Cryptocurrency exchange Bitget announced today that it is delisting TokenFi (TOKEN), a new token affiliated with popular memecoin Floki Inu. Bitget had listed TokenFi on October 27th, but after just a few days of trading, decided to remove the token from its platform.
In its announcement, Bitget cited “significant price fluctuations” and a lack of liquidity as reasons for the delisting. The exchange said the TokenFi team added less than $2,000 of tokens to liquidity pools and was potentially manipulating the price.
This swift delisting raises concerns around the credibility of TokenFi and the quality of tokens associated with the Floki Inu ecosystem. Floki Inu has promoted TokenFi as a flagship project on its roadmap, calling it the “Floki Metaverse” in communications with investors.
However, Bitget’s delisting announcement paints TokenFi as a questionable project with opaque tokenomics. The exchange also mentioned discovering “more potential issues” upon further investigation, suggesting deeper problems with TokenFi.
While Floki Inu maintains a dedicated fanbase, this delisting brings negative attention and scrutiny to the memecoin project. It may hurt confidence in future ecosystem tokens associated with Floki Inu. The Floki Inu team also faces pressure to address the situation and distance themselves from TokenFi.
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For now, the Floki Inu team has not issued any statement on the Bitget delisting. But this event underscores the risks of memecoin projects hastily launching ancillary tokens without proper vetting. It remains to be seen if this delisting will have short-term or long-term impacts on Floki Inu’s brand and community.
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