By Jane Doe
Bitget, a prominent cryptocurrency exchange, recently announced its decision to delist TOKEN, the native asset of TokenFi. This action came a mere five days after TOKEN’s listing on October 27 and was largely influenced by allegations of price manipulation leveled against TokenFi.
As part of its commitment to user protection, Bitget initiated a 5-day buyback plan, concluding on November 7, to compensate TOKEN holders for their losses. This compensation will be
disbursed as USDT at the peak trading value of TOKEN.
Bitget’s decision was in line with its policy of placing new tokens in an Innovation Zone for a 60-day observation period. However, the exchange quickly discovered discrepancies in TOKEN’s liquidity and tokenomics, which prompted the delisting.
In response to Bitget’s accusations, the Floki team, the entity behind TokenFi, has put forth its perspective. They emphasized that they had requested exchange partners to postpone TokenFi’s listing for one week, a measure intended to allow for the implementation of a DAO vote on the matter.
Despite this request, Bitget proceeded with the listing, inadvertently listing a fraudulent version of TokenFi moments before the official launch. The Floki team reiterates that no official authorization for the listing was granted and advises users to exercise caution.
The current market landscape presents a mixed picture for TOKEN and FLOKI. While TOKEN has experienced a surge in price, reaching $0.01927, its market cap remains significantly above the initial projection of $50,000 made by the Floki team.
In contrast, FLOKI has suffered a decline, dropping to $0.00003483 and falling out of the top 100 cryptocurrencies. The long-term effects of Bitget’s decision on both TOKEN and FLOKI remain to be seen.
Disclaimer
The opinions expressed in this article are those of the author and do not necessarily represent the views of Bitget, TokenFi, the Floki team, or any other organization. The information provided is for informational purposes only and should not be construed as financial advice. Do your own research before making any investment decisions.
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