All about Floki Inu’s TokenFi proposal and its effect on prices

  • TOKEN was up by over 50%, while FLOKI’s price surged by 4% in the last 24 hours. 
  • On-chain metrics turned bearish on FLOKI, suggesting a trend reversal. 

Floki Inu [FLOKI] has registered an impressive performance over the last 24 hours as its price rallied. During that period, the meme coin also made an announcement related to a proposal for TokenFi. 

Realistic or not, here’s FLOKI market cap in BTC’s terms  

The newly submitted proposal, if passed, will bring a noteworthy change to Tokenfi’s operations.

Floki submits a new proposal for TokenFi

TokenFi, which is one of the top topics in the crypto space, has witnessed a major development in the recent past. FLOKI recently submitted a proposal asking for changes in its tax mechanism.

As per the tweet, a new proposal just went live for the Floki DAO to vote on to determine whether the TokenFi transaction tax should be reduced to 0.3%.

This vote strengthens the utility of the FLOKI token, as it establishes the power of the Floki DAO when it comes to determining the future TokenFi.

For the uninitiated, TokenFi is a leading project in the tokenization industry, with a circulating market cap of $35 million and a diluted market cap of $350 million.

While this happened, TOKEN’s price rallied substantially. In fact, in just the last 24 hours, TOKEN’s price surged by more than 57%. According to CoinMarketCap, at the time of writing, it was trading at $0.04716 with a market capitalization of over $44 million.

The price hike was also accompanied by a 100% rise in its 24-hour trading volume, which acted as a foundation for the surge.

Source: CoinMarketCap

FLOKI’s performance is also impressive

Like TOKEN, FLOKI’s daily chart also remained green. CoinMarketCap’s data revealed that the meme coin was up by more than 4% in the last 24 hours. At press time, it was trading at $0.00003228, with a market cap of more than 43056 million, making it the 108th largest crypto.

Though the price action looked optimistic, the metrics told a different story.

How much are 1,10,100 FLOKIs worth today?

According to data analyzed by AMBCrypto via Santiment, negative sentiment around the meme coin increased last week, as evident from the drop in its Weighted Sentiment along with a considerable decline in its Social Dominance.

Its Price Volatility 1w also dropped in the recent past, which was surprising, considering its bullish price action. Moreover, FLOKI’s uptrend might come to an end soon, as its MVRV ratio registered a downtick over the last seven days.

Floki on Ethereum FLOKI 16.51.45 02 Nov 2023

Source: Santiment

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