Breaking: Floki Responds to Bitget Exchange Delisting of TOKEN
Bitget Exchange recently disclosed plans to delist TOKEN, TokenFi’s digital currency. The move, significantly influenced by allegations of price manipulation, comes merely days after TOKEN’s listing on October 27. Consequently, Bitget initiated a 5-day buyback plan, intending to finalize it by November 7. TOKEN holders on Bitget will receive compensation at its peak trading value, swapped for USDT.
According to the exchange’s policy, new tokens land in the Innovation Zone observed for 60 days. However, Bitget soon accused Floki, the team behind TokenFi, of financial malpractice. Specifically, they cited a meager $2,000 liquidity placed on decentralized exchanges and raised concerns about TOKEN’s unclear tokenomics. Hence, Bitget deemed the delisting move vital for its users’ interests.
Floki Team Breaks Silence, Clarifies Stance
Responding to the allegations, the Floki team presented their side. They highlighted their initial request to exchange partners, asking them to refrain from listing TokenFi for a week post-launch. They aimed to implement a DAO vote for its listing, ensuring a community-driven decision-making process.
Despite this, Bitget proceeded with the listing, even mistakenly listing a fake version of TokenFi minutes before the official launch. The Floki team emphasized that they did not authorize any exchange to list TokenFi, urging users to stay informed and cautious.
Road Ahead for TOKEN and FLOKI
The current market scenario presents a mixed bag for TOKEN and FLOKI. While TOKEN has seen a 20% surge in price, reaching $0.01927, its market cap stands at an impressive $18.15 million. This far exceeds the initial projection of $50,000 by the Floki team.
FLOKI/USD 1-day price chart (source: CoinGecko)
Conversely, FLOKI has faced a 5.83% dip, now priced at $0.00003483, moving out of the top 100 cryptocurrencies. The coming days will be crucial in determining the long-term impact of Bitget’s decision on TOKEN and, by extension, Floki’s market position.
Read Also: Binance To Delist TRX, HBAR, ATOM & Other Crypto Margin Pairs
- Japan’s FSA Targets Insider Trading in Cryptocurrency With New Rules
- VanEck Files Amended S-1 for Spot Solana ETF, Slashes Management Fee to 0.30%
- Breaking: Jerome Powell Signals More Rate Cuts As Labor Market Weakens, Bitcoin Rises
- DOJ Files $15B BTC Forfeiture Order, Potentially Boosting U.S. Bitcoin Reserves
- ‘Trump Insider Whale’ Increases Bitcoin Short to $485M Amid Crypto Market Crash
- Chainlink Price Eyes $100 as S&P Global Partnership Expands Institutional Adoption
- Solana Price Prediction as Whales Withdraw $169M from Exchanges
- Pro Says Ethereum Price is a Buy Despite Rising Liquidations and BlackRock Selling
- XRP Price Prediction as Whales Dump 2.23B Tokens — Is $2 the Next Stop?
- Trader Sees a Dogecoin Price Surge as House of Doge Sets for a NASDAQ Listing
- Will Shiba Inu Price Recover After the Crypto Crash As Burn Rate Soars 8,194%?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
