The surge in FLOKI's price by 14% was sparked by the announcement of the closed beta launch of the Floki trading bot. The project's X account revealed the initiation of the closed beta on multiple blockchain networks, including Ethereum, BNB Chain (formerly Binance Smart Chain), and Coinbase's Base blockchain mainnets. The closed beta, currently accessible to the first 150 users on a first-come, first-served basis, introduces the Floki trading bot, enabling users to engage in cross-chain cryptocurrency trading. An important element of the bot is its fee structure, imposing a 1% fee per trade. Half of this fee is utilized to acquire and burn FLOKI tokens, serving as the primary utility token of the bot, while the remaining half is allocated to the Floki Treasury.

The mechanism aims to enhance the utility of FLOKI and expedite its deflation, ultimately elevating its worth. The closed beta phase is set to run for two weeks, during which participants are expected to provide feedback, conduct a minimum of four trades weekly, and complete an end-of-beta survey. Rewards will be distributed to users who fulfill these tasks in their bot wallet at the conclusion of the beta period. Notably, the specifics of the rewards will be disclosed later on. Following this announcement, the price of FLOKI surged by 14%, reaching $0.0003037 on CoinMarketCap.

Potential factors contributing to the surge, as indicated by crypto.news, could include Coinbase's addition of the token to its perpetual futures list and the approval of Ethereum ETFs by the U.S. Securities and Exchange Commission. Given Floki's operation on the Ethereum network, tokens established on this blockchain such as FLOKI, PEPE, and SHIB could benefit from the SEC's recent actions.