The dog-themed memecoin FLOKI faces price decline amid bearish momentum due to scam tokens.
- FLOKI issues a warning against scam tokens. FLOKI declines by 11.10%, but MACD signals bullish momentum.
Floki [FLOKI], a multichain token on Ethereum [ETH] and Binance Smart Chain [BSC], recently alerted its community on X (formerly Twitter) about a scam involving counterfeit tokens falsely claiming association with its brand.
What’s the warning all about?
This warning was prompted by the appearance of numerous fraudulent tokens on the Solana and Base blockchains, which have been misleading investors.
In an effort to protect its community, Floki issued a cautionary message through its official X handle and noted,
“It has come to our attention that there are scams claiming #Floki has a token on #Base or #Solana. Please note: $FLOKI is ONLY tradeable on the $BNB and $ETH chains.”
To offer further clarity, Floki shared its official chain addresses with its users.
Source: FLOKI/X
Community reacts
The community reacted to the news, with many expressing relief and sharing related experiences. An X user TourBillion, took to the social media platform and said,
“Yesterday, someone said Floki has a token on $Doge.”
Another X user Roro X said,
“When #FLOKI explodes, it’s the best crypto in the world and when it goes down, it’s a scam!”
Floki’s roadmap ahead
Despite recent criticism and scams related to fraudulent tokens, FLOKI remains committed to its growth and user benefits.
In fact, recently in March, the dog-themed memecoin unveiled its 2024 roadmap, which highlights various upcoming features and utility-driven initiatives.
Source: FLOKI/X
These plans include offering regulated digital banking accounts, allowing users to create and fund bank accounts using FLOKI tokens.
This initiative underscores FLOKI’s dedication to expanding its ecosystem and providing valuable services to its community amid various challenges.
FLOKI’s price action
In the meantime, despite the warning, FLOKI’s price action seems to have been affected by the scam. According to CoinMarketCap, FLOKI at press time was down by 11.69%, changing hands at $0.0001558, highlighting strong bearish momentum.
However, the technical indicator MACD lying above the signal line and the green histogram above the neutral line indicate that buyers are still outpacing sellers.
Source: TradingView
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