Floki DAO Votes in Favor of ETP Funding

TL;DR

• Floki DAO has approved ETF funding in a unanimous vote.

Floki DAO Approves ETF Funding

The Floki DAO, a decentralized autonomous organization (DAO) that manages the Floki memecoin, has approved the funding of an upcoming Floki exchange-traded product (ETP).

The vote was unanimous, and the community approved to use a portion of the 16.3 billion Floki tokens from its community buyback wallet as liquidity for the ETP. 

The ETP is set to go live in the first quarter of the year. The Floki ETP will enable traditional financial investors in the European market exposure to the memecoin.

Its native FLOKI token is currently the 66th-largest cryptocurrency by market cap on CoinMarketCap. FLOK is up 4% in the last 24 hours and now trades at $0.0001836 per coin. 

Memecoins have been gaining popularity in the crypto space in recent years. CoinGecko revealed that memecoins were the second-best-performing crypto narrative of 2024, second only to the AI sector. Investors earned an average of 2,185% in ROI last year, just behind AI with 2,939%.