The price of FLOKI soared by 14% on May 28, spurred by the announcement of the Floki cross-chain trading bot's closed beta launch on Telegram. This significant price hike reflects the excitement among investors following the news.

The Floki project, in an X post, detailed that the closed beta is now operational on the Ethereum, BNB Chain (formerly Binance Smart Chain), and Coinbase's Base blockchain mainnets. Early access has been granted to 150 users on a first-come, first-served basis, allowing them to buy and sell cryptocurrencies across different blockchains via the multi-chain Telegram bot.

A standout feature of the Floki trading bot is its fee structure. It imposes a 1% fee on each trade, with half of this fee allocated to purchasing and burning FLOKI tokens, which are the bot’s primary utility token. The remaining half is deposited into the Floki Treasury. This mechanism aims to boost the utility of FLOKI and accelerate its deflation, thereby enhancing its value.

The closed beta, which will run for two weeks, is designed to gather user feedback and identify any potential bugs. Participants are required to submit feedback reports, trade at least four times per week, and complete an end-of-beta survey. Those who meet these requirements will receive rewards in their bot wallet at the end of the beta period, with details about the rewards to be announced later.

Following this announcement, the price of FLOKI surged to $0.0003037, according to CoinMarketCap, reflecting a 14% increase. This price pump is attributed not only to the launch of the trading bot but also to other favorable developments. Notably, Coinbase added FLOKI to its perpetual futures list, and the U.S. Securities and Exchange Commission (SEC) recently approved Ethereum ETFs. Since Floki operates on the Ethereum network, tokens built on the blockchain, such as FLOKI, PEPE, and SHIB, have benefited from the SEC's actions.

Overall, the launch of the Floki cross-chain trading bot and the accompanying investor enthusiasm have significantly bolstered FLOKI's market performance, highlighting the project's innovative approach and the growing interest in its ecosystem.