In a recent announcement, Bitget Exchange decided to delist TokenFi (TOKEN) tokens and implement a buyback plan, citing concerns of market manipulation, opacity of the altcoin economy, and undisclosed release cycles. This decision sent shockwaves through the crypto community as the Meme project is closely linked to Floki. Here are the details…
Bitget announced its altcoin delist decision
The official announcement titled “Announcement Regarding the Delisting of TokenFi (TOKEN) Tokens and the Redemption Plan” was published on October 31, 2023. According to Bitget, the exchange observed significant price fluctuations in TokenFi (TOKEN) tokens shortly after the start of trading. Upon further investigation, it was discovered that the project party had only placed less than $2,000 worth of tokens into the decentralized exchange (DEX) liquidity pool on the night that token trading began. This raised suspicions that liquidity was being squeezed maliciously to manipulate market prices.
Bitget also noted that TOKEN tokens have issues with token economy opacity and an undisclosed release cycle, prompting the exchange to take decisive action. The exchange’s response includes the following key measures:
- Immediate Buyback Plan: Bitget initiated a buyback plan on October 31, 2023. This action is accompanied by the suspension of trading services for TokenFi (TOKEN) tokens and the cancellation of all pending orders.
- Redemption Price Calculation: Bitget will repurchase TOKEN tokens based on the highest closing price within five days following the opening of trading (from October 27 to October 31). This price is determined as 1 TOKEN = 0.00605002 USDT.
- Fund Transfer: To facilitate user transactions, Bitget will equally transfer all funds in user accounts to exchange TOKEN tokens for USDT at the redemption price.
Delist did not affect the market
This development is important not only for Bitget Exchange users, but also for the broader cryptocurrency community. TokenFi’s relationship with the Floki project, known for its meme-inspired initiatives, adds intrigue to the story. Accusations of market manipulation and lack of transparency surrounding TokenFi’s token economy raise questions about the broader ecosystem of meme coins and projects in the cryptocurrency space. Meanwhile, the delist incident in question does not seem to have affected the price of TOKEN. Although the cryptocurrency dropped from $0.022 to $0.018, it rose to $0.19 at the time of writing. It increased by 12 percent in the last 24 hours.
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