FLOKI staking surpasses $41.35M in TVL as crypto market turns green

The memecoin FLOKI stakers have locked assets worth over $41.35 million in total value locked (TVL). That came within 48 hours after the project launched the staking program. That meant diminishing Floki Inu’s supply by 12% for the foreseeable future.

FLOKI Staking Crosses $41.35 Million in TVL

In less than two days since the launch of #Floki’s staking program, users have collectively staked $41.35 million worth of $FLOKI tokens.

These tokens are staked for a minimum of 3 months and, in many instances, for as long as 4… pic.twitter.com/2MT0hBkMOE

— FLOKI (@RealFlokiInu) October 29, 2023

Meanwhile, that will reduce the coins from circulation for up to four years. The scarcity can trigger surged demand for FLOKI cryptos, resulting in solid price surges.

FLOKI’s staking surge comes as crypto players remain confident about the market following the latest upswings. Most assets saw solid rallies within the past seven days, with Bitcoin and Ethereum soaring 14.37% and 9.42% within that timeframe, respectively.

BTC Weekly Chart on Coinmarketcap

Bitcoin exhibited a bullish outlook during this publication, changing hands at $34,212.89 after a 0.12% surge over the last 24 hours.

FLOKI price outlook

Floki changed hands at $0.00003542 as the altcoin market remained calm into the Federal Reserve week. The meme token dropped 4.61% over the past day, but last week’s 40% upswing keeps the FLOKI price afloat.

FLOKI Weekly Chart on Coinmarketcap

Nonetheless, FLOKI’s upcoming performance will likely mirror Bitcoin and the overall market movements. The leading crypto by value displayed stability at the $34K vicinity, showing potential for further upticks.

Cryptocurrency analysts trust BTC will extend its upsides to new highs, citing potential spot Bitcoin ETF approval by the SEC. Morgan Creek Capital CEO believes such an event will see over $300 billion following into the leading crypto, triggering massive rallies to $200K – $300K.

The approval of a spot ETF by the SEC could lead to an influx of $300 billion into #Bitcoin

– CEO of Morgan Creek Capital.

According to calculations, this buying capital could drive $BTC to $200,000-$300,000. pic.twitter.com/AIvXPK1tgr

— Crypto Rover (@rovercrc) October 29, 2023

FLOK will likely skyrocket to new highs amidst a broad-based rally. Also, the meme token team focuses on expansion. Recently, the project announced a strategic marketing deal with World Table Tennis.

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