FLOKI Poised To Follow Dogecoin In Memecoin ETP Ranks After DAO Nod

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed the rise and fall of countless assets, from traditional stocks to digital currencies. The news about FLOKI launching a regulated Exchange-Traded Product (ETP) is undeniably intriguing, given that it follows Dogecoin as the second memecoin to achieve this feat.

Floki is on track to be the second memecoin to introduce a regulated Exchange-Traded Product (ETP), following closely behind Dogecoin. This move comes after a significant decision by the Floki Decentralized Autonomous Organization (DAO) to set aside tokens for ETP liquidity, which was approved with an “overwhelming” level of support. Out of the total 361.6 billion tokens cast, a staggering 99.9% voted in favor, while 328.9 million tokens were abstained and none opposed. The team declared this as the first instance where a DAO proposal was passed without any votes against it.

The initial proposal within Floki DAO, remarkably passing without any dissenting votes, will cause 16,310,285,772.6 FLOKI tokens stored in a ‘community buyback wallet’ to be employed for adding liquidity to the Floki ETP. The remaining tokens will be destroyed or burned, as highlighted by the team’s announcement through X.

FLOKI Aims To Mirror Dogecoin

People within the community view this as a significant milestone, as the Floki ETP (Exchange-Traded Product) is set to launch in Q1 2025, in partnership with what the team refers to as “a reputable Asset Manager and an ETP Issuer.” According to Floki spokespersons, it will be listed on the SIX Swiss Exchange, a major European stock exchange, thereby boosting FLOKI’s visibility in traditional financial sectors.

Presently, Dogecoin stands as the sole meme-based cryptocurrency with an active Exchange Traded Product (ETP). This financial instrument is traded on Sweden’s Spotlight Stock Market. The team emphasizes that listing on Switzerland’s exchange could draw a wider audience from institutional and individual investors who are looking for regulated access to digital assets, potentially increasing visibility.

Upon launch, the Floki ETP will provide a regulated avenue for institutional investors, licensed entities, and individual investors to invest in FLOKI. This is a significant step that’s scarcely seen in this sector, as currently, only Dogecoin has a live ETP worldwide. Floki could potentially become the second memecoin with a live ETP following Dogecoin.

Although some specifics are being kept confidential through non-disclosure contracts, the team has added more insight by stating that any tokens assigned for liquidity will continue to belong to Floki. This implies that these tokens can be withdrawn whenever there is sufficient third-party liquidity within the ETP in the future.

As a researcher, I’m sharing an update following the latest meeting of the Commodity Futures Trading Commission’s Global Markets Advisory Committee. In this gathering, the memecoin was discussed as a case study for a utility token. It’s worth noting that such regulatory focus—specifically on utility tokens—can lend credibility to a digital asset in a market that is highly receptive to compliance signals.

The DAO-centric mindset remains crucial to the token’s ideology, as it is frequently steered by community votes and suggestions. Members consistently support projects that boost the visibility of this digital currency, with the team’s goal being “to become the globally recognized and widely used cryptocurrency.

The broader crypto community has expressed great excitement as well. Crypto expert Shelby, with a significant fanbase, shared on platform X: “A significant achievement – FLOKI on the verge of becoming the second meme coin ETP! This indicates increasing institutional adoption while preserving its decentralized essence. It’s not DOGE, not SHIB, but FLOKI taking the lead in connecting Traditional Finance (TradFi) and Decentralized Finance (DeFi).

Currently, FLOKI is being exchanged at $0.0001798 per unit. This move has helped FLOKI cross the 200-day Exponential Moving Average (EMA), a significant level frequently called the “bull line.” Yet, it’s worth noting that despite this advancement, FLOKI remains under the major resistance area ranging from $0.000205 to $0.000215, as indicated by the red zones on the chart. Overcoming this barrier might pave the way for a fresh surge towards the year’s peak of $0.000349, which was reached in June.

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2024-12-28 00:04