Bitget Exchange has revealed its plans to delist TOKEN, the digital currency of TokenFi, a tokenization platform launched by the team behind Floki.
While Bitget listed TOKEN on October 27, the exchange disclosed it had suspended the trading of the asset on its platform. Full delisting, as announced, will trail a 5-day buyback plan.
Bitget Heaps Bombshell Accusation on Floki
Bitget’s move to delist TOKEN is decisive as the exchange accused Floki of price manipulation. Based on its policies, newly listed tokens go to the Innovation Zone and are placed under observation for 60 days.
The token’s performance for this period hinges on different factors, including volume and the team’s involvement in the project.
According to Bitget, shortly after it launched TokenFi, it realized the Floki team placed only $2,000 in liquidity on decentralized exchanges, with accusations of “maliciously controlling the initial liquidity.”
Bitget alleged that from its investigations, the tokenomics surrounding TOKEN are unclear as well as a suspicious vesting schedule. Riding on this, the exchange said its move to delist TOKEN is its way of staying responsible for its users. The exchange hopes to compensate its TOKEN holders on Bitget through the buyback plan.
Per its announcement, Bitget said it will wrap up the buyback program before November 7, and the repurchase of TOKEN will be at the highest closing price for the short time it traded on its platform. Bitget noted it will swap TOKEN for USDT and deposit the equivalent of the user’s holdings in their accounts.
Bad Start for Floki and TOKEN
When Floki announced the launch of TokenFi last week, it stirred high hopes in the minds of users. The turn of events is, however, a major headwind for members of its community as the delisting comes with bad publicity.
In earlier reports, Floki revealed its plans to monitor the unwholesome accumulation of TOKEN with accumulation caps and buy/sell taxes on Uniswap and PancakeSwap where it first listed.
Though it remains unclear whether other centralized exchanges will trail Bitget’s path, for now, TOKEN has maintained a positive trading stat, with its price up 20% to $0.01927.
Floki Team Response
In response, Floki says they requested their exchange partners to refrain from listing TokenFi until after seven days of the token’s launch, as they intended to put forward a DAO vote for the listing. While many respected exchanges agreed to this arrangement, Bitget, went ahead and announced the listing against their wishes. Bitget even listed a fake version of TokenFi 12 minutes before the official trading launch. The Floki team clarified that no exchange was authorized to list TokenFi, providing advance notice to users.
SETTING THE RECORDS STRAIGHT ABOUT THE UNAUTHORIZED BITGET $TOKEN LISTING
On 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
TOKEN’s market cap of $18.15 million far outranks the projected market cap at launch pegged by the Floki team at $50,000. At the time of writing, TOKEN’s trading volume has jumped 149% to $6.63 million. FLOKI, on the other hand, has slipped off from the top 100 it entered last week after a 5.83% plunge to $0.00003483.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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