Floki DAO approved the use of a portion of its tokens as liquidity for launching a new Exchange-Traded Product (ETP). This decision was made to provide European investors the opportunity to invest in Floki through Switzerland's largest stock exchange.
Floki DAO and the ETP
The Floki DAO, managing the memecoin Floki, unanimously voted to use part of its 16.3 billion Floki tokens from its buyback wallet to support the liquidity of the new ETP. This move aims to make investing in the memecoin accessible to European investors. The ETP is expected to launch on SIX Swiss Exchange in the first quarter of 2025. A spokesperson for Floki stated that the ETP launch adds legitimacy to the memecoin: 'The Floki ETP will be going live on the SIX Swiss Exchange, which is the largest stock exchange in Switzerland, and the third largest in Europe, in an almost unprecedented move for memecoin legitimacy.'
Rising Interest in Memecoins
According to CoinGecko, memecoins were the second best-performing crypto narrative in 2024, returning an average of approximately 2185% to investors, only behind artificial intelligence with its 2939%. Another CoinGecko study found that 31% of crypto investor interest in 2024 was in memecoins. In October 2024, Google saw search interest for memecoins surpass interest for Bitcoin, scoring 77 out of 100 compared to Bitcoin's 33.
Debate Around Memecoins
Memecoins have sparked debates within the crypto industry. Some experts are calling for a return to real blockchain applications, away from pure market speculation. Former Binance CEO Changpeng 'CZ' Zhao emphasized in a post: 'I am not against memes, but meme coins are getting 'a little' weird now. Let's build real applications using blockchain.'
The Floki ETP launch marks a significant milestone for the legitimacy and inclusivity of such a financial instrument on a global scale. However, interest in memecoins continues to grow, and the industry faces a critical discussion on balancing speculation with real utility.
