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The TokenFi price has risen more than 40% over the last 24 hours to trade at $0.03696 as of 7:00 a.m. EST even as the dispute between the Floki Team and Bitget about “fake token listing” and market manipulation escalates.
TOKEN rose to an all-time highs (ATH) at $0.03761 on Uniswap during the mid-European trading session on Wednesday. Its market capitalization has also soared, crossing the $27 million mark, according to data from CoinMarketCap.
This impressive performance from TokenFi comes despite the ongoing controversy between Floki and Bitget crypto exchange over allegations of market manipulation concerning the listing and delisting of TOKEN, a reward token recently launched within the Floki ecosystem.
The parties are using social media and blog posts as battlefields with each pointing fingers at the other.
On Oct. 31, Bitget announced that it had delisted the token citing “significant price fluctuations” and a lack of liquidity as reasons for the delisting. According to Bitget, the TokenFi team added less than $2,000 of tokens to liquidity pools and was potentially manipulating the price.
The announcement further read, “In addition, during a further investigation of the project, more potential issues such as an opaque token economy and an unclear vesting schedule have been discovered.”
While this raised concerns about TokenFi’s credibility and the quality of tokens associated with the Floki Inu ecosystem, the Floki team defended itself saying that Bitget had listed a “fake token” after ignoring requests of waiting for a week.
According to an Oct. 31 post on X, Floki said that Bitget allegedly violated a preliminary agreement to list the token seven days after its official launch.
SETTING THE RECORDS STRAIGHT ABOUT THE UNAUTHORIZED BITGET $TOKEN LISTING
On October 18, 2023, we put up a DAO proposal to launch the Floki staking program and a reward token that will target a trillion-dollar industry with strong potential. While we didn’t mention it in the DAO… pic.twitter.com/JGnlKmR0lo
— FLOKI (@RealFlokiInu) October 31, 2023
According to the post, Bitget went ahead and listed TokenFi before its intended launch time, calling the act a “fake token” listing.
The listing was followed by millions of dollars in trade without equivalent assets to facilitate user withdrawals. Bitget’s situation requires 10% of the TokenFi total supply, to make the exchange whole after its $10 million deficit.
Meanwhile, Bitget refutes these accusations, claiming that Floki itself is “suspected of market manipulation by maliciously controlling the initial liquidity.”
Announcement on The Delisting of TokenFi (TOKEN) and Buyback Plan
Full details below:https://t.co/gMsQwasQ5p
— Bitget (@bitgetglobal) October 31, 2023
The exchange has offered to buy back TOKEN from its customers, covering any losses at peak price levels before delisting. Nonetheless, this means that investors will not experience any appreciation of TOKEN post-delisting.
It remains to be seen what repercussions the friction between these two entities will have on TokenFi’s future.
TokenFi Price Surges to New Record Highs
TOKEN is trading at all-time highs above $0.036 and appears on track to hit new price discoveries. The Relative Strength Index (RSI) at 75 in the overbought region indicated that the buyers dominated the market.
They will now try to push TOKEN price higher with the first target being the $0.040 psychological level. The next logical move above this would be toward $0.050. Such a move would result in a 35% climb from the current price.
TOKEN/USD Hourly Chart
On the flipside, the sellers could give in to their profit-booking appetite and sell their TOKEN at the current levels. This is reinforced by the overbought conditions displayed by the RSI.
If a correction takes place, TokenFi price may drop toward the upper boundary of the ascending parallel channel at $0.0330. The next move lower would take TOKEN to the lower boundary of the channel at $0.027 or to the rounded tops high at $0.02352.
TOKEN Alternatives
Meme Kombat (MK) is generating significant excitement in the crypto market as it introduces a new concept by merging the worlds of memes and battle arenas, where participants can engage in AI-powered duels featuring renowned meme mascots.
These entertaining battles will be decided and recorded on the Ethereum blockchain, guaranteeing transparent and verifiable outcomes. As anticipation builds for the platform’s official launch, the Meme Kombat team has already passed the $1,000,000 mark during its ongoing presale.
WE DID IT FIGHTERS!
We reached $1 MILLION in our presale raise🔥⚔️ pic.twitter.com/SvCu1zoj36
— Meme Kombat (@Meme_Kombat) November 1, 2023
Investors have the opportunity to purchase MK tokens through the presale, with the added incentive of earning staking rewards boasting an impressive 112% annual percentage yield (APY). Notably, 30% of the total token supply has been earmarked to fund these rewards.
A further 10% of the token supply has been allocated for enhancing DEX (Decentralized Exchange) liquidity, a critical factor for newly introduced tokens that ensures fluid trading and price stability upon listing on various exchanges.
For potential investors, MK tokens can still be acquired through the presale at the current rate of $0.1667, although this pricing opportunity will only remain valid for the next two days before an increase.
All indications point to an exciting journey for Meme Kombat as 2023 progresses, making it a potential star in the crypto landscape Jacob Crypto Bury discusses with his over 23,000 YouTube subscribers.
Visit Meme Kombat here for more details.
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