The Floki DAO has unanimously approved a proposal to allocate a portion of the 16.3 billion Floki tokens in its community buyout wallet as liquidity for a Floki exchange-traded product.
Floki’s ETP initiative is part of broader efforts to integrate cryptocurrencies into traditional finance. The project is developed in partnership with a leading asset manager and ETP issuer, designed to provide institutional and retail investors with regulated access to Floki. Exchange-traded products like this allow exposure to assets without direct ownership, a feature that bridges the gap between crypto and traditional trading systems.
The announcement comes after the U.S. Commodity Futures Trading Commission (CFTC) recognized Floki as a utility token during a Global Markets Advisory Committee meeting in November. Alongside Ethereum and Avalanche, Floki has been recognized for its real-world applications, including its role as an in-game currency for Valhalla, an NFT-based metaverse game scheduled to launch in 2025.
The broader meme coin market has seen extraordinary growth in 2024. Meme coins have attracted considerable interest, surpassing Bitcoin in Google searches in October. Meme coins scored 77 out of 100 in search interest, compared to 33 for Bitcoin. This growing popularity has been bolstered by platforms like Pump.fun, a Solana-based meme coin launchpad that generated $365 million in revenue in November and became the first Solana app to surpass $100 million in revenue. monthly income.
However, the meme coin boom has not been without controversy. Critics say the industry often prioritizes speculative trading over the utility of blockchain. This divide highlights the challenges of balancing market trends and meaningful applications in the cryptocurrency space.
Despite the positive momentum surrounding the ETP initiative, Floki’s price is down 3.6% over the past 24 hours, according to CoinMarketCap. Nonetheless, the Floki DAO remains optimistic, highlighting the ETP’s potential to position the token as one of the few meme coins, alongside Dogecoin, to secure a place on a regulated exchange.
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