Floki Inu (CRYPTO: FLOKI) announced the launch of its new name service enhancing utility and fundamentals of the ecosystem, prompting renewed bullish price predictions from analysts.
What Happened: Floki announced that its "Floki Name Service" is now available exclusively on BNB Chain mainnet. Floki's decentralized domain name service allows anyone to create a decentralized .floki domain name. This domain name will represent your on-chain identity and can be used for other purposes.
The service will be enabled to integrate with some of the biggest Dapps in crypto, including Trust Wallet, SafePal, PancakeSwap, OKX Wallet and many more.
Notably, the name service will use FLOKI exclusively as its main payment token thereby adding to the utility of the token and enhancing its fundamentals.
In another development, the Floki Inu community celebrated 417,400 holders on the BNB chain. It announced that holders can claim FLOKI interest reward shares.
Also Read: Floki Sees $12M Investment From DWF Labs: ‘Price Discovery Again Soon,’ Forecasts Trader
Why It Matters: Notable crypto trader Jelle in an appreciation post for name service acknowledged the efforts of Floki to strive for new developments in continuity, writing "More, no, way more than just another meme coin!"
Among the top five meme coins, Floki is the highest monthly gainer with 46.8% gains chasing Pepe's 43% increase. On the other hand, Dogecoin and Shiba Inu have been trading flat, while Dogwifhat is down 10% month-over-month.
Price Action: Floki is down 8% on the day, amid a market-wide downturn.
What’s Next: The influence of meme coins Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!