Floki announced surpassing the previous high in terms of staking, with the tokens worth $137 million, effectively leaving circulation. Users have staked the tokens in the Floki Staking Program and broken the previous high of $105 million, which was recorded less than 24 hours ago.
The community greatly benefits from the development, as it strengthens the fundamentals of the ecosystem. For one, it removes almost 25% of the total supply. It roughly translates to 26% of the circulating tokens. The said number leaves the circulation and fuels the price for a rise. Next, it enables the stakers to earn $TOKEN in exchange for FLOKI.
Users have effectively staked their holdings for a maximum period of 4 years. They will continue to receive rewards during this time window. For reference, users can stake FLOKI on the official Floki staking platform. The memecoin, per the announcement, has strengthened its fundamentals in comparison to other similar coins like PEPE, BONK, SHIB, and DOGE.
The development has pushed the price of FLOKI upward, reflecting a value of $0.00005701. That is a surge of 31.45% in the last 24 hours and a rise of 77.15% in the last 7 days. Moreover, it reflects an increase of 94.49% in the last 30 days. There is also an uptick in the 24-hour volume by 162.707%.
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Moving forward, the Floki team has said that it is hosting an AMA session with the Core Team on March 4, 2024, at 11 a.m. UTC on its official Telegram channel. Members of the community may leave their questions for the Core Team to select and discuss in the AMA session.
For Floki, the development comes after DWF Labs announced it was pledging $10 million worth of investment in the ecosystem. The objective is to support the Floki ecosystem in positioning itself for aggressive growth and enhanced dominance in the market. Investment by DWF Labs comes as funds were utilized to buy Floki tokens as a part of their commitment toward the ecosystem.
It is part of the extended association between the two, with the partnership spanning over two years. The initial investment by DWF Labs was for $5 million in Floki tokens. Moving forward, both attempt to increase the utility and marketing force of the ecosystem.
A reason why their partnership continues is that DWF Labs has, since the beginning, facilitated the listing on key crypto exchange platforms, fueled the adoption of the token, and endorsed the achievement of the Floki ecosystem out in the open.
Floki recently introduced Patch 0.22.0. It entails an updated minimap, ship customization, a new clan island, and quality-of-life improvements, to mention a few.
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As for Floki staking TVL to surge to a new high, there is speculation that the market cap of the token could reach nearly $60 billion. The market cap at the time of articulating this piece was up by 37.60%.
