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FLOKI And BONK Drop 5% After Revolut Listing Announcement

FLOKI and BONK had remarkable growth over the weekend after recovering from the Bitcoin dip at the end of last week. These tokens have been some of the hottest topics during this bull run, with FLOKI and BONK increasing by over 500% and 87%, respectively.

Recently, both memecoins were listed on the European neo bank and retail platform Revolut, but the news didn’t appear to have a massive impact on the tokens. However, the projects’ most recent announcements have seemingly made them soar in the past hour.

FLOKI And BONK To Take Over Europe

The projects announced their listing on Revolut on Monday. The new listing expands the reach of FLOKI and BONK to a broader audience, as the platform is available to 40 million users in over 150 countries.

Moreover, the listing will allow users to buy the tokens with 25 fiat currencies, including EUR, GBP, and USD, directly from the Revolut app. Per the BONK X post, users in Europe and eligible countries will also have access to a Learn and Earn program starting on April 29.

Crypto trader Altcoin Gordon weighed in on the matter, telling his 458,000 followers that the listing was “pretty BIG.” According to Gordon, it will allow the tokens to compete with Dogecoin (DOGE), Dogwifhat (WIF), PEPE, and Shiba Inu (SHIB).

Despite the announcement, the tokens performed modestly after the news. FLOKI’s price increased 2% in the following hour, trading at $0.0001778. Nonetheless, the token dropped 5.3% hours later to trade at $0.0001693.

Meanwhile, Bonk’s price increased by 3.7%, trading at $0.0002069 before facing a 3.4% dip to the $0.0001990 level.

Similarly, both tokens have seen a decrease in daily activity in the past 24 hours. FLOKI’s daily trading volume fell a staggering 31.6%, while BONK’s trading volume dropped over 51%.

New Announcements Boost Prices

On Tuesday morning, FLOKI was trading at $0.0001727, representing a modest 0.4% gain from the token’s price 24 hours prior. On the other hand, BONK traded for $0.00002019, a 2.6% price decrease from the day before.

However, the project’s most recent announcements have positively impacted the tokens’ prices. FLOKI announced that the decentralized platform Alltoscan locked $18 million worth of $ATS for 15 months using the project’s crypto locker protocol, FlokiFi Locker.

The news appears to have been well-received by the community. Seemingly fueled by the positive sentiment, the token rose 5.5% in the last hour. Similarly, FLOKI now surged 11.2% from 24 hours ago.

Meanwhile, BONK announced renowned artist JT Liss as “The Dog’s Director for BONK Art Masters.” JT is set to lead Bonk’s BAM residency program and the Creator Grants program “to help provide more opportunities for artists in the Solana ecosystem.”

Following this news, the token increased by 4.3% in an hour and over 5.6% from its price 24 hours ago. At the time of writing, BONK is trading at $0.00002164.

FLOKI, FLOKIUSDT, crypto, memecoins, BONK

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Analysts Bullish On FLOKI As Price Surges 9.8%, New ATH Soon?

Floki Inu (FLOKI) performed stellarly this month, with crypto analysts and traders forecasting bullish moves for the token. As the crypto market recovers from its slowdown, with Bitcoin (BTC) leading the way, the dog-themed token appears to be preparing to take off.

Analysts Share Bullish Forecasts For FLOKI’s Future

Two weeks ago, analysts considered that FLOKI was showing a strong performance amid the crypto market slowdown. The token, which has been on an upward trajectory since the end of February, “held up nicely” at the time.

While most of the market registered considerable dips, FLOKI was one of the tokens “consolidating before another expansion.” Halfway through the month, the Viking dog-themed cryptocurrency had shown a 337% growth since March 1st, after hovering between $0.000028-$0.000039 for the first two months of 2024.

Now that March is near its end, FLOKI exhibits a staggering 428.3% increase in the last 30 days. This performance didn’t go unnoticed by crypto analysts, who forecast new heights for the token.

MacroCRG, a crypto trader and market analyst, shared his thoughts on the token’s price. The analyst considers that beyond FLOKI’s impressive performance throughout the month, it was “showing strength on LTF’s too.”

In the post’s chart, the trader highlighted the performance since Monday, pointing out the token’s support zone above the $0.00022 price range. According to MacroCRG, “as long as this recent low holds, fresh highs soon.”

Similarly to MacroCRG, analyst Crypto Kaleo drew attention to the dog-themed token’s LFT, claiming it looks like it’s “starting to send.”

In his posts, Kaleo suggested to his followers “not to sleep on FLOKI here.” According to the analyst, the token won’t be “lagging behind ATH resistance too much longer.”  He concluded that sooner rather than later, FLOKI could make new heights “like the DOGE chart.”

Lastly, crypto analyst The CryptoBull shared his bullish prediction about the token, suggesting it is going through a “beautiful re-accumulation phase.” Additionally, the analyst stated he noticed a shift in interest for the dog-themed memecoin, as “crypto is very momentum driven.”

FLOKI Price Action

As of this writing, FLOKI has surged 7.7 % in the past hour, with the price briefly surpassing the $0.000260 mark before retracing to the $0.000255 level.

In the last 24 hours, the token has increased 9.8%, trading at $0.0002554. Despite the remarkable long-term performance and the recent surge, the token is still registering a 10.6% correction from its performance in the biweekly timeframe.

Its market capitalization rose to $2.39 billion, an 8.4% surge in the past day. By this metric, FLOKI is the fifth largest memecoin and the 56th largest cryptocurrency, according to CoinMarketCap data.

Moreover, the daily trading volume suggests that the token has recently experienced a surge in market activity. It has increased 56.6% from the day before, with $690.6 million traded.

FLOKI, FLOKIUSDT, Crypto

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Floki Inu Roadmap Reveals Plans For Regulated Bank Accounts, FLOKI Faces 17% Downtrend

The development team behind the dog-themed meme coin Floki Inu has unveiled its highly anticipated roadmap for 2024, revealing several upcoming features and utility-focused initiatives. 

Notable highlights include the launch of regulated digital banking accounts, integration with the Venus decentralized finance (DeFi) protocol, the Floki debit card’s introduction, and the Valhalla mainnet’s upcoming release.

Floki Inu Aims To ‘Bank The Unbanked’

Floki Inu plans to introduce regulated digital banking accounts, enabling users to create and fund bank accounts using FLOKI tokens. 

In partnership with an unnamed licensed fintech company operating in key jurisdictions such as Canada, Spain, Dominica, Australia, and the UAE, these accounts will support SWIFT payments and SEPA IBANs. 

In addition, the upcoming launch of Floki Debit Cards will allow users to link their digital bank accounts to debit cards, providing a convenient and secure way to spend their FLOKI tokens in traditional currencies such as Euro (EUR) and US dollars (USD). 

According to the proposal, the initiative aims to “bank the unbanked” by enabling a broader user base to access traditional banking services using their FLOKI tokens while increasing the utility and adoption of cryptocurrency.

Pending governance approval, Floki Inu also seeks to list its native token, FLOKI, on the Venus Core Pool. This integration aims to unlock deeper liquidity, comparable to established blue-chip cryptocurrencies and allow FLOKI holders to use their tokens as collateral to borrow various assets such as Maker (DAI), Circle’s USDC stablecoin, Binance Coin (BNB) and Ethereum (ETH). 

By integrating Venus Markets directly into Floki’s user interface (UI), the protocol states that users will have frictionless access to the liquidity provided by the platform, further integrating Floki into the decentralized finance ecosystem.

FLOKI-Powered Trading Bot And Valhalla Mainnet Launch

Floki Inu plans to introduce a cross-chain Telegram and Discord trading bot powered by the FLOKI token. This bot will allow users to buy and sell cryptocurrencies on leading blockchain networks. Specifically, 50% of the fees generated will be used to buy and burn FLOKI tokens, increasing their utility and contributing to a deflationary mechanism. 

Finally, the highly anticipated mainnet release of Valhalla, Floki Inu’s flagship utility and metaverse game, will occur. Valhalla on the Mainnet will feature on-chain game mechanics, a PlayToEarn economy, upgradeable NFTs, and an open-world experience. 

Floki Inu

As of this writing, the FLOKI token has experienced a correction of over 17% in the past seven days, aligning with the overall market trend. This correction has resulted in the current trading price of $0.0002295 for the FLOKI token.

Despite the recent downtrend, it is worth noting that FLOKI has still achieved a remarkable year-to-date gain of 440%. This substantial increase in value has propelled the token’s market capitalization to $2 billion, solidifying its position at the 59th spot among the top 100 cryptocurrencies in the market.

Featured image from Shutterstock, chart from TradingView.com

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FLOKI Skyrockets To New All-Time High, Soaring 60% Following Two Major Listings

Web3 project and meme coin Floki Inu (FLOKI) has garnered significant attention in the cryptocurrency market. It has witnessed an impressive uptrend of over 630% in the past 30 days alone. As a result, it has soared to the 64th position in market capitalization, surpassing $2 billion.

This surge in price comes as notable digital asset firms, including DWF Labs, have recognized FLOKI as a potential long-term investment, resulting in a $10 million purchase plan. This move pushed FLOKI to a 9-month high of $0.00005097 on February 27th.

However, the cryptocurrency’s popularity has spread to other jurisdictions, and it recently hit an all-time high (ATH), trading at $0.0002043, coupled with a 58% uptrend in the past 24 hours. 

FLOKI Targets New Asian And Middle Eastern Investors

Coinhako, a regulated crypto exchange in Singapore under the Monetary Authority of Singapore (MAS), has endorsed FLOKI by listing the token among its tradable cryptocurrencies. In an official announcement, Coinhako stated, “The people’s cryptocurrency has reached Coinhako’s shores and is available to trade.”

The Floki Inu team expressed their excitement about the listing, highlighting that crypto users in Singapore can now buy FLOKI with SGD and USD on a regulated exchange. They believe this listing is a significant milestone that will accelerate Floki’s vision to become the world’s most recognized and widely used cryptocurrency.

In addition, the Floki Inu team has announced that the meme coin has been successfully listed on CoinMENA, one of the prominent crypto exchanges catering to retail and institutional clients in the Middle East.

CoinMENA is a licensed and regulated entity by the Central Bank of Bahrain and the Virtual Asset Regulatory Authority in Dubai, which aims to ensure a safe and compliant trading environment for investors. The team behind the project commented on the matter:

This is a MAJOR listing for Floki adoption and our goal to become the world’s most known and most used cryptocurrency as it introduces Floki to key and affluent players in the Middle East and Arab regions.

Massive Exposure In Times Square

The Floki Inu team has launched an “aggressive” marketing campaign to drive adoption further and attract additional investments. Starting from March 15th and lasting for three months, Floki will be featured prominently on a massive double-sided HD LED screen in Times Square Plaza, New York. 

This digital exhibition, located beside the Nasdaq billboard, will showcase a ten-second advertisement for Floki at least four times per hour, airing for 20 hours a day over 93 days. 

This campaign will deliver a minimum of 7,440 ten-second spots, taking advantage of Times Square’s daily foot traffic of 330,000 visitors and an annual influx of 50 million people. 

According to the announcement, the goal is to solidify Floki’s association with meme coins in people’s minds and take advantage of what the team expects to be the most “explosive bull run” in the crypto market.

FLOKI

Featured image from Shutterstock, chart from TradingView.com 

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Shiba Inu & Other Memecoins See 3,000% Spike In Volume: Good Sign For Rally?

On-chain data shows Shiba Inu (SHIB) and other memecoins in the sector have observed a sharp boost in their volumes alongside their rallies.

These Memecoins Have Enjoyed 3,000% Average Volume Increase

According to data from the on-chain analytics firm Santiment, the trading volume of the memecoins has shot up recently. The “trading volume” here refers to the total amount of a given cryptocurrency involved in trading activities on the various spot exchanges in the sector.

When the value of this metric is high, it means that the asset in question is observing a large amount of trades right now. Such a trend implies that the interest around the coin is high among the investors.

On the other hand, the low indicator suggests that investors may not pay too much attention to the cryptocurrency as they are not making trades.

Now, here is a chart that shows the trend in the trading volume for four different memecoins: Shiba Inu, Pepe (PEPE), FLOKI (FLOKI), and Bonk (BONK).

Shiba Inu Memecoin Trading Volume

As displayed in the above graph, the Bitcoin trading volume for all four of these memecoins has surged to high levels recently as their prices have gone through a rally.

Santiment notes that, on average, the trading volume across Shiba Inu, FLOKI, Pepe, and Bonk has increased by more than 3,000% over the past week. This would imply that crowd interest in these assets has witnessed a significant uplift.

Generally, it’s not surprising to see the volume jump alongside price surges, as such sharp price action is attractive to investors, so they tend to make more moves in such periods.

For any rally to be sustainable, it must keep attracting fresh volume. This is because moves like these require a large amount of fuel to keep going, which they can only get if more and more interest comes into the asset.

Sometimes rallies start sharp, but fail to amass any appreciable volume, so, predictably die off before too long. As the volume of Shiba Inu and others has rocketed up recently, at least their current rallies shouldn’t face an issue like this.

Now, while the trading volume can be something that can help rallies stretch longer, a high volume itself doesn’t imply a bullish prediction. This is because the volume can also spike during a selloff, as the indicator merely keeps track of the activity and not whether said activity is buying or selling dominated.

As such, all that can be said about the implications of the current high trading volume on the prices of Shiba Inu and the company is that they should likely continue to see high volatility in either direction in the coming days.

Shiba Inu Price

Shiba Inu has enjoyed an extraordinary run of more than 180% in the past week, which has taken its price to the $0.00002746 mark.

Shiba Inu Price Chart

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FLOKI Grows Over 300% As Memecoin Breaches $400 Million TVL – Details

Floki Inu (FLOKI), a canine-themed cryptocurrency, has witnessed a remarkable surge in its price, capturing the attention of investors, traders, and enthusiasts alike. The coin’s value has experienced a sharp increase, with the past 24 hours alone seeing a surge of over 50%.

FLOKI Tallies An Impressive 336% Weekly Gain

However, it is the weekly timeframe that has truly astounded market observers, as FLOKI recorded an impressive rally of 336%. This surge in price comes on the heels of a community-backed proposal to burn 2% of the token’s supply.

The proposal to burn tokens was met with overwhelming support from the community, with nearly 90% of votes favoring the initiative. The top voter staked a staggering 117 billion tokens, demonstrating the belief in the long-term security and stability of the Floki project.

The burn event is scheduled to take place after a seven-day period, and its purpose is to minimize the risks associated with token exploitation and dumping, thereby ensuring the project’s sustainability.

Social Media Buzz And Positive Sentiment 

An investigation by NewsBTC has revealed a surge in social media mentions for Floki Inu in recent days, indicating the continued popularity of the meme coin within the cryptocurrency community.

Moreover, a rise in weighted sentiment suggests that positive views towards the token prevail at the time of writing. This growing social media buzz and optimistic sentiment have played a role in attracting attention to Floki Inu and contributing to its meteoric rise in value.

FLOKI Total Value Locked Soars

Meanwhile, Floki has reached a noteworthy accomplishment. Total Value Locked (TVL) across its ecosystem goods has exceeded $400 million. This accomplishment follows the cryptocurrency’s all-time high of $366 million, which showed its quick rise and investor appeal.

As the crypto market continues to evolve, all eyes remain on Floki Inu and its future trajectory. Market participants eagerly await the outcome of the token burn event and closely monitor the impact of social media trends and cautionary indicators on the coin’s price.

The coming days will shed more light on whether Floki Inu can sustain its current momentum or if a correction is on the horizon.

Related Reading: Shiba Inu Just Ballooned To 124% – What’s Pushing The Price Up?

Floki Inu’s recent surge in price, driven by overwhelming community support for a token burn proposal, has captured widespread attention. The coin’s popularity on social media and positive sentiment within the cryptocurrency community further contribute to its rise.

Featured image from Pexels, chart from TradingView

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Meme Coin Mania: Why Shiba Inu, PEPE, Dogecoin Are Far From Finished

As the crypto market experiences another wave of fervent enthusiasm, meme coins like Shiba Inu, PEPE, and Dogecoin have surged to the forefront of investors’ minds. With PEPE leading the rally at a staggering 371% increase, Dogwifhat (WIF) at 351%, FLOKI at 331%, BONK at 182%, and Shiba Inu (SHIB) at 177% over just the last seven days, the phenomenon has caught the eye of both enthusiasts and skeptics alike.

Meme coin mania

Why Shiba Inu, PEPE, DOGE Will Continue To Rally

Andrew Kang, co-founder and partner at Mechanism Capital, offered a deep dive into the dynamics fueling this unprecedented meme coin frenzy. Kang, sharing his expert analysis on X, articulates the foundational appeal of meme coins: “People are really calling top on meme coin season when BTC hasn’t even crossed ATH yet. Meme coins are a global shelling point for speculative liquidity.”

He stresses the accessibility of meme coins as a crucial factor in their explosive growth, positioning them as more globally accessible than any traditional stock. This accessibility, combined with a universal speculative interest, has led to Dogecoin’s significant outperformance compared to phenomena like the GameStop stock frenzy.

The historical context Kang provides is telling of the potential he sees in this cycle. “Total Meme coin market cap last cycle was $100 billion last cycle, and we usually get multiples on market cap highs every cycle,” he notes, suggesting that the current market conditions are ripe for surpassing previous records.

His insights reveal a broadening demographic of meme coin investors, including high-net-worth individuals, hedge funds, and even traditional financial institutions, all drawn in by the speculative allure and community-driven narratives of these assets.

Meme Coins Are A Skill-Based Lottery

Kang’s perspective on the meme coin ecosystem is particularly illuminating. He likens it to a “Skill-based Global Lottery Platform,” where success is part skill, part community effort, and part viral momentum. “We are going to reach some serious levels of mental retardation for memecoins this cycle […] And the more people that they get to buy the same tickets at them, the more likely they and their friends win – that’s the best feeling – winning together,” Kang elaborates. This communal aspect of meme coin trading, combined with the thrill of speculation, underscores the unique appeal of meme coins as both a financial instrument and a social phenomenon.

Expanding on the potential scale of meme coin growth, Kang draws an ambitious parallel with the global lottery industry, which boasted $300 billion in sales in 2020. “Now imagine the valuations of memecoins if a capital injection of that scale were to flow into them,” he muses, positing a future where meme coins command a significant portion of global speculative investment.

Kang also critiques the broader cryptocurrency market, suggesting that the complexity and niche appeal of many projects may limit their attractiveness to the general public. “The masses won’t care about the 4th liquid restaking derivative or whatever fancy new technology […] Memecoins are just a much more pure and upfront speculative vehicle,” he states, predicting that meme coins could outperform more technologically complex crypto assets by a wide margin.

The King Of All Meme Coins

A strong advocate for strategic investment in meme coins, Kang draws an analogy a Bitcoin investment for tradfi investors, suggesting that a small, measured allocation to meme coins could offer disproportionate rewards. “Advocating for a 1-5% portfolio allocation of memecoins is like boomers advocating for 1-5% portfolio allocation of BTC,” he says, emphasizing the blend of high risk and high reward that meme coins represent.

Highlighting Dogecoin’s unique position within the meme coin space, Kang points to its potential for real-world application and celebrity endorsements as key factors in its potential for dominance. “DOGE is the king of memecoins […] Elon is a people’s man and I doubt he keeps his silence on Doge/X payments much longer. […] Sam Altman has 1% float WLD and Elon has DOGE. It is obvious that the AGI will choose the more decentralized currency,” he suggests.

At press time, Shiba Inu traded at $0.00002642.

Shiba Inu SHIB price

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Who Let The DOGE Out? Dog-Themed Coins Soar By 12%, WIF And FLOKI Lead The Way

The crypto market seems to be going nowhere but up. Bitcoin nears $60,000, Ether has been surfing above the $3,000 wave for four days, currently sitting at the $3,330 level, and the rest of the market continues to gain momentum.

Significant developments and a strong bullish sentiment have built up over the past couple of months, and as a result, the top gainers during this bull run are coming from every sector of the market. This is the case of Dog-themed coins, which currently sit among the cryptocurrencies with the best performance over the last few days.

Dog-Themed Coins Are Soaring

Dog-inspired cryptocurrencies are some of the most popular coins among the crypto community. The trend started with the popular internet doge meme and has inspired some of the most recognizable memecoins in the market.

The largest by market capitalization in this category, Dogecoin, currently stays out of the top ten cryptocurrencies by this metric. However, it has remained close to the top with its 11th place.

The Dog-themed market cap has shown a 12.8% growth in the last 24 hours, as CoinGecko data shows. The sector’s market capitalization sits at an impressive $23.8 billion, and the dog-based coins trading volume reached over $4.25 billion in the last 24 hours.

The chart above shows that the top ten dog-inspired cryptocurrencies display positive performance, with green numbers all over the board in the last 7 days.

Impressive Performance From WIF, FLOKI And More

Dogecoin, Shiba Inu, and Bonk lead the dog-inspired market. However, none of these tokens are among the top five gainers on the last day or week.

At writing time, the coins that have seen the best performance in this category include dogwifhat (WIF), FLOKI (FLOKI), Samoyedcoin (SAMO), Myro (MYRO), and Chihuahua Chain (HUAHUA). Let’s take a look at the 3 top gainers:

Dogwifhat (WIF)

WIF’s price jumped 41.9% during the last day and now trades at $0.7765. Earlier today, the coin’s price recorded a new all-time high (ATH) after reaching $0.79.

Just last week, a crypto analyst predicted that the price of WIF was about to go “turbo parabolic” and possibly reach $1. Fans of the project have shown their excitement by suggesting that investors “keep their hats on” during this leg of the rally.

Dogwifhat’s daily trading volume of $123.5 million represents a 34.30% increase from one day ago. This hints at a recent rise in “hats being put on” after the token has shown an impressive 117.8% and 137.8% price jump in the last 7 and 30 days, respectively.

FLOKI

As previously reported, FLOKI has been soaring after DWF Labs announced its plans to strengthen its partnership with the project. The digital assets investment firm will purchase $10 million worth of FLOKI tokens directly from the project’s treasury over two years.

Since then, the token’s price has risen 37.7% in the last 24 hours. Currently trading at $0.00005973, FLOKI has maintained its gains over the week with an 85.4% price increase. Additionally, its performance recorded a 100.1% jump in the 30-day time frame.

According to CoinGecko data, FLOKI is outperforming the global crypto market with its performance in the last week. Similarly, it has increased its trading volume by 116.6% in 24 hours, with over $382 million.

Chihuahua Chain

Chihuahua Chain surprised the crypto community after becoming one of the largest global earners on the last day. Members of the ‘HUAHUA Army’ speculated if the token would break out of the downtrend seen after the token’s massive pump in December.

HUAHUA experienced a massive 48.4% price jump in the last 24 hours. The token went from its $0.00018 price to trade at $0.0003411. Its daily trading volume massively increased by 140.4% and currently sits at $1.017 million. This performance has been sustained over the last month, as the token’s price has grown 50.3%.

WIF, WIFUSDT

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FLOKI Skyrockets 32% Higher Following DWF Labs’ $10 Million Acquisition Plan

In a significant development for the Floki Inu memecoin, digital asset market maker investment firm DWF Labs has revealed its plans to purchase $10 million worth of FLOKI tokens. The announcement has triggered a remarkable surge in the token’s price, propelling it to a new 9-month high at $0.00005097.

DWF Labs Strengthens Partnership With Floki Inu

According to the official statement, DWF Labs will acquire the tokens directly from the Floki treasury over two years, reflecting DWF Labs’ commitment to support the protocol’s ecosystem. 

As announced, the firm recognizes the potential for an “explosive” bull run in the cryptocurrency industry and aims to leverage FLOKI’s utility and marketing strength to capitalize on this opportunity.

The partnership between Floki and DWF Labs was initially established in May 2023, when DWF Labs purchased $5 million worth of FLOKI tokens. Since then, DWF Labs has played a pivotal role in boosting FLOKI adoption. 

Through the partnership, DFW Labs reportedly facilitated key exchange listings, introduced Floki to influential industry projects, and publicly championed the token’s progress and achievements. DFW Labs concluded in the announcement:

This massive FLOKI token purchase will further deepen our relationship with DWF Labs while strategically positioning FLOKI for dominance in an increasingly competitive landscape during this bull run

Price Soars, TVL Rises, And Chinese TV Exposure

Exciting developments continue for FLOKI as it gains significant exposure on China’s national sports TV channels, CCTV5 and CCTV5+. This exposure results from a strategic market partnership announced in 2023, which took place during the ITTF World Team Table Tennis Championships Finals in Busan 2024.

According to the memecoin development team, this opportunity to be featured on mainstream Chinese television has introduced Floki and its sister asset, TokenFi (TOKEN), to an extensive audience of over 340 million people and solidified their presence in the Chinese market.

The Floki Inu team expressed their excitement about this milestone, emphasizing that being featured on mainstream Chinese television is remarkable, making them among the very few cryptocurrencies to receive such recognition.

Another achievement for Floki Inu is the success of their FlokiFi Locker, a decentralized finance (DeFi) crypto locker protocol. The team announced that the Total Value Locked (TVL) in the FlokiFi Locker had reached an all-time high of $111 million, setting a new record and highlighting the widespread adoption of the token’s utility products.

In addition, the team announced that the total value locked for staked FLOKI tokens has reached an all-time high of $105 million. This represents 25% of the token’s supply, with $105,313,899 worth of tokens locked and staked for up to 4 years.

This position of dominance in staking distinguishes the dog-themed token from other major “memecoins” such as DogeCoin (DOGE), Shiba Inu (SHIB), BONK, and PEPE, as FLOKI has the largest share of its supply staked among them.

FLOKI

The memcoin token is trading at $0.00004080, maintaining its gains with a surge of over 32% in the last 24 hours. As a result, the market capitalization has jumped to nearly $500 million, reaching $475 million, according to the latest update.

Additionally, the trading volume for FLOKI has significantly increased, reaching $204 million in the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com

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Floki Inu (FLOKI) Claps Back: Counters Bitget’s Claim Of Breaching 7-Day Listing Deadline

Recently, the cryptocurrency community has witnessed a heated dispute between the protocol Floki Inu (FLOKI) and the crypto exchange Bitget. 

The controversy arose following Bitget’s listing of TokenFi (TOKEN) and subsequent accusations of market manipulation, unauthorized listing, and insufficient solvency.

Bitget Faces Allegations Of Market Manipulation

On October 27, 2023, Bitget announced the listing of TokenFi (TOKEN) in the Innovation Zone of its Spot market. Shortly after the trading service for TokenFi commenced, significant price fluctuations were observed, prompting suspicions of market manipulation. 

Concerns were further raised when it was discovered that TokenFi’s project team had contributed less than $2,000 worth of tokens to the liquidity pool of decentralized exchanges (DEXes), suggesting potential manipulation of initial liquidity.

Moreover, an investigation of the TokenFi project uncovered additional issues, including an “opaque” token economy and an unclear vesting schedule. 

In light of these findings and to safeguard their users, Bitget decided to delist TokenFi (TOKEN) and initiated a buyback plan for users who held the token on its platform.

Floki Inu, responded strongly to the exchange’s actions, alleging that Bitget had violated their agreement not to list TOKEN until seven days after its launch. 

The meme coin protocol claimed to have had conversations with “several Tier 1 exchanges” and respected parties in the cryptocurrency industry. While these exchanges had expressed interest in listing TOKEN earlier, they agreed to honor Floki Inu’s request to wait for the stipulated period. 

However, Bitget, which, according to Floki Inu, was “the smallest exchange” among those involved, allegedly announced the listing of a fake version of the TOKEN token just 12 minutes before the official launch on the blockchain.

Floki Inu further asserted that Bitget had engaged in “deceptive trading practices,” manipulating TOKEN’s volume without evidence of holding the actual tokens. 

The protocol alleges that Bitget’s initial announcement had even stated that withdrawals would open 24 hours after trading began, potentially indicating an attempt to manipulate the token’s price. However, the market response did not align with Bitget’s expectations, resulting in a significant financial loss.

The situation escalated when users began reporting difficulties in withdrawing TOKEN from Bitget’s platform, with some users allegedly being banned for complaints. Floki Inu claimed to have contacted Bitget to address the issue, but the response was unsatisfactory, including a request to report liquidity issues to Bitget’s support team.

Floki Inu Alleges Bad Faith

Following subsequent discussions between Floki Inu and Bitget, it was revealed that Bitget required up to 1 billion TokenFi tokens to meet user withdrawal demands and cover their financial deficit. According to Floki’s response, this amounted to approximately 10% of TokenFi’s total supply, equivalent to around $20 million at the time of Bidget’s statement.

Furthermore, the protocol accused Bitget of acting in “bad faith” and attempting to resolve the situation through an over-the-counter (OTC) deal at a deeply discounted rate. 

The proposed discount of 90% from the market price raised concerns, as it was argued that Bitget should bear the responsibility for its actions and the resulting financial shortfall.

In response to Bitget’s announcement of delisting TokenFi and accusations of market manipulation, Floki Inu disputed the claims made by Bitget. They asserted that Bitget had listed the token against their explicit instructions and falsely accused the Floki Inu team of price manipulation. 

Floki also challenged Bitget to provide verifiable evidence of their TOKEN and FLOKI holdings, expressing concerns about Bitget’s overall solvency and risk management practices.

Ultimately, the protocol cautioned its users against trading or holding FLOKI on Bitget, citing the “troubling patterns” witnessed during the TokenFi incident. As the situation develops, the cryptocurrency community awaits further clarification and resolution regarding the allegations and the impact on affected users.

Floki Inu

Given these developments,  FLOKI has experienced a retracement of over 9% in the past 24 hours and is currently trading at $0.00003250. Nonetheless, the token has seen an impressive 85% increase over the past fourteen days. 

Featured image from Shutterstock, chart from TradingView.com