- More than 12 million people can use Floki for real-world transactions thanks to its integration with Binance Pay, which could set it apart from other meme coins.
- Reducing supply and raising value is the goal of Floki’s aggressive token burning strategy, which included a noteworthy 214 billion token burn in March.
The meme coin Floki has entered the public in an unprecedented manner that has shaken the cryptocurrency market. Its recent integration with Binance Pay, which represents a turning point in its path towards broad adoption and use, allowed for this enormous advancement.
12 MILLION+ ACTIVE USERS CAN NOW USE $FLOKI TO PAY TOP MERCHANTS THROUGH BINANCE PAY$FLOKI is available as a key payment option within Binance Pay, the industry's number one crypto payments solution with 12 million+ active users. This means over 12 million active users can use… pic.twitter.com/fBt44tBc2q
— FLOKI (@RealFlokiInu) March 31, 2024
Integration Creates New Opportunities
Thanks to the partnership with Binance Pay, a payment network created to make transactions easier for Binance’s large user base, over 12 million active users can now use Floki to make transactions.
This integration is significant not only for Floki but also for the way in which digital currencies are developing, with meme coins now regarded as useful currencies rather than just novelty items.
Now that Floki can be used for transactions by users of the Binance app’s Marketplace and merchants worldwide, its usefulness extends well beyond the realm of online donations and tipping.
By offering it a wider variety of use cases than its competitors, Dogecoin and Shiba Inu, this foray into physical products and services transactions may help Floki stand out from the crowd. For a more in-depth look at these developments, you can see this YouTube video.
Floki: Aggressive Burning of Tokens and Strategic Tokenomics
By implementing a vigorous token burning program, Floki has started a strategic upgrade of its tokenomics and strengthened its market position, as previously reported by ETHNews.
The project eliminated 214 billion tokens in March alone, which is equivalent to over $55 million. The elimination of this amount of tokens surpassed the collective efforts of other market-leading meme coins in terms of speed.
This token burning approach has two components. By creating a burn penalty for early unstaking, the Floki Staking Program encourages long-term holding by essentially lowering the amount in circulation and possibly raising the token’s value.
Furthermore, by burning tokens used on particular blockchain networks, the FlokiFi Locker, a decentralized finance mechanism within the Floki ecosystem, helps to reduce the token supply.
However, the FLOKI token’s price has dropped by about 13% in the past 24 hours, reaching $0.0002061. As a result, its market capitalization now stands at $1,969,631,782. According to data from CoinMarketCap, it ranks as the 58th largest cryptocurrency.