.png){kind=logo}
The cryptocurrency exchange giant Coinbase recently disclosed that it would be added as a meme currency, Floki (FLOKI), to its platform, supporting the token’s recent rally. Official statements say Floki will be traded on Thursday at 9 AM PT, subject to a certain liquidity level. This comes after trade volumes surged in the last 24 hours, with Floki recording a 99.4% rise, indicating the market’s interest.
Floki, named after Elon Musk’s pet Shiba Inu, follows most meme coins that try to capitalize on popular culture influences. Before the hype, the price of Floki soared by 15% and hit a five-month high, then it was pulled back slightly. Although the movement witnessed here can be attributed to recent political changes and celebrities to support meme coins, there is a renewed interest in meme-based coins.
Coinbase’s recent announcement has further attracted trading activities not only with the growth of its market capitalization across different assets but more importantly the meme coin segment. Thus the market cap of Dogecoin rose by $30 billion in one week, and the Solana token and BONK, both tokenized, rose by more than 80% in the same period.
Floki’s price performance over the past year has multiplied by 600% and is approaching its absolute high. Such growth ensures that investment firms like DWF Labs have opened the $20 million fund targeting meme coin projects with highly engaged communities and forward-thinking propositions. This strategic investment puts into perspective the meme coins beyond mere sources of fun and speculation to be real Internet culture and potential economics.
However, as it anticipates Coinbase via the public listing, its activities in exchanges such as Binance, where it is most active, have recorded enormous trades. The FLOKI/USDT pair reported a $264 million trading volume over the past day. Additionally, it has a total daily trading volume surpassing $1.34 billion.
The phased listing approach by Coinbase ensures a stable market entry, aligning with the exchange’s strategy to introduce new tokens carefully to manage market impact and ensure compliance with jurisdictional regulations. This method also provides traders with clarity, especially regarding the ERC-20 version of Floki, ensuring they are well informed about the specific token variant supported on the platform.
