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.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.