FLOKI Sees $54.4 Million Locked In Its Staking Platform

Analyst and trader Crypto Tony revealed that the Total Value Locked (TVL) for Floki (FLOKI) achieved a major milestone. According to the X post, the meme coin’s TVL has hit $54.4 million over the past 24 hours.

$FLOKI STAKING TVL HITS $54.4 MILLION 💯

Amazing start to the launch of their staking program. Clearly shows the demand for @RealFlokiInu 💯 https://t.co/QuWYQyt6Ki pic.twitter.com/4XfCY4uVr7

— Crypto Tony (@CryptoTony__) November 4, 2023

Along with the TVL milestone, the number of FLOKI holders has also surpassed 460,000. Meanwhile, FLOKI’s marketing has reached more than 3 billion people.

In a post published by FLOKI on their official X page yesterday, the project highlighted that the amount of FLOKI tokens staked accounts for 17% of the meme coin’s total supply and almost 18% of its circulating supply. Furthermore, the majority of these tokens are being staked for 4 years.

FLOKI STAKING TVL HITS $54.4 MILLION

$54.4 million worth of $FLOKI tokens have been locked in the #Floki staking program in the first week of staking going live! 🔥

That is 17% of the total $FLOKI supply, or almost 18% of circulating supply.

It is worth highlighting that the… pic.twitter.com/FZYZbfFGri

— FLOKI (@RealFlokiInu) November 4, 2023

A potential reason so many people are rushing to stake FLOKI could be because over 50% of the supply of FLOKI’s sister token TokenFi (TOKEN) has been allocated to FLOKI stakers. As a result, holders staking FLOKI can earn an annual percentage yield (APY) of as high as 160%.

From a price perspective, the meme coin was able to print a gain over the past 24 hours. At press time, CoinMarketCap data indicated that FLOKI was up 1.59% and was changing hands at $0.00003139.

Despite the positive movement during the past day of trading, the altcoin’s weekly performance was still deeply entrenched in the red zone. Consequently, FLOKI’s price was still down more than 11% over the past 7 days.

FLOKI’s 24-hour gain coincided with the meme coin market’s positive movement over the past day of trading as well. CoinMarketCap data indicated that the collective market cap for meme coins was up 3.05%. Subsequently, the total cap was estimated to be $16,468,978,746 at press time.

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