Why Dogecoin Rival Floki Inu Is Getting Hammered

Dogecoin DOGE/USD spin-off Floki Inu FLOKI/USD is trading lower by some 23.13% to $0.00002163 Friday morning. The move lower in the meme crypto comes amid broader weakness in the cryptocurrency space after crypto exchange giant Kraken has agreed to suspend its cryptocurrency staking operations to settle charges with the U.S. Securities and Exchange Commission.

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The SEC states that Kraken must "immediately" discontinue its crypto staking-as-a-service platform for U.S. customers and pay a $30 million penalty to settle its charges of offering unregistered securities.

Our Benzinga team reported late Thursday that the settlement was reportedly approved during a private meeting of the SEC's Commissioners on Thursday, with a public announcement to follow.

The decision to discontinue staking services for U.S. customers was later confirmed by the SEC.

Kraken offered a range of staking services, including a crypto-lending product that promised yields of up to 24%...Read More

Weakness in several meme cryptos may be due to a sympathy move lower with apex-crypto Bitcoin and second-largest market cap crypto Ethereum over the past 24 hours and in potential reaction to Robinhood Markets Inc fourth-quarter earnings, in which it reported a 24% decrease in crypto transaction-based revenues.

According to data from Benzinga Pro, Floki Inu has a 52-week high of $0.0000048 and a 52-week low of $0.000048.