The price of the Floki Inu token (FLOKI) rose more than 30% in recent weeks. In the last few hours, the rise accelerated after the presentation of a trading bot that is used within the messaging application, Telegram. In this way, the memecoin that carries the name of Elon Musk's dog, reached $0.0003098. The Valhalla Metaverse Digital Token It is thus approaching its historical maximum prices (ATH), which reached November 4, 2021, when its price reached 0.0003365, according to CoinGecko. The following graph shows the FLOKI price movement in the last week:
FLOKI price for the last 7 days. Source: TradingView. In addition, during this Tuesday, May 28, FLOKI reached a historical record of total value locked (TVL) with 820 million dollars in two ecosystem products: Floki Staking (700 million dollars) and Floki Locker (120 million dollars).
How does the FLOKI trading bot work?
According to the memcoin development team, this tool allows holders of the digital currency to exchange any token on the Ethereum and BNB Chain network. In the first instance, this trading bot will only be available to a group of 150 users, who will carry out beta tests to verify technical flaws. The FLOKI team's goal is to launch it in mid-June.
ANNOUNCING: The Floki Trading Bot Closed Beta Mainnet LaunchWe're pleased to announce the launch of the Closed Beta of the Floki Trading Bot on the mainnets of the Ethereum, BNB, and Base blockchains! The beta is currently open to an initial 150 users on a first come first… pic.twitter.com/Yr1FSYzmg6— FLOKI (@RealFlokiInu) May 27, 2024
According to the publication on the official X account, the Floki Trading Bot charges a 1% fee on each trade and uses FLOKI as a utility token. “50% of this fee buys and burns FLOKI, while the rest goes to Floki's Treasury. This will improve the utility of the FLOKI token while accelerating its deflation,” the post highlights. For the moment, the novelty showed a increase in token purchase interestto such an extent that it shot up to levels similar to those recorded in the month of March.
This type of development gives FLOKI greater utilitywhich is thus differentiated from other memecoins that – as can be read in Criptopedia, the educational section of BitcoinDynamic -, in general, are simply internet jokes without any real functionality.