FLOKI Staking Program Attracts Over $54.4M Of Tokens In Just One Week

Over $54.4 million worth of FLOKI FLOKI/USD tokens have been locked in the staking program within the first week of its going live.

What Happened: To put this into perspective, the locked value represents approximately 17% of the total FLOKI token supply or nearly 18% of the circulating supply. 

Floki’s official handle in a tweet said, "It is worth highlighting that the majority of these tokens are being staked for as long as 4 years. In other words, all things being equal, most of these tokens likely won’t be in circulation for the next 4 years."

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters: It should be noted that over 50% of the total supply of Floki’s sister token, TOKEN, to FLOKI stakers. Through this mechanism, stakers have the opportunity to earn TOKEN rewards over the course of four years, with an annual percentage yield (APY) of up to 160%.

The TOKEN rewards are associated with TokenFi, a tokenization platform that has set its sights on the tokenization industry.

Last week, FLOKI surged after  the teams behind the Floki protocol and Bitget crypto exchange have found themselves in a contentious situation, with both accusing each other of market manipulation surrounding the listing. The allegations surfaced through social media posts from the Floki team and a blog post from Bitget.

Price Action: At the time of writing, FLOKI was trading at $0.00003099, up 1.99% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsFlokiTokenTokenFi
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!