[This is the difference between Floki and other memecoins]
Floki is the only major meme coin that holds a significant portion of the supply. The total value of Floki [FLOKI] tokens locked in the platform’s four-month staking program has surpassed $300 million, following a parabolic rise in the memecoin’s market price over the past 24 hours.
At press time, the dog-themed token was trading at $0.0001187, a 104% surge in 24 hours, according to CoinMarketCap.
AMBCrypto tracked Floki’s official staking portal, showing $1.4 trillion deposited in Ethereum [ETH] and $1 trillion locked on the BNB chain [BNB].
The staked amount is equivalent to 26% of FLOKI’s total circulating supply, meaning a large portion of meme tokens modeled after Elon Musk’s Shiba Inu are off-limits to market traders.
Motivation behind staking
In a recent article, Floki claimed that it is the only major meme coin with such a large share of supply.
High yields, as high as 34% over a four-year lock-in period, have fueled a surge in deposits. The longer the staking period, the higher the annual yield (APY) obtained.
The motivation for staking tokens is also driven by TokenFi [TOKEN], Floki’s asset tokenization platform.
When users stake FLOKI tokens, they are rewarded with TOKEN. The sister project was launched to capture a piece of the growing industry involving the representation of real-world assets as tokens on the blockchain.
FLOKI lags behind despite advantage
In addition to staking, a number of other projects in the ecosystem have also increased overall TVL. FlockiFi, which securely locks tokens and NFTs, has over $111 million in TVL at press time.
How much is 1,10,100 FLOKI worth today?
Unlike some of its competitors, Floki takes a practical-oriented approach. In fact, it creates products like NFT-based games, NFT collections, and even crypto debit cards.
However, despite these advantages, it still lags behind other meme projects in terms of trading and speculation. As of press time, it is the sixth-largest meme coin by market capitalization, behind only Pepe [PEPE], which has no real-world utility.
