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The TokenFi price has rallied more than 21% over the last 24 hours to trade at $0.0186 as of 7:00 a.m. EST, amidst news that Bitget has delisted TOKEN just four days after listing it.
TokenFi, which was launched on Oct. 27 by the Floki team after being hidden for a long time, experienced a rise of over 500% over the last three days according to data from DEXTools.
FLOKI’S SISTER TOKEN TOKENFI IS NOW LIVE AND TRADABLE#Floki’s sister token, TokenFi, with the ticker $TOKEN, is now live and tradable on Uniswap and PancakeSwap!@TokenFi is a crypto and asset tokenization platform that aims to capitalize on the trillion-dollar tokenization… pic.twitter.com/BV2xxv6SHj
— FLOKI (@RealFlokiInu) October 27, 2023
At the time of writing TOKEN has a market value of $17.6 million and a trading volume of $6.67 million which is up more than 245% on the day. TokenFi features among the top trending cryptocurrencies on DEXTools today.
Trending Cryptos on DEXTools
While TOKEN was recording this impressive performance, Bitget, a Seychelles-based cryptocurrency exchange, announced on Oct. 31 that it was listing the TokenFi crypto. Bitget had listed TokenFi on Oct 27, but after just a few days of trading, decided to remove the token from its platform.
#Bitget New Listing #TokenFi x Bitget @tokenfi
Bitget will List $TOKEN in Innovation and Meme Zone.
Deposit is open.
Trading will open: TBD✅ Trade $TOKEN on #Bitget https://t.co/DLIPjpAZmV
Listing:https://t.co/eigABAkZVy
— Bitget (@bitgetglobal) October 27, 2023
The exchange cited “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.”
This swift delisting raises concerns about TokenFi’s credibility 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.
#TokenFi / $TOKEN is on track to become a serious contender in the projected $16 trillion tokenization industry!
Don't blink, because @TokenFi is moving fast with major partnerships lined up that we will be dropping in due time. https://t.co/L0HYolZLRK
— FLOKI (@RealFlokiInu) October 30, 2023
However, Bitget’s delisting announcement paints TokenFi as a questionable project with opaque tokenomics, claims that could adversely affect its price in the near term.
TokenFi Price Stares Into an Abyss As Losses To $0.0065 Loom
The TOKEN price was trading in a third straight bearish session on the hourly time frame. The price was turning down after the news on Bitget delisting hit the wires.
TokenFi had formed a rounded top chart pattern on the hourly chart (see below.) This pattern is formed when an asset initially rises toward a high, indicating an excess supply even as volume decreases.
A reversal to a downward trend occurs when bears book profits at higher levels, selling the asset in volumes. This increases supply for the asset, which in turn causes the price to drop. Once the rounding top is complete, the asset breaks out to start a massive move downward.
In this case, increased selling pressure could see TokenFi drop below the 50-hour Simple Moving Average (SMA) at $0.0168 to seek solace from the rounded top pattern’s neckline at $0.0150.
The technical formation would be confirmed once the price produced an hourly candlestick close below this level. Such a move would set TokenFi a free fall toward the pessimistic target of the governing chart pattern at $0.0065, representing a 65% decline from the current price.
TOKEN/USD Hourly-Chart
Apart from the significantly bearish technical formation, the Relative Strength Index (RSI) reinforced the bears’ market dominance. This trend-following oscillating indicator had just crossed the middle line to enter the negative region.
The price strength at 48 indicated that the sellers had begun taking control of the momentum of the price, adding credence to TOKEN’s pessimistic outlook.
On the other hand, TokenFi could turn up from the current level to continue the uptrend. An hourly candlestick close above the 20-hour EMA at $0.0205 would invalidate the negative thesis and initiate a fresh recovery toward the $0.022 psychological level.
Breaking this resistance would see the Floki Inu-backed token rise to tag the pattern’s top at $0.02352. This would represent a 20% uptick from the current price.
TOKEN Alternatives
One of the best alternatives to TokenFi in the market today is $MK, the native cryptocurrency of the Meme Kombat ecosystem. While $MK is a meme token, it can be leveraged to earn staking rewards and wagering benefits on Meme Kombat’s Battle Arena.
The presale launched in late September but has already raised more than $951,00 from early backers.
The $MK presale has passed $900k raised🙌
LFG fighters! We are so back! pic.twitter.com/Wb4Wi3T78c
— Meme Kombat (@Meme_Kombat) October 31, 2023
The project also offers a staking feature where users can stake the $MK token on the ecosystem to earn passive income. Presale investors will receive a 112% staking APY (Annual Percentage Yield).
Once you purchase $MK on presale, the tokens will automatically be staked on the staking contract. To get the presale staking yields, users must re-stake their tokens for one lock-up round after the presale ends. The lock-up period is only 14 days.
Interested investors can purchase Meme Kombat for just $0.1667 on presale using ETH or USDT as well as BNB on the BSC Chain. The price is set to increase to $0.183 in the near future.
Visit the Meme Kombat website here for more information on how you can participate in the presale.
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