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The Floki community has voted unanimously to allocate tokens for creating an exchange-traded product, expected to launch in early 2025. The proposal has sparked heightened interest in the token, reflected by a 58% surge in trading volume and a 5% price increase.
Floki Community Unanimously Approves ETP Proposal
The crypto community has voted overwhelmingly in favor of a proposal that supports the development of an ETP, according to an official X post by the Floki community as of December 27.
There was not a single dissenting vote on the proposal to distribute tokens for the purpose of creating a Floki ETP, which indicates that the idea has tremendous popularity.
ETP Liquidity Allocation and Token Burning
The proposal's approval will lead to the liquidation of the ETP from 16,310,285,772.6 tokens held in a "community buyback wallet," with the remaining tokens being burnt. Meanwhile, the community is showing tremendous support for accomplishing the task, and market analysts are confident about a launch immediately ahead.
Curiously, by the end of the year 2025, the crypto community had divulged that the ETP is to launch. The top cryptocurrency based on dog memes collaborated with an asset manager and an ETP issuer to create this.
Dogecoin Sets the Stage for Floki's ETP
Not only that, but Dogecoin's ETP launch in November of this year was the first of its kind, making this ETP launch the second of its kind. On the other hand, due to the fact that the ETP launch has the potential to greatly increase the asset's market visibility, market observers are hopeful about the meme token's future price moves.
Along with the ETP announcement, the FLOKI price today soared 5% to hit $0.0001797, reflecting enormous confidence. Its 24-hour low was $0.00017 and its 24-hour high was $0.0001816. The launch of the ETP was well-received by traders as well; intraday trading volume increased by 58% to $349.94 million.
Market Metrics Highlight Growing Interest
Coinglass data also added to the market's confidence in the cryptocurrency.
Futures OI for the meme coin increased by 10% to $19.53 million. The volume of derivatives also soared, increasing by 74% to $52.49 million.
Derivatives statistics as a whole showed that the asset was very popular with investors. In light of the data and trends described above, market experts are still optimistic about the asset's future performance.
Furthermore, it was recently disclosed by CoinGape that a prominent crypto expert has highlighted FLOKI's potential for a breakthrough and a price of $0.00080. Despite the overall volatility of the market, this positive anticipation has brought more focus to the meme cryptocurrency with a dog motif.
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