Demand for Floki Inu Causes Shortage on Exchanges; Pump Incoming?

Paigambar Mohan Raj
Source: The Coin Times

The Huobi team had a serious shortage of tokens on the BNB Chain due to the strong demand for Floki Inu (FLOKI) on the Huobi exchange. Huobi reached out to the Floki team to assist bridge 50 billion FLOKI tokens from the Ethereum blockchain to the Binance Smart Chain.

To make this transaction possible, the Floki Inu team transferred 50 billion FLOKI tokens from the Floki treasury to the BSC Chain and transmitted them to Huobi, who subsequently returned the tokens to Floki’s ETH multisig treasury wallet.

The transfer was done via a series of transactions.

The first transaction was a 50 billion FLOKI token withdrawal from the Floki deployer. The second was the Floki deployer’s deposit of 50 billion FLOKI tokens to the FLOKI bridge on the ETH network. The third transaction was the withdrawal of 50 billion FLOKI tokens from the BSC network’s FLOKI bridge. The fourth transaction saw a transfer of the bridged 50 billion FLOKI tokens to Huobi on the BSC network.

Huobi then made three transactions to return 50 billion FLOKI tokens to the Floki multisig treasury wallet.

Floki Inu pump incoming?

A sudden demand for Floki Inu could be because FLOKI ads were finally permitted by the Advertising Standards Authority, UK. This may have gotten people’s attention, leading to a sudden purchasing drive.

Floki Inu has been on a downward spiral for the entire year so far. At press time, FLOKI was trading at $0.00001915, down -30.3% in the 7-day chart, down -36.9% in the 14-day chart, and a disappointing -49.1% down on the monthly chart. Moreover, the project is 94% down from its all-time high of $0.00033651, which it attained in November of 2021.

The shortage of Floki Inu tokens could also be attributed to the fact that people may now be attracted to its cheap rate. But there doesn’t seem to be any positive movement in terms of the tokens price.