Last weekend, the news that a new platform TokenFi was about to issue TOKEN attracted the attention of the community. In other words, its extensive and powerful marketing momentum pushed TOKEN into the communitys sight. But MEME Master Floki may not have a satisfactory start to this release.

Robot Feast

On October 26, Meme project Floki announced the launch of its cryptocurrency and asset tokenization platform TokenFi. According to the Floki team, TokenFi, which will launch with a small market capitalization of $50,000, aims to simplify the cryptocurrency and asset tokenization process and become the worlds leading tokenization platform. The official website will be launched on October 27, and multiple products are expected to be launched in the fourth quarter of 2024.

The total issuance of TokenFis token $TOKEN is 10 billion, and 10% of the tokens will be used to provide liquidity on Uniswap and PancakeSwap. Trading is expected to start at 15:00 UTC on October 27, 2023. Floki stakers will be rewarded with 56% of the supply over four years.

On the day TOKEN was issued, according to Dune data, the average gas fee of the Ethereum network reached a weekly peak of 67 gwei on October 27, which was several times higher than the average.

The high gas fee blocked many participants from the rising trend. The price of $TOKEN soared immediately after the opening. The price increased more than a hundred times within an hour. The opening price was 0.00005011 and an hour later it was 0.00537. The short-term increase was more than a hundred times. .

Contrary to the eye-catching gains are the gains of real participants. Most of those who were able to enter the market after the market opened came from front-running robots. Most participants generally responded that they were unable to buy and difficult to get on board.

Trading volume exceeded $20 million when it hit its highs, and then the price began to gradually move lower and trading volume gradually decreased. Retail investors who re-enter the market at this time are equivalent to being forced to take over. At the time of writing, $TOKEN’s trading volume is $1.66 million.

In addition, the trends on many trading platforms are completely different from those on the chain. After the market opened, some trading platforms did not even open deposit and withdrawal interfaces. $TOKEN once became a stand-alone currency, perfectly performing a pump dump.

On-chain analyst0x DEFCAFESaid in the tweet, Yesterdays TokenFi launch was completely wrong. An unknown trader with a custom sniper destroyed all the fastest snipers and ordinary buyers, causing them to lose millions of dollars, Ignore the crazy ether bribe of public sniper robots.

MEME Master got off to a bad start

On Twitter, discussions about TokenFi are very hot, and it is not difficult to see the traces of team promotion. Of course, even if we understand this, there are many participants who are willing to enter the market and hope to make profits. However, under the strong squeeze of trading robots, neither the team nor most community participants may be satisfied. harvest.

In addition to the track itself where TokenFi is located - the asset tokenization industry, which is expected to have a scale of US$16 trillion in 2030, is a hot spot, it is also worth paying attention to Floki, the team that operates TokenFi. The team took over and was responsible for operating the popular cryptocurrency Floki in 2021. Under its operation, Flokis value increased more than 875 times, and the token market value reached an all-time high of US$3.5 billion.

It can be observed that Floki has taken many actions in the promotion and marketing of TokenFi. From October 29th to November 5th, in the WTT Championship held by Floki in cooperation with the World Table Tennis Association (WTT), the names of Floki and TokenFi will reach the global audience through billboards on the court.

TokenFi is the Floki team’s first attempt to issue a new cryptocurrency in more than two years since its establishment. The Floki team said it only allocated 2% of TOKEN and locked it for four years. In TOKENs debut, the team may have unexpectedly encountered a large number of robot trading orders, a very eye-catching upward trend, and a trading volume that peaked and then shrank rapidly.