FLOKI Starts Name Service Amid Market Turbulence

• 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. 

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.

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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. 

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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