WEB3
by BSCN
October 24, 2023
FLOKI’s recent proposal to launch a staking reward token met with a near unanimous verdict, with execution set to begin on October 27…
The recently announced proposal by the well-known FLOKI memecoin, which advocates for the launch of a whole new token to reward staking by its users, has now been passed with a staggering 98.51% approval rate.
The proposal itself, which was a response to community demand for a staking feature, details that execution will begin on October 27, and be initially geared around staking functionality, ‘Project TL’ (“the platform for the token is built around”), and the reward token itself - now clarified as the ‘Mystery Project’.
The proposal also clarified the tokenomic layout of the new token which, unlike many new tokens in the cryptocurrency ecosystem, does not feature an allocation reserved specifically for investors or team members - something the FLOKI community will likely be pleased to see.
Unlike with major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), FLOKI’s recent price surge began before October 24.
Since the aforementioned proposal was passed on October 20, FLOKI’s market capitalization has risen by nearly $100 million, to now stand at around the $254 million mark. This constitutes a price increase of around 47% on the week, according to data from CoinMarketCap.
In addition, and as reported by the @RealFlokiInu account itself, FLOKI rose to become the world’s most traded memecoin, with a staggering $200 million in daily spot trading volume, and even became the most traded gaming token on leading crypto exchange, Binance.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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