The price of FLOKI surged 14% as the announcement of the private beta launch of the Floki cross-chain trading bot seemingly sparked investor excitement.
The price of FLOKI surged 14% on May 28 after the project’s X account announced the private beta launch of Telegram’s Floki trading bot, which supports multiple blockchain networks.
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The multi-chain Telegram bot allows users to buy and sell cryptocurrencies on various blockchains. The main feature of the Floki trading bot appears to be its fee structure, which charges a 1% fee for each transaction. Half of this fee is used to purchase and burn FLOKI tokens, which serve as the bot’s main utility token, and the other half is deposited into the Floki Treasury.
According to the announcement, this mechanism is designed to increase the usefulness of FLOKI and increase its value by accelerating deflation.
The closed beta, scheduled to last two weeks, will reportedly gather user feedback and identify potential bugs. Participants must submit a feedback report, trade at least four times per week, and complete an exit beta survey.
Those who perform these tasks will be rewarded with a bot wallet at the end of the beta period, with further details on rewards to be announced at a later date. After this news, the price of FLOKI rose 14%, reaching $0.0003037, according to CoinMarketCap.
As crypto.news previously reported, FLOKI’s price rise could also have come from other factors, such as Coinbase’s addition of the token to its perpetual futures list and the U.S. Securities and Exchange Commission’s (SEC) approval of an Ethereum ETF. Since Floki operates on the Ethereum (ETH) network, it makes sense that tokens built on blockchains such as FLOKI, PEPE, and SHIB would benefit from the SEC’s action.