Benzinga - Floki (CRYPTO: FLOKI) on Monday said that it had reached an all-time high in staking total value locked (TVL), outperforming Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Pepe Coin's (CRYPTO: PEPE) TVL.
What Happened: A post from the official FLOKI handle said, "FLOKI JUST HIT A STAKING TVL ATH OF $105 MILLION. That’s 25% of the total $FLOKI supply, worth $105,313,899, locked and staked for up to 4 years. This makes Floki the ONLY major “memecoin” (from $DOGE, $SHIB, $BONK, $PEPE, and FLOKI) with such a huge portion of its supply staked!"
#FLOKI JUST HIT A STAKING TVL ATH OF $105 MILLIONThat's 25% of the total $FLOKI supply, worth $105,313,899, locked and staked for up to 4 years.
This makes Floki the ONLY major "memecoin" (from $DOGE, $SHIB, $BONK, $PEPE, and FLOKI) with such a huge portion of its supply… pic.twitter.com/p7xhvcJG3x
— FLOKI (@RealFlokiInu) February 26, 2024
This means that over 25% of all circulating FLOKI tokens, amounting to over $105 million, have been staked or locked up by investors for a period of up to four years.
Data from Defillama shows that the current TVL in staking for Dogecoin is $3.78 million, for Shiba Inu’s Layer 2 solution Shibarium it’s $1.1 million, and for Pepe Coin, the TVL is at $9.4 million.
It should be noted that over 50% of the total supply of Floki's sister token, TOKEN (CRYPTO: TOKEN), is staked in FLOKI.
According to FLOKI, 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.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Last week, cryptocurrency analyst Scofield in a tweet on X posted a chart and said FLOKI "will bounce here." The support level as per the chart displayed by the analyst was $0.000032, in a week’s time FLOKI is up 35%, currently trading at $0.00004259.
$FLOKI Will bounce hereGreat opportunity to buy cheap pic.twitter.com/4a7wixvsSJ
— Scofield (@Crypto_Scofield) February 21, 2024
Earlier in February, Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin suggested on X that artificial intelligence (AI) could be used to check smart contracts for errors, cryptocurrencies that use AI saw their value increase. As a result, the value of TOKEN went up by as much as 20% in a week.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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