As a seasoned researcher who has witnessed the evolution of the cryptocurrency market from its infancy, I find the recent developments surrounding memecoins, particularly the Floki DAO and its upcoming ETP listing, intriguing. The year 2024 was undeniably the year of the memecoin, with their performance outshining even the promising sector of artificial intelligence.
The Floki ETP’s listing on the SIX Swiss Exchange is a significant step towards legitimizing these community-driven digital assets. It’s almost as if we’ve moved from “shiba” to “swiss” in terms of memecoin acceptance!
However, I can’t help but recall the old saying, “What goes up must come down.” While memecoins have captured a significant portion of investor interest and generated impressive returns, they have also stirred controversy within the crypto industry. Some, like former Binance CEO Changpeng Zhao, advocate for a return to utility over speculation.
Yet, I can’t help but wonder if we should take this advice with a “pinch of salt” (or perhaps a “pinch of floki”). After all, who would have thought that a dog or a frog could make us rich? Maybe one day, we’ll look back at memecoins and laugh, just as we do now when we remember the early days of Bitcoin. But until then, I’m excited to see where this rollercoaster ride takes us!
Joke: And remember folks, always DYOR (Do Your Own Research) – unless you’re afraid of the dark, in which case ask Shiba Inu for protection!
In simple terms, the decision was made by all members within the Floki Decentralized Autonomous Organization (Floki DAO), which oversees the memecoin Floki (FLOKI), to allocate a certain amount of their 16.3 billion Floki tokens from the community buyback fund towards providing liquidity for the upcoming Floki Exchange-Traded Product (ETP).
As a crypto investor, I’m eagerly anticipating the launch of the Floki ETP in the first quarter of 2025. This exchange-traded product will provide me with an entry point into the memecoin market, currently holding the 66th spot among cryptocurrencies by market capitalization on CoinMarketCap, within the European financial system.
After the approval of the community proposal, a representative from Floki stated that the ETP (Exchange Trading Platform) listing would bolster the credibility or authenticity of the community-led meme token.
“The Floki ETP will be going live on the SIX Swiss Exchange, which is the largest stock exchange in Switzerland, and the third largest stock exchange in Europe, in an almost unprecedented move for memecoin legitimacy.”
2024 saw memecoins rank as the second-most profitable cryptocurrency storyline, with investors earning around 2,185% on average throughout the year. This was slightly behind artificial intelligence, which yielded about 2,939% to its investors on average during the same period. (CoinGecko’s data)
2024: The year of the memecoin
A recent investigation by CoinGecko revealed that memecoins were the most talked-about cryptocurrencies among investors in the year 2024, accounting for roughly 31% of the overall interest shown.
By October 2024, the public’s curiosity in memecoins surpassed that of Bitcoin (BTC), as evidenced by a search interest score of 77 out of 100 for memecoins, against Bitcoin’s 33.
In the month of November 2024, earnings from decentralized apps (dApps) on the Solana network totalled approximately $365 million. This surge in revenue can largely be attributed to Pump.fun, a popular platform designed for the launching of memecoins.
According to findings from the research platform Syndica, the memecoin launchpad on Solana has broken new ground as the initial Solana application to generate over $100 million in monthly earnings.
On the other hand, memecoins have sparked a significant rift within the cryptocurrency sector, leading some to advocate for a refocus on practical use rather than just market speculation.
In a November 2024 post on his social media platform, the former CEO of Binance, Changpeng “CZ” Zhao, expressed to his followers that he’s not opposed to memes but finds meme coins a tad peculiar nowadays. He encourages the creation of practical applications using blockchain technology instead.
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2025-01-01 19:53