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- Memecoin Floki has officially been listed on Swedish stock exchange Spotlight Stock Market, becoming the second meme project to do so.
- This milestone has had a massive impact on its price, rising by 24% in the last seven days.
Popular memecoin Floki has made history as its first crypto Exchange Traded Product (ETP) goes live on Swedish stock exchange Spotlight Stock Market. This implies that Floki has now become the second meme coin to be listed on a regulated European market and the first BNB Chain project (apart from BNB) to reach this historic milestone.
According to the information at our disposal, the product Valour Floki (FLOKI) SEK, was designed by Valour, a subsidiary of DeFi Technologies. Interestingly, the journey did not just begin.
How Floki’s Journey to the European Market Started
It all started in July when a document was filed with the European Securities and Markets Authority (ESMA). Reports suggest that this was done in compliance with Markets in Crypto-Assets (MiCA) regulations. As noted in our earlier discussion, Floki is the first token to have a whitepaper compliant with MiCA regulations.
What this listing means is that retail investors would now be able to gain exposure to the asset without the need to directly manage wallets or private keys. Also, institutional investors would be able to get structured and regulated tools with added liquidity.
It is important to note that the certificate provided by Valour Inc. has no expiry date. It also charges a management fee of 1.9%. According to a local news outlet, the product is traded in Swedish kronor, and currently trades at 16.33 SEK ($1.74).
Already, Floki is largely used across its ecosystem for staking, payments, and governance. The memecoin is also used extensively to access services like NFT gaming metaverse Valhalla, Decentralized Finance (DeFi) platforms, and educational resources. As highlighted in our earlier news brief, Floki Inu has launched a new platform, Floki Hub, to enable users to gain full control over their Web3 identities via the Floki token.
This massive development is reported to be part of the broader strategy to position the asset for global adoption. As mentioned in our previous publication, Floki has also secured a Robinhood listing for users in the European Union, underscoring its effort to boost adoption and visibility.
The latest entry of Floki into the European market has been followed by massive demand for the asset and positive price reactions.
According to CoinMarketCap data, the asset has recorded gains in four out of five major trading periods. In the last 24 hours, Floki has surged by 1%. This has extended its weekly gains to 24% and its monthly gains to 11%. In the last 90 days, the asset has surged by 9.8%. However, these are not enough to overturn its year-to-date decline of 43%.
At the time of writing, Floki was trading at $0.0001 and had a market cap of $965 million. Its trading volume has also increased by 32% to $233 million. An analyst known as Captain Faibik has predicted that Floki could rise to $0.00015 and later reach $0.00025 if the momentum sustains.
As indicated in our recent analysis, Floki is expected to rise by more than 1000% once it successfully mirrors its September 2023 and June 2024 moves. Within that period, the asset rose by 2,190%.
