- FLOKI’s social metrics registered a decline, suggesting a drop in its popularity.
- The meme coin’s price dropped by 3% in the last 24 hours as well, and indicators were bearish.
It’s been only a day since Floki Inu [FLOKI] launched its latest staking ecosystem. Within this short period of time, the ecosystem made it to the news as its popularity soared.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
Even though the staking space gained traction, the meme coin’s price action witnessed a correction in the last 24 hours.
Floki staking is now live
Floki, one of the most popular meme coins, recently made it to the headlines as its staking space went live. The platform, which prioritizes long-term sustainability and increased value for token holders, was launched in response to community demand.
— FLOKI (@RealFlokiInu) October 27, 2023
The new platform comes with quite a few new features, such as staking-based earnings. Another notable feature was the staking-reward flexibility, which allows users to earn the reward token by locking up their FLOKI tokens for three months up to four years.
Within a few hours of launching, the meme coin’s staking ecosystem gained immense popularity. This was evident from the fact that FLOKI tokens worth more than $42 million have already been staked, reflecting high adoption and usage of the platform.
The official website mentioned,
“The Floki staking program was designed to reward loyal, diamond handed FLOKI holders. When you stake your FLOKI tokens, you will earn our sister token named TokenFi as a reward.”
Prior to this, Floki also launched the crypto and tokenization platform TokenFi in a bid to capitalize on the rapidly growing tokenization industry, as reported earlier by AMBCrypto.
TokenFi will have a total of 10 billion native tokens, labeled as TOKEN. These tokens will be equally split and offered across the BNB Chain and Ethereum.
These developments, however, have failed to onboard new investors as of now, as evident from FLOKI’s flat total amount of holders’ chart. In fact, after spiking, both its social dominance and positive sentiment plummeted over the last few days.
FLOKI bears are here!
Despite the launch of the staking ecosystem, the meme coin’s price turned bearish at press time. Notably, CoinMarketCap’s data revealed that FLOKI’s price had dropped by nearly 3% in the last 24 hours.
At the time of writing, it was trading at $0.00003588 with a market capitalization of more than $340 million.
How much are 1,10,100 FLOKIs worth today?
A check of the meme coin’s daily chart suggested that the possibility of a further downtrend was high. Both its Relative Strength Index (RSI) and Money Flow Index (MFI) were in the overbought zone.
Additionally, its Chaikin Money Flow (CMF) also registered a downtick.