As a researcher with extensive experience in the cryptocurrency market, I find this development intriguing. The Floki DAO‘s proposal to launch an exchange-traded product (ETP) for their memecoin, Floki, is a significant step towards mainstream adoption. If successful, it would make Floki the second memecoin after Dogecoin to have an ETP, marking a milestone in the memecoin market.
The group behind the meme coin Floki, known as Floki DAO, is considering giving some funds from their treasury to an investment manager. Their goal is to create a European Exchange-Traded Product (ETP), enabling large financial institutions to invest in the meme coin more easily.
Currently, members of Floki DAO are voting on a proposal submitted on Dec 25th regarding the allocation of liquidity for the ETP. This proposal suggests using a portion of the 16 billion FLOKI (worth approximately $2.8 million at current prices) as collateral for the future fund.
Currently, the proposal has garnered 140 affirmative votes, and no one has voted against it so far. Voting closes at 11:00 Universal Time Coordinated on December 27th.
According to the Floki team, they’ve been collaborating with a secretive investment firm to introduce an Exchange-Traded Product (ETP) featuring the memecoin across European markets.
The individual who made the proposition shared that according to updates, the Floki ETP is expected to launch in the first quarter of 2025.
At this point, the Floki ETP is well-advanced and soon will be available for trading on the SIX Swiss Exchange, which is Switzerland’s primary stock market and ranks as the third largest in Europe.
The team mentioned that they can’t reveal more detailed information about the ETP because of confidentiality agreements. However, they hinted that if the proposal is approved, it will be carried out according to the mission of the Floki DAO (Decentralized Autonomous Organization).
Despite the recent proposal, Floki’s price remained relatively unchanged. Over the past seven days, it has seen a decrease of 6.2%, as indicated by data from TradingView.
Currently, Floki ranks as the seventh most valuable meme cryptocurrency, boasting a total market capitalization of approximately $1.7 billion, according to statistics from CoinGecko at the time this information was released.
At present, FLOKI is being exchanged for approximately 0.00017 dollars, and although it’s been trending downward lately, it’s still seen a remarkable increase of 400% since the start of this year.
Should the plan be accepted, it means that Floki will become a part of Dogecoin, making it the second meme-based coin to offer Exchange-Traded Products (ETPs). These ETPs would enable larger investors to invest in the meme-coin market indirectly.
Toronto-based crypto fund issuer Valour launched the first ETP for Dogecoin on Nov. 26.
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2024-12-26 04:39