- FLOKI has seen a surge of 104% in the last 24 hours.
- Floki’s TVL rise has not yet been reflected in its market value.
The total value of Floki (FLOKI) tokens locked in the platform’s four-month-old staking program has surpassed $300 million after the memecoin’s market price surged parabolically in the past 24 hours.
Dog-themed tokens were exchanging hands in . $0.0001187 At press time, it had surged 104% in 24 hours, according to CoinMarketCap.
AMBCrypto tracked Floki’s official staking portal and showed that $1.4 trillion was deposited in Ethereum (ETH) and $1 trillion was locked in the BNB chain (BNB).
The staked amount corresponds to 26% of the total circulating supply of FLOKI. This means that a significant number of meme coins modeled after Elon Musk’s Shiba Inu dog are off-limits to market traders.
Motivation for staking
In a recent post, Floki claimed to be the only major memecoin with a significant portion of the supply.
High returns, rising up to 34% during the four-year lockdown period, drove the surge in deposits. The longer your staking period, the higher your Annual Percentage Yield (APY).
Source: stake.floki.com
The motivation to stake coins was also driven by Floki’s asset tokenization platform TokenFi (TOKEN).
When users stake FLOKI tokens, they get TOKEN as rewards. A sister project was launched to capture part of the growing industry around representing real-world assets as tokens on the blockchain.
Despite its advantages, FLOKI lagged behind.
In addition to staking, some of the other projects in the ecosystem have also boosted the overall TVL. FlockiFi, used to securely lock tokens and NFTs, boasted a TVL of over $111 million at press time.
How much is 1,10,100 FLOKI worth now?
Unlike some of its competitors, Floki has taken a utility-focused approach to adoption. In fact, they have created products such as NFT-based games, NFT collections, and even cryptocurrency debit cards.
However, despite these advantages, it lagged behind other meme projects in terms of trading and speculation. At press time, it was the 6th largest meme coin by market capitalization, behind Pepe (PEPE), which offered no real utility.