- FLOKI introduces Name Service to create a digital identity for holders.
- The tiered Web3 domain name system serves as a utility boost for FLOKI.
- FLOKI meets a hefty support cluster at $0.00024 amid market correction.
The BNB chain-based meme coin Floki (FLOKI) has been on a remarkable journey since last year, bringing about a 1,031% yearly return. It made a name for itself with an expansive range of trademark products, including the Valhalla metaverse game and a dual staking system linked to Real World Assets (RWAs).
However, FLOKI’s Cinderella story is broken off due to volatile market conditions, which kicked in with a massive sell-off related to Bitcoin exchange-traded funds (ETFs). Additionally, the plunging GameStop stock puts another layer of pressure on the horned canine crypto.
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Accountable for the last couple of meme coin rallies, GameStop’s (GME) stock dropped by 5.59% over the past five days, bringing the monthly deficit to over 18%. The downturn has mirrored the price of Floki. As FLOKI lost 20% of its value over the past 14 days, the canine coin still has room to retrace after claiming its monthly heights at $0.00033610 on June 5, 2024.
A Game-Changer for Floki’s Community?
FLOKI’s developers continued to expand their ecosystem and introduced the Floki Name Service despite unfavorable market conditions. Announced on July 10, 2024, at 6 PM GMT on X, Floki’s Name Service brings a set of handy features for Web3 enthusiasts and Floki holders.
The Floki Name Service enables any crypto enthusiast to create a decentralized domain with a .FLOKI suffix. Using SPACE ID infrastructure to build this Web3 domain name service, FLOKI’s dev team built a competitive domain name system with Floki as the centerpiece token of on-chain interactions.
Via the Floki Name Service, Web3 dwellers can interact with PancakeSwap, Trust Wallet, OKX Wallet, SafePal, and a selection of other popular decentralized applications (dApps). Currently, a 5-character or more FLOKI address costs 16,000 FLOKI tokens, which convert to slightly under $4.
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4-character FLOKI names cost around $40, while the most expensive 3-character domains cost 660,000 FLOKI coins, equal to $169.
FLOKI Bumps into Crucial Support Level
On the technical side, Floki is getting closer to a rendezvous with a key support bubble at $0.00024. On July 2, 2024, this support cluster boosted FLOKI’s market price to the monthly peak after several days of trading in a downward spiral.
FLOKI’s combined liquidity books continue to showcase a well-balanced duel between crypto bears and bulls, divided at $8 million in bids and sales over the latest 24-hour period. Besides the Spot markets division, FLOKI’s on-chain stats on the Derivatives markets also deliver mixed signals.
To illustrate, the 1000FLOKI Derivatives smart contract witnessed a 33% upswing in trading volume while simultaneously dropping 9.3% in the token’s Open Interest (OI). The metric is calculated by adding all open trades and subtracting the closed trades, hinting at a strong wave of liquidations regarding the asset. With $295K out of $332K daily liquidations being longs, this could cause trouble for FLOKI in the short term.
On the Flipside
- In spite of the 8% downturn over the past 24 hours, several significant on-chain signals turned bullish for FLOKI. Currently, 92% of holders are making a profit at this price range.
- A slight spike in network growth and an 8.85% upswing in large transactions indicate that major crypto players piqued a renewed interest in the meme coin.
Why This Matters
Incorporating a domain name service provides a huge utility boost to the token, potentially boosting the coin’s demand.
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