TokenFi (TOKEN), the native altcoin project of Floki’s protocol, has consolidated its position as the top performer on decentralized exchanges, experiencing a significant increase of 40% in the last 24 hours. This increase, which increased the value of the TOKEN to $0.0267 at the time of this writing, did not go unnoticed by the crypto community. Here are the details…
There is an increase in the altcoin project
TokenFi, a platform offered by the famous Floki project, is making significant strides in the rapidly growing tokenization industry. According to data from Dextools, TOKEN’s trading volume has increased significantly by 30% in the last 24 hours, with a transaction volume of $5.5 million. This increase in trading activity coincides with the token’s launch, which took place just a few days ago.
Remarkably, TOKEN has already gained an impressive 11.69 thousand holders and has a market cap of $133.95 million, reflecting the growing interest and confidence of investors in this project. However, the recent increase in TOKEN’s price is not without controversy. Floki protocol and Bitget crypto exchange found themselves in a contentious situation, with both parties accusing each other of market manipulation regarding the listing of the TOKEN. These allegations emerged through a series of social media posts from the Floki team and a detailed blog post from Bitget.
Floki responded to Bitget
cryptokoin.com As we reported, the Floki team claims that Bitget listed the TOKEN before its official launch and categorized it as a “fake token”. Bitget, on the other hand, responded by accusing the Floki team of questionable market manipulation by initially exerting control over liquidity and later delisting the token. The Floki team announced on October 18 that they submitted a proposal to the Floki decentralized autonomous organization (DAO) and outlined plans for a staking program with a reward token targeting a trillion-dollar industry. The team, which is in talks with central exchanges to list TokenFi, did not disclose the name of the token in the DAO proposal. However, they claim that this information was transmitted to multiple exchanges.
To preserve the integrity of the project, the Floki team has asked all exchanges to refrain from listing the token until at least seven days after launch, adhering to the DAO’s governance rules. They expressed their disappointment with the following words:
In fact, not only did they defy our request to not list CEXs until seven days after launch, but they also listed a fake version of $TOKEN 12 minutes before we made it officially tradable on the Blockchain. This fact can be easily verified by looking at when their tokens started trading and when we enabled $TOKEN trading on the Blockchain.
A warning was issued for TokenFi
On October 26, Floki issued a stern warning to investors, claiming that current TOKEN listings on centralized exchanges are unauthorized, despite Bitget not being explicitly mentioned. The TokenFi token launch was originally scheduled for October 27, adding an extra layer of complexity to the unfolding saga. As a result, on November 1, the TOKEN experienced an even more remarkable increase, increasing its value to $0.02992, an increase of 37.08% in just 24 hours.