Why Dogecoin Rival Floki Inu (FLOKI) Is Down Almost 30% This Week Alongside Bitcoin, Ethereum

Floki Inu FLOKI/USD is trading lower by around 27.12% to the $0.000008-level over the past week. Several altcoins are experiencing ongoing, marked weakness and trading lower after crypto exchange FTX commenced Chapter 11 proceedings.

What Else?

Beleaguered cryptocurrency exchange FTX, its U.S. subsidiary FTX US, its sister firm Alameda Research and approximately 130 additional affiliated companies on Friday filed for Chapter 11 Bankruptcy in a United States court.

The stunning development comes as industry participants watched for Tron founder Justin Sun to potentially bail out the ailing exchange.

Hours earlier, Sun said he has entered into negotiations with FTX after Changpeng Zhao, CEO of Binance, walked away from the deal a deal to acquire the Bahamas-based FTX exchange...Read More

What Else?

Ethereum co-founder Vitalik Buterin took a dig at FTX chief Sam Bankman-Fried over his donations to political leaders and said donating large amounts to politicians is what ended up breaking the cryptocurrency exchange.

In an apparent jab at U.S. regulators, Buterin also said FTX is headquartered in the Bahamas and the location was chosen in part due to a lack of a regulatory framework, such as the one which exists in the United States...Read More

According to data from Benzinga Pro, Floki Inu has a 52-week high of $0.000274 and a 52-week low of $0.00000487.