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Floki vs Bitget: Unraveling the new controversy over TokenFi listing

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Memecoin project Floki and crypto exchange Bitget accused each other of inappropriate conduct over listing of TokenFi token.

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  • Floki rejects foul play on its part over token listing. 
  • Bitget earlier delisted the token over concerns of market manipulation.

The controversy surrounding the listing of Floki’s [FLOKI] newly-launched token TokenFi [TOKEN] took a sharp new turn as the memecoin project strongly rebutted allegations from crypto exchange Bitget.


How much are 1,10,100 FLOKIs worth today?


The Floki vs Bitget saga

The drama erupted on Halloween when the trading platform announced delisting of Floki’s new token over concerns of “market manipulation”.

Bitget claimed that the Floki team tried to control initial liquidity by adding just $2,000 worth of tokens to the liquidity pool on decentralized exchanges (DEXes).

Upon further scrutiny, Bitget said it found more red flags such as “an opaque token economy and an unclear vesting schedule.”

Within hours of the claims, Floki took to social media platform X to clarify its stance. In a long and strongly-worded post, Floki claimed several lapses on the part of Bitget during the entire process.

Floki said that it asked centralized exchanges (CEXes) not to list TokenFi until at least seven days of it going live on DEXes. This was because a vote regarding the listing of the token was pending with the Floki decentralized autonomous organization (DAO).

While other exchanges accepted this arrangement, Bitget went ahead and announced a listing as soon as the launch details were made public last week, Floki alleged.

Furthermore, Floki said that Bitget listed a fake replica of original TOKEN before it was made available for trading on-chain. Hence, users weren’t able to send these assets to their wallets.

In its defense, Floki reminded the world about its repeated warnings on unauthorized listings. Long story short, Floki accused crypto exchange Bitget of enabling fraudulent purchases of fake TOKEN on its platform.


Realistic or not, here’s FLOKI’s market cap in BTC terms


FLOKI pulls back

The controversy continued to grab the attention of industry observers. Meanwhile, the hype around TOKEN failed to diminish. The tokenization platform token exploded 63559% since its launch, data from CoinMarketCap showed.

However, memecoin FLOKI started feeling the pinch. The dog-themed token shed more than 5% of its value amidst allegations and counter-allegations. The price dip reversed the gains made following the announcement of the project last week.

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Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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