Floki Issues Alert on Fraudulent Tokens on Solana and Base

Floki team has alerted users to scam tokens on Solana and Base networks fraudulently associating with the project.

In a post on its official X handle, the meme coin team explicitly stated that FLOKI was only on Ethereum and BNB Smart Chain (BSC), listing the token contract addresses on the network.

Floki Imitators Flood Solana and Base

The warning comes amidst the proliferation of meme coins imitating Floki on Solana and Base networks. A quick search on GeckoTerminal will reveal several meme coins with Floki as part of their name. However, most of these imitators have a micro market cap worth only a few thousand dollars, a far cry from original coin’s $1.6 billion market capitalization.

“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. Any other claims are false and attempts to deceive. Stay safe and always verify information from official sources,” the project’s team stated.

Still, these scam tokens can easily mislead new investors since Solana and Base are popular networks with high memecoin trading volumes. Earlier this year, BeInCrypto reported that investors were turning to these networks for potential low-cap tokens with high return potential.

Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide

Despite limiting itself to BSC and Ethereum, Floki has made giant strides to expand its ecosystem. The project released a report for the first half of the year, showing the launch of Floki Name Service and a Trading Bot.

Floki also partnered with Web3 investor and market maker DWF Labs, which led to the firm buying $22 million worth of tokens. Another partnership was with the Web3 browser Carbon, which could improve meme coin’s presence. Additionally, its DAO burned approximately 2% of token supply to drive the long-term security and stability. 

“Looking ahead, Floki’s roadmap outlines several exciting developments. Key milestones include the Valhalla Mainnet Launch, which promises to bring a new dimension to the Floki ecosystem with its flagship metaverse game, and the launch of the University of Floki, aimed at providing educational resources,” Floki team added.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

These developments have positively impacted Floki’s price. Although the asset is down about 35% in the last 30 days, it is up 359% year-to-date, according to BeInCrypto data.