Altcoin
FLOKI ETP To Follow Dogecoin’s Launch, Here’s The Potential Timeline
Renowned dog-themed meme crypto FLOKI robbed the spotlight from other tokens on Friday, marking a crucial step towards its Exchange Traded Product (ETP) creation. Particularly, the crypto team voted overwhelmingly in favor of a crucial proposal to allow liquidity creation that supports the ETP launch. Simultaneously, in light of the community voting in favor of the proposal, the crypto’s team has also confirmed an ETP launch by next year. This launch follows the footsteps of a Dogecoin ETP launch this year, further echoing a market buzz.
FLOKI ETP Creation Gains Backing As Community Votes In Favor Of Crucial Proposal
According to an official X post by the Floki community as of December 27, the crypto’s community has voted remarkably in favor of a proposal that supports an ETP launch. Primarily, the proposal to allocate tokens towards providing liquidity for the creation of a Floki ETP has gained phenomenal support, as the proposal was recorded as being passed without a single opposing vote.
Notably, the passing of this proposal will result in a portion of 16,310,285,772.6 tokens, currently residing in a “community buyback wallet,” being used to provision liquidity for the ETP while the rest are burned. In turn, market watchers remain optimistic about a launch shortly ahead, as the community parallelly showcases strong support for achieving the feat.
Intriguingly, as a result, the crypto’s community revealed that the ETP is set to go live by Q1 2025. The creation comes as a result of joint efforts between an asset manager and an ETP issuer backing the leading dog-themed meme cryptocurrency.
Moreover, this ETP launch will mark the second such feat, following the footsteps of the top meme coin, Dogecoin’s exchange-traded product, launched in November this year. Simultaneously, market watchers remain optimistic over the meme token’s future price movements, given the ETP launch could substantially enhance the asset’s market visibility.
How Is The Meme Token Performing?
FLOKI price today reflected immense optimism in tandem with the ETP announcement, soaring 5% to reach $0.0001797. Its 24-hour low and high were recorded as $0.00017 and $0.0001816, respectively. Notably, even traders reacted positively to the ETP announcement, as the intraday trading volume surged 58% to $349.94 million.
Simultaneously, Coinglass data further solidified market optimism surrounding the crypto. The meme coin’s futures OI witnessed a 10% uptick to $19.53 million. Also, the derivatives volume upsurged 74% to $52.49 million. Overall, the derivatives stats underscored heightened market interest in the asset. Market watchers now remain bullish on the asset’s future action in light of the above-mentioned stats and developments.
Additionally, CoinGape recently revealed that a top crypto analyst spotlighted FLOKI’s potential to breakout and reach $0.00080. This bullish anticipation has garnered further attention toward the dog-themed meme crypto despite a broader volatile sector.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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