FLOKI price slides despite European ETP proposal
FLOKI price shows bearish trend despite European ETP proposal
The price of FLOKI, the memecoin governed by Floki DAO, has shown limited movement despite a significant proposal aimed at institutional adoption. FLOKI is currently trading at $0.000171, down 6.2% over the past week, reflecting bearish market sentiment.
The DAO’s recent proposal to allocate 16 billion FLOKI, valued at $2.8 million, as liquidity for launching an exchange-traded product (ETP) in Europe, has failed to generate upward momentum for the asset. At the time of publication, 140 votes have been cast in favor of the proposal, with none against it. The voting period is set to close on December 27 at 11:00 UTC.
FLOKI price dynamics (Nov 2024 - Dec 2024) Source: TradingView
Floki’s market performance remains subdued
On the 4-hour chart, FLOKI/USD continues to exhibit a bearish trend. The price remains below key exponential moving averages (EMAs) at $0.00018351 and $0.00017606, with immediate resistance levels at $0.00020638 and $0.00025600. Support is seen at $0.00014523 and $0.00017606, with a recovery above $0.00018351 critical for reversing the bearish outlook.
While the memecoin has posted a remarkable 400% gain since the beginning of the year, its recent price struggles suggest cautious market sentiment ahead of the proposed ETP launch.
The proposed ETP, expected to trade on the SIX Swiss Exchange by Q1 2025, could mark a milestone for institutional adoption of the memecoin. If approved, FLOKI would join Dogecoin as one of the only memecoins with an exchange-traded product, potentially boosting its market positioning.
Traders will closely watch the DAO’s vote outcome and the subsequent market response, as the memecoin navigates through bearish technical trends and broader market pressures.
