Benzinga - Floki's (CRYPTO: FLOKI) protocol’s token, TokenFi (TOKEN), has experienced a significant increase in value.
What Happened: In the past 24 hours alone, TOKEN has surged by 40% and has emerged as a top performer on decentralized exchanges.
TokenFi, is a platform by FLOKI, which aims to capitalize on the growing tokenization industry by offering crypto and asset tokenization services. At the time of writing, TOKEN was trading at $0.02617.
According to data from Dextools, TokenFi’s trading volume has experienced a significant surge. Within the last 24 hours, the trading volume for TOKEN has risen by 30%, reaching $5.5 million. This growth follows the token’s recent launch, which took place only a few days ago.
In addition to the trading volume, TOKEN has garnered a total of 11.69K holders. Its market capitalization stands at $133.95M.
The rise in price comes after the teams behind the Floki protocol and Bitget crypto exchange have found themselves in a contentious situation, with both accusing each other of market manipulation surrounding the listing. The allegations surfaced through social media posts from the Floki team and a blog post from Bitget.
SETTING THE RECORDS STRAIGHT ABOUT THE UNAUTHORIZED BITGET $TOKEN LISTINGOn October 18, 2023, we put up a DAO proposal to launch the Floki staking program and a reward token that will target a trillion-dollar industry with strong potential. While we didn't mention it in the DAO… pic.twitter.com/JGnlKmR0lo
— FLOKI (@RealFlokiInu) October 31, 2023
Floki’s team claims that Bitget listed the token before its official launch, labeling it a “fake token.”
On the other hand, Bitget accused the Floki team of suspected market manipulation by exerting control over the initial liquidity and delisted the token.
Announcement on The Delisting of TokenFi (TOKEN) and Buyback PlanFull details below:https://t.co/gMsQwasQ5p
— Bitget (@bitgetglobal) October 31, 2023
According to Floki’s team, a proposal was submitted to the Floki decentralized autonomous organization (DAO) on October 18, outlining plans for a staking program with a reward token targeting a trillion-dollar industry. While in talks with centralized exchanges to list TokenFi, the team did not disclose the token’s name in the DAO proposal. However, they claim that this information was given to multiple exchanges.
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Why It Matters: The FLOKI team said that they requested all exchanges to refrain from listing the token until at least seven days after launch, as per the DAO’s governance rules. "In fact, not only did they go against our desire for CEXs NOT to list until after seven days of launch, they listed a fake version of the $TOKEN token 12 minutes before we made it officially tradable on the blockchain. This fact can be easily verifiable by looking at when their token started trading and when we enabled $TOKEN trading on the blockchain," the Floki statement read.
On October 26, Floki issued a warning to investors, stating that any current TOKEN listings on centralized exchanges were unauthorized, although Bitget was not specifically mentioned. The TokenFi token launch was scheduled for October 27.
Photo by Maurice NORBERT on Shutterstock
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $34,281 up 0.20% in the last 24 hours, according to Benzinga Pro.
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