The meme coin Floki is collaborating with an undisclosed asset manager to develop an ETP product in the EU.
According to the latest announcement, this ETP will be available to European investors in early 2025, pending approval.
Meme coin ETP is becoming increasingly popular
If the plan progresses, FLOKI will become the second meme coin to have an institutional-grade investment product in Europe after Dogecoin (DOGE). The Floki DAO community is currently voting on whether to allocate early liquidity to the ETP or not. The proposal involves using tokens from the treasury wallet containing 16 billion FLOKI, worth over $2.8 million at the current market price. The 48-hour vote is expected to end at 11:00 UTC on 27/12.
"We have been actively working with a reputable asset manager and an ETP issuer to launch the Floki ETP (Exchange Traded Product) for quite some time. After months of due diligence and relentless efforts, we have been informed that the Floki ETP is on track to launch in early Q1/2025,"
Floki announced on X (formerly Twitter).
These tokens are purchased through open-market transactions following a previous community vote. If the community approves, they will be used to provide liquidity while remaining under Floki's ownership. The tokens can be withdrawn if there is sufficient liquidity from a third party.
Meanwhile, the Floki ETP is said to be nearing the final stage and is expected to be listed on the SIX exchange in Switzerland. This is the country's largest stock exchange and the third-largest in Europe. Upon launch, the ETP will provide institutional investors, managed entities, and retail investors access to FLOKI within a regulated framework.
Meme coins continue to evolve
Earlier this year, the Floki DAO announced a $200,000 USDT investment in CAT token, a meme coin inspired by the "Simon's Cat" animated series. This project represents Floki's foray into entertainment-themed meme coins. After its launch, the CAT token surged over 250%, reaching a market capitalization of $275 million. However, it has experienced a continuous decline in December. Binance also listed this token earlier this month.
Overall, the vast meme coin market has shown significant growth throughout 2024, reaching a total market capitalization of $112 billion. FLOKI itself reached an ATH in June and has increased by around 375% this year. Floki's upcoming ETP is set to capitalize on this growing interest, bridging the gap between meme coins and institutional acceptance in a regulated environment.
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