Bitget Exchange has announced that it will delist TOKEN, the digital currency of TokenFi, due to allegations of price manipulation. This decision comes just days after TOKEN was listed on October 27. To compensate TOKEN holders, Bitget has initiated a 5-day buyback plan, offering compensation at the peak trading value in the form of USDT.
According to Bitget’s policy, newly listed tokens are placed in the Innovation Zone for 60 days. However, the exchange accused the Floki team behind TokenFi of financial malpractice, pointing out the low liquidity on decentralized exchanges and raising concerns about TOKEN’s tokenomics. Bitget believes that delisting is necessary to protect its users’ interests.
In response to these allegations, the Floki team clarified their stance. They revealed that they had requested exchange partners not to list TokenFi for a week after its launch and wanted to implement a community-driven decision-making process through a DAO vote. Despite this, Bitget went ahead with the listing and even mistakenly listed a fake version of TokenFi before the official launch. The Floki team emphasized that they did not authorize any exchange to list TokenFi and urged users to stay informed and cautious.
The current market situation for TOKEN and FLOKI is mixed. TOKEN has experienced a 20% price surge, reaching $0.01927, with a market cap of $18.15 million, far exceeding the initial projection by the Floki team. On the other hand, FLOKI has faced a 5.83% dip and is now priced at $0.00003483, falling out of the top 100 cryptocurrencies.
The coming days will be crucial in determining the long-term impact of Bitget’s delisting decision on TOKEN and its effect on Floki’s market position.
**Hot Take: Bitget Delists TOKEN Due to Price Manipulation Allegations: What’s Next for TOKEN and FLOKI?**
Bitget Exchange has made the decision to delist TOKEN, the digital currency of TokenFi, following allegations of price manipulation. Despite being listed just days ago, Bitget initiated a buyback plan to compensate TOKEN holders at its peak trading value. The exchange accused the Floki team of financial malpractice, citing low liquidity and concerns about TOKEN’s tokenomics.
In response, the Floki team clarified that they had requested exchanges not to list TokenFi for a week and wanted a community-driven decision-making process. They emphasized that they did not authorize any exchange to list TokenFi.
TOKEN has seen a significant price surge, while FLOKI has experienced a dip. The impact of Bitget’s decision on TOKEN and Floki’s market position remains uncertain.
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