FLOKI price soars 14% following launch of Telegram-based trading bot
FLOKI’s price jumped 14% as the announcement of the Floki cross-chain trading bot’s closed beta launch seemingly ignited investor excitement.
The price of FLOKI surged 14% on May 28 after the project’s X account announced the launch of the Floki trading bot’s closed beta on Telegram with support for multiple blockchain networks.
In an X post, Floki said the closed beta, now live on the Ethereum, BNB Chain (formerly Binance Smart Chain), and Coinbase’s Base blockchain mainnets, offers early access to 150 users on a first-come, first-served basis.
With the multi-chain Telegram bot, users can buy and sell cryptocurrencies across different blockchains. A key feature of the Floki trading bot appears to be its fee structure, which charges a 1% fee on each trade. Half of this fee is used to purchase and burn FLOKI tokens, which function as the bot’s main utility token, while the remaining half is deposited into the Floki Treasury.
The announcement reads the mechanism is designed to boost the utility of FLOKI and accelerate its deflation, thereby increasing its value.
The closed beta, set to last for two weeks, will reportedly gather user feedback and identify any potential bugs. Participants are required to submit feedback reports, trade a minimum of four times per week, and complete an end-of-beta survey.
Those who fulfill these tasks will receive rewards in their bot wallet at the end of the beta period, with details about the rewards to be announced later. Following the news, FLOKI’s price witnessed a 14% increase, soaring to $0.0003037, as per CoinMarketCap.
As crypto.news reported earlier, the price pump for FLOKI could also have come from other factors like Coinbase adding the token to its perpetual futures list, and the U.S. Securities and Exchange Commission’s (SEC) approval of Ethereum ETFs. Since Floki operates on the Ethereum (ETH) network, it would make sense for tokens built on the blockchain, like FLOKI, PEPE, and SHIB, to benefit from the SEC’s actions.
