Floki FLOKI/USD was trading in the green at the time of writing, going against the broader meme market trend which saw powerhouses like Dogecoin DOGE/USD and Shiba Inu SHIB/USD shed value in the last 24 hours. A new sports partnership might be fueling the surge.
What Happened: The dog-themed project announced getting chosen as the title sponsor of the upcoming 3-match Cricket Men's series between Ireland and Pakistan beginning Friday.
The strategic tie-up reflected the project's growing mainstream penetration, especially in the sporting landscape.
“It is with great enthusiasm that we at FLOKI step into a partnership with Irish cricket, an arena where the sport’s heart beats as fervently as our dedication to being a cryptocurrency for all," Floki's media representative said.
As part of the deal, the logos of FLOKi, the utility token of the ecosystem, and its sister project TokenFi's TOKEN TOKEN/USD will be placed on ground perimeter boards, sightscreens, boundary ropes, and logo mats. Floki expected the brand’s exposure to reach 80 million global viewers.
Why It Matters: This was not the first time Floki pursued partnerships in Cricket–a sport hugely popular in Asia, Australia, and the U.K. In November 2023, Floki announced a brand sponsorship deal with two franchise teams playing the Indian Legends League tournament.
These endeavors signified a dedicated push by cryptocurrency projects to boost brand awareness and adoption among sports enthusiasts.
Named after Tesla and Space X CEO Elon Musk's Shiba Inu dog, Floki has tried to rise above the narrow contours of meme coins, looking for ways to add utility to its token.
It has an operational staking service, allowing users to deposit their FLOKI tokens and earn yields. About $409 million in FLOKIs was locked as of this writing, according to the official staking portal.
It also launched an asset tokenization platform, TokenFi to grab a slice of the growing real-world tokenization industry
Price Action: FLOKI was trading at $0.0001767 at the time of publication, rising 2.84% in the last 24 hours, according to Benzinga Pro. It has jumped more than 400% on an annual basis
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
