither has any intrinsic value nor any roadmap for the future. It will be interesting to see if FLOKI manages to outperform PEPE in the trading arena.
At the time of writing, FLOKI was exchanging hands at $0.00003028, up 76% over the past month, data from CoinMarketCap showed.
