Floki developers have launched a Telegram-based trading bot for FLOKI token holders on the BNB Chain network. This bot aims to boost demand for FLOKI tokens by adding buying pressure through a 1% transaction fee, with half of the fees used to purchase FLOKI on the open market.

The new trading bot allows FLOKI holders to trade any token on the BNB Chain network. Initially, the bot will be available to a limited number of users during a beta testing phase to identify and fix technical issues, with a public release expected by mid-June. The service will later expand to the Ethereum and Base blockchains. Users will need to hold FLOKI tokens to use the bot, which is expected to increase the token's demand.

The bot charges a 1% fee on each transaction, with 50% of the collected fees being used to buy FLOKI on the open market, thereby increasing buying pressure.

This trading bot is part of the broader Floki ecosystem, which includes utility tools and a metaverse. Initially launched in 2021 as a meme coin inspired by the Shiba Inu dog breed, FLOKI has since evolved into a utility token that supports various Floki-based protocols and products.

Telegram-based trading bots gained popularity in early 2023 with the introduction of Unibot, offering a simpler trading experience compared to decentralized exchanges like Uniswap, which require constant wallet logins, verification of token information, and handling high fees. Other meme coin projects, such as Solana-based Bonk (BONK), have also introduced their own trading bots, which have been well-received by their communities. For instance, Bonk’s BonkBot was responsible for up to 70% of on-chain trades on Solana at one point, adding over $1 million in buying pressure to BONK monthly.

FLOKI prices have risen by 17% in the past 24 hours, while the CoinDesk 20 (CD20) index has gained 0.27%.