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This bot could fuel buying pressure on the Shiba Inu-themed Meme Floki coin
Floki developers today introduced a trading bot tool that allows FLOKI holders to trade any token on the BNB Chain network, the developers told CoinDesk in a Telegram interview.
The Telegram-based bot will initially be available to a limited number of users during a beta testing period to identify and resolve any technical bugs. Developer B said public availability is expected in “mid-June.”
B said the service will later be extended to the Ethereum and Base blockchains. The developers expect the service to increase demand for FLOKI tokens, because users will have to hold the coin to use the bot.
The bot charges a 1% commission on each transaction, and 50% of the collected commissions will be used to buy FLOKI on the open market, contributing to the buying pressure.
The product is the latest release in a line of utility tools and a metaverse that are part of the Floki ecosystem. The token was initially launched in 2021 as a meme coin inspired by the Shiba Inu dog breed. It has since been rebranded as a utility token that powers Floki-based protocols and products.
Telegram-based trading robots started gaining popularity in early 2023 with the launch of Unibot. These bots allow users to stake tokens as easily as they can chat with each other on the messaging app.
The appeal of such products is likely due to the ease of use compared to a decentralized exchange, such as Uniswap, where users must continually log in to their wallet, verify whether all token information is correct, and encounter high fees to secure the their trades are successful.
Meme coin projects like Solana-based Bonk (BONK) have already launched their own trading robots, which have proven popular in their community. Bonk’s BonkBot, for example, was responsible for up to 70% of all on-chain transactions on Solana at one point, B said, contributing more than $1 million in buying pressure on BONK monthly.