FLOKI’s price surged 14% following the announcement of the closed beta launch of its cross-chain trading bot. On May 28, FLOKI's price spiked after the project's X account revealed the Telegram-based trading bot, which supports multiple blockchain networks, had entered closed beta.

In a post on X, Floki detailed that the closed beta, now live on the Ethereum, BNB Chain (formerly Binance Smart Chain), and Coinbase’s Base blockchain mainnets, provides early access to 150 users on a first-come, first-served basis. The multi-chain Telegram bot allows users to trade cryptocurrencies across various blockchains. Notably, the bot charges a 1% fee per trade, with half used to buy and burn FLOKI tokens, enhancing their utility, and the other half allocated to the Floki Treasury. This fee structure aims to boost FLOKI’s utility and promote its deflation, potentially increasing its value.

The closed beta will last two weeks, during which user feedback and bug reports will be collected. Participants must submit feedback, complete a minimum of four trades weekly, and finish an end-of-beta survey. Those who meet these requirements will receive rewards in their bot wallets, with reward details to be announced later. Following the announcement, FLOKI’s price rose to $0.0003037, according to CoinMarketCap.

As previously reported by crypto.news, other factors may have contributed to the price increase, such as Coinbase adding FLOKI to its perpetual futures list and the U.S. SEC approving Ethereum ETFs. Given that Floki operates on the Ethereum network, these developments likely benefited tokens like FLOKI, PEPE, and SHIB.