Robot Feast

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

TokenFi's token $TOKEN has a total circulation of 10 billion, with 10% of the tokens being used to provide liquidity on Uniswap and PancakeSwap. Trading is expected to begin on October 27, 2023 at 15:00 UTC. Floki stakers will receive 56% of the supply as a reward over a period of four years.

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

High gas fees have blocked many participants from the price surge. The price of $TOKEN soared immediately after opening, rising more than 100 times in an hour. The opening price was 0.00005011, and an hour later it was 0.00537, with a short-term increase of more than 100 times.

The opposite of the eye-catching increase is the real profit of the actual participants. Most of those who can enter the market after the opening are from the racing robots, and most participants generally respond with "unable to buy" and "difficult to get on board".

When the trading volume reached over $20 million at the peak, the price gradually began to decline and the trading volume decreased. At this point, retail investors who entered the market were essentially forced to buy at a higher price. As of the time of writing, the trading volume of $TOKEN is $1.66 million.

In addition, the trends on many trading platforms are completely different from those on the chain. After opening, some trading platforms do not even open recharge and withdrawal interfaces. $TOKEN has become a "standalone currency" and perfectly demonstrated a "pump & dump" scheme.

The on-chain analyst 0xDEFCAFE stated in a tweet that "Yesterday's TokenFi launch was completely botched. An 'unknown' trader with custom snipers destroyed all the 'fastest' snipers and regular buyers, causing them to lose millions of dollars, ignoring the insane 'Ether bribes' of public sniper bots."

"MEME Master" Starts Off Badly

On Twitter, discussions about TokenFi are very hot, and it is easy to see the traces of the team's promotion. Of course, even if you understand this, there are still many participants who are interested in entering and hoping to profit from it. However, under the strong squeeze of trading robots, both the team and most of the community participants may have difficulty achieving satisfactory results.

除了 TokenFi 所处的赛道本身——预计将在 2030 年拥有 16 万亿美元规模的资产代币化行业是一个热点外，值得关注还有运营 TokenFi 的团队 Floki。该团队曾在 2021 年接管并负责运营热门加密货币 Floki，在其运作下，Floki 增值超过 875 倍，代币市值历史高点曾达 35 亿美元。

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

You can observe that Floki has taken many actions in the promotion and marketing aspects of TokenFi. From October 29th to November 5th, Floki and TokenFi's names will reach a global audience through advertising boards on the court during the WTT Championships, which is held in collaboration with the World Table Tennis Association (WTT).

TokenFi is the first attempt by the Floki team to issue a new cryptocurrency in over two years. The Floki team claims that only TOKEN2% has been allocated and locked up for four years. In this "debut" of TOKEN, a large number of robot trading orders, impressive price increases, and rapidly shrinking trading volume after reaching its peak may have been an unexpected plot for the team.

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