Journalist
FLOKI saw a 104% spike in the last 24-hour period.
Floki’s rising TVL was yet to reflect on its market valuation.
The total value of Floki [FLOKI] tokens locked on the platform’s four month-old staking program smashed above $300 million, after a parabolic jump in the memecoin’s market price in the last 24 hours.
The dog-themed token was exchanging hands at $0.0001187 at press time, marking a 104% spike in the 24-hour period, according to CoinMarketCap.
AMBCrypto tracked Floki’s official staking portal, showing 1.4 trillion deposited on Ethereum [ETH] and a trillion locked up on the BNB Chain [BNB].
The staked amount equated to 26% of FLOKI’s total circulating supply, meaning that a sizable chunk of the meme coin, modelled on Elon Musk’s Shiba Inu dog, lied off-limits for market traders.
The motivation behind staking
In a recent post, Floki claimed that it was the only major memecoin with such a significant share of its supply staked.
High yields, going up to 34% for a locking period of four years, was driving the surge in deposits. The longer the staking duration, the higher the annual percentage yield (APY) earned.
Source: staking.floki.com
The motivation to stake coins was also driven by Floki’s asset tokenization platform TokenFi [TOKEN].
When users stake their FLOKI tokens, they earn TOKEN as a reward. The sister project was launched to capture a slice of the growing industry which involves representing real-world assets as tokens on a blockchain.
Despite advantages, FLOKI has lagged
Apart from staking, some of the other projects in the ecosystem were also boosting the overall TVL. FlockiFi, used for securely locking tokens and NFTs, boasted of a TVL of over $111 million at press time.
How much are 1,10,100 FLOKIs worth today?
Unlike some of its competitions, Floki has had a utility-oriented approach towards adoption. In fact, it created products such as NFT-based games, NFT collections, and even a crypto debit card.
However, despite these advantages, it has trailed other meme projects in terms of trading and speculation. At press time, it was the sixth-largest meme coin in market cap, behind Pepe [PEPE] which offered no real-world utility.
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