Floki memecoin ETP to go live in Q1 2025
The company that oversees the memecoin Floki, Floki DAO, has suggested giving an asset manager a share of its treasury in an attempt to introduce an exchange-traded product (ETP) in Europe. This move would expose institutional investors to the memecoin Floki, the company stated in a proposal that was submitted on December 25.
Floki DAO members vote whether they should allocate liquidity for the ETP
Members of Floki DAO are now debating whether or not to allocate liquidity for the ETP. A portion of the 16 billion FLOKI, or $2.8 million at current prices, is to be used as liquidity for the future fund, the proposal stated. As of the time of publication, the proposal had received 140 votes in favor and 0 votes against it. On December 27, the voting period will conclude at 11:00 UTC.
To launch Floki ETP in Europe, the team stated that they have been collaborating with an undisclosed asset manager. The holder who submitted the proposal added that the ETP for the memecoin, which is currently in an advanced stage, is scheduled to go live in the first quarter of 2025 and will be tradeable on the SIX Swiss Exchange, which is the third-largest stock exchange in Europe.
The Floki team stated that if the proposal is approved, it will be "executed in line with the Floki DAO's mandate," but they were unable to reveal any more details about the ETP because of non-disclosure agreements (NDA).
Price of memecoin Floki
The proposal barely affected Floki's price, which has dropped 2.1% and is currently trading at $0.0001757 in the past 24 hours as of the time of writing, according to Coingecko data. Floki has a total market capitalization of $1.7 billion at the time of publication, making it the seventh largest memecoin by total value.
Floki will become the second memecoin to have an exchange-traded product, after Dogecoin, if the proposal is accepted. This will give institutional investors the opportunity to learn more about memecoins.
Dogecoin's extraordinary comebacks in 2024
One of the most remarkable comebacks of 2024 was made by Doge, which saw a price increase of more than 350% from its January low of $0.081 to $0.466. A mix of political, technical, and cultural factors drove the rally, which restored Dogecoin to the forefront of investor interest.
The outcome of the US presidential election in 2024 appeared to be a major factor in the memecoin's recent upturn in fortune, as Donald Trump's incoming pro-crypto administration and embrace of blockchain innovation suggested a significant change in regulatory attitudes.
Investor optimism and a great deal of media attention were generated by Elon Musk's appointment to co-chair a recently established government agency that was ironically named the "Department of Government Efficiency" (DOGE). Furthermore, traders and analysts were excited about possible future gains due to Musk's ongoing support for Dogecoin and rumors that DOGE payments would be integrated on Musk's social media platform, X.
Disclaimer
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