Memecoin Floki Launches Trading Bot, Price Immediately Rises

The developers of the memecoin Floki have introduced a trading bot tool that allows FLOKI holders to trade any token on the BNB Chain network.

Initially, the Telegram-based bot was made available to a small number of users in a beta testing phase to identify and fix any technical issues. It will later be expanded to Ethereum and other blockchains like Base. The developers expect this service to increase demand for the FLOKI token, as users will need to hold FLOKI to use the bot.

The bot will charge a 1% fee per transaction, with 50% of the collected fees used to buy FLOKI on the open market, thereby creating buying pressure.

This product is the latest addition to a series of utility tools and metaverse features that make up the Floki ecosystem.

FLOKI token was initially launched in 2021 as a Shiba Inu-themed meme coin. Since then, it has rebranded to become a utility token used to power Floki-based protocols and products.

Telegram-based trading bots started gaining popularity in early 2023 with the launch of Unibot. These bots allow users to trade tokens as easily as they can chat on the messaging app.

The appeal of such products likely stems from their ease of use compared to decentralized exchanges like Uniswap, where users must constantly log into wallets, cross-check token information, and incur high fees to ensure successful transactions.

Other meme coin projects like Bonk (BONK) on Solana have also launched their own trading bots, which have been widely embraced by their communities. For instance, Bonk’s BonkBot accounted for up to 70% of Solana’s on-chain transactions at one point, contributing to over $1 million in monthly buying pressure for BONK.

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Current FLOKI Price

Currently, Floki is trading at around $0.00027 with a market capitalization of $2.5 billion.

Source: CoinMarketCap