Bitget Exchange has announced its decision to delist TOKEN, TokenFi’s digital currency, due to allegations of price manipulation. This move comes just days after TOKEN was listed on October 27. In response, Bitget has initiated a 5-day buyback plan, aiming to compensate TOKEN holders at the peak trading value in USDT.
Bitget has accused the Floki team, the creators of TokenFi, of financial malpractice. They raised concerns about the token’s unclear tokenomics and pointed out that only $2,000 liquidity was placed on decentralized exchanges. Bitget believes that delisting TOKEN is in the best interests of its users.
The Floki team has responded to these allegations by clarifying their stance. They claim that they requested exchange partners not to list TokenFi for a week after its launch and intended to implement a community-driven decision-making process through a DAO vote for listing. Despite this, Bitget went ahead with the listing and even mistakenly listed a fake version of TokenFi.
Currently, TOKEN has experienced a 20% surge in price, reaching $0.01927, with a market cap of $18.15 million. On the other hand, FLOKI has seen a 5.83% dip and is now priced at $0.00003483, moving out of the top 100 cryptocurrencies.
The next few days will be crucial in determining the long-term impact of Bitget’s delisting decision on TOKEN and Floki’s market position.
Hot Take: Bitget Delists TokenFi’s TOKEN Amid Allegations of Price Manipulation
Bitget Exchange has made the decision to remove TOKEN from its platform due to allegations of price manipulation. The move comes shortly after TOKEN’s listing on October 27. In response, Bitget is implementing a buyback plan to compensate TOKEN holders at its peak trading value.
Bitget accuses the Floki team behind TokenFi of financial malpractice, citing concerns about the token’s unclear tokenomics and low liquidity on decentralized exchanges. The Floki team denies authorizing any exchange to list TokenFi and emphasizes their request for a community-driven decision-making process.
Currently, TOKEN has seen a price surge of 20% and has a market cap of $18.15 million, while FLOKI has experienced a dip and moved out of the top 100 cryptocurrencies.
The impact of Bitget’s delisting decision on TOKEN and Floki’s market position remains to be seen in the coming days.
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