FLOKI Poised To Follow Dogecoin In Memecoin ETP Ranks After DAO Nod

FLOKI is poised to become the second memecoin to launch a regulated Exchange-Traded Product after Dogecoin, following a decisive Floki DAO vote that approved allocating tokens for ETP liquidity. The proposal won overwhelming support, with 332.7 billion token (99.9%) voting in favor, 328.9 million token abstaining, and none opposinga result the team described as the first time a DAO proposal passed without any vote against it.

The proposal, which was the first time ever in which a Floki DAO proposal has been passed without a single opposing vote, will result in a portion of 16,310,285,772.6 FLOKI tokens currently residing in a community buyback wallet being used to provision liquidity for the Floki ETP while the rest is burned, the official announcement from the team via X emphasized.

FLOKI Aims To Mirror Dogecoin

Community members see this as a landmark event, as the Floki ETP is scheduled to debut in early Q1 2025 in collaboration with what the team calls a respected Asset Manager and an ETP Issuer. According to Floki representatives, it will be listed on the SIX Swiss Exchange, recognized as one of the largest stock exchanges in Europe, thus elevating FLOKIs profile in traditional financial markets.

Currently, Dogecoin remains the only other memecoin with a live ETP, although that product is traded on Swedens Spotlight Stock Market; the team notes that listing on Switzerlands exchange has the potential to draw broader attention from both institutional and retail investors seeking regulated access to crypto assets.

When it goes live, the Floki ETP will allow institutional investors, regulated entities and retail investors to get exposure to FLOKI in a regulated way. This is a big move that is almost unprecedented in this space, because Dogecoin is currently the only memecoin in the WORLD, with a live ETP and Floki could become the next memecoin with an ETP besides Dogecoin, the DAO proposal stated.

While many details remain under wraps due to nondisclosure agreements, the team further revealed that any tokens allocated for liquidity will remain the property of Floki itself, meaning they can be withdrawn if there is enough third-party liquidity in the ETP later on.

This news comes on the heels of a recent meeting of the Commodity Futures Trading Commissions Global Markets Advisory Committee, where the memecoin was used as a case study of a utility token. Observers have noted that any regulatory attentionparticularly of this kindcan boost a tokens credibility in a market that remains sensitive to compliance signals.

The DAO-centric approach continues to be a cornerstone of the tokens philosophy, with frequent community votes and proposals shaping the projects direction. Members have consistently backed initiatives focused on increasing recognition of the memcoin, which the team says aims to be the worlds most known and most used cryptocurrency.

Reaction from the wider crypto community has also been enthusiastic. Crypto analyst Shelby, who has a substantial following, remarked via X: Huge milestone FLOKI about to make history as 2nd memecoin ETP! Clear sign of institutional adoption while keeping decentralized roots. Not DOGE, not SHIB, but FLOKI leading the charge in bridging TradFi and DeFi.

At press time, FLOKI was trading at $0.0001798. Thus, the memecoin has reclaimed the 200-day EMA, a crucial line often referred to as a bull line. However, the memecoin is still trading below the major resistance area between $0.000205 and $0.000215 (shown in red on the chart). Reclaiming this zone could open the gates for a new run toward the yearly high of $0.000349 from June.

Text source: NewsBTC

Cryptocurrency Market News