Floki Name Service Goes Live, Will It Trigger FLOKI Price Rebound?

Memecoin sensation Floki has announced that its Name Service is now live on the BNB Chain mainnet.

FLOKI Expanding its Utility

The Floki Name Service feature is a decentralized domain offering that allows anyone to create a decentralized .floki domain name.

Beyond the representation of on-chain identity, the .floki domain names can be leveraged for other use cases. Per the project’s published post, the domain names can be used to launch a decentralized website, blog, or résumé when its decentralized website service goes live soon.

FLOKI NAME SERVICE IS LIVE

Floki Name Service is live – exclusively on BNB Chain mainnet.

Floki Name Service is #Floki’s decentralized domain name service, allowing anyone to create a decentralized .floki domain name. It is built in partnership with @SpaceIDProtocol, one of the… pic.twitter.com/ARV0U5VD6D

— FLOKI (@RealFlokiInu) June 10, 2024

The team behind the development of the name service utilized the SPACE ID infrastructure, a protocol that permits integration of some of the biggest Decentralized Applications (DApps) in the crypto industry. This includes Trust Wallet, SafePal, PancakeSwap, OKX Wallet etc.

The main payment method for this service involves the use of the platform’s native token FLOKI. Notably, this development positively impacts on the utility of the digital currency as well as the fundamentals of the Floki ecosystem.

According to the cost breakdown outlined in its post, the project said it will charge 160,000 FLOKI, valued at approximately $42.79 per year for 4 chars domain name . For 3 char domain name , users are required to pay 660,000 FLOKI, equivalent to $176.49 per year.

The memecoin is now ranking as one of the top memecoins in the industry with an active growth and value addition strategy. The launch of the Name Service comes as a way to stump the dominance of its closest rival Shiba Inu (SHIB). It is worth noting that Shiba Inu has also launched its name service with the .shib domain names well embraced by users.

Value Addition and Implication for Price

Users that are members of the memecoin ecosystem are gaining enhanced utility that is bringing value to the token. As reported earlier by Coingape, Floki has launched a trading bot as it looks to add enhanced accessibility for users.

The Floki memecoin project is also making enhanced push in the tokenization world. While BlackRock and Securitize are getting a head start in this regard, Floki hopes to secure a market share in the $16 trillion tokenization ecosystem through its TokenFi platform.

The implication for the ecosystem is that it might trigger an increase in the token’s price surge. Coupled with the consistent burning campaign, the token might see more enhanced jump. Pending to when the price will pick a new rally, it will have to clean off its current drawdown.

At the time of writing, FLOKI is down by 5.82% in the past 24 hours to $0.0002633. Should the Name Service update permeate its ecosystem, the much needed rebound might be recorded.

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