Shortly after the confirmation from Coinbase crypto exchange on Wednesday afternoon that it would soon list Floki (FLOKI), one of the popular dog-themed meme coins based on the Ethereum network, the meme coin began to gain momentum in price and trading volume.
At press time, FLOKI has gained over 15% increase in price in the past 24 hours following the announcement, with its trading volume rising to $1.37B, which is a sign of a strong market interest.
Floki’s Price And Trading Volumes Surge As Coinbase Confirms Listing
On Wednesday, November 20, 2024, Coinbase confirmed in an X post that it will add support for FLOKI on the Ethereum network (ERC-20 token) today, Thursday, November 20, 2024.Â
Following the confirmation, FLOKI’s trading volume jumped by about 99.4% within 24 hours, signaling an increase in market activity.
Coinbase revealed that trading for Floki will begin at 9am PT on Thursday once the meme coin meets the exchange’s liquidity conditions.
Apart from trading volume, the price of FLOKI also jumped over 15% within the past 24 hours, according to data from Tradingview. The price hit a 5-month high on Wednesday before shedding some gains to trade currently at $0.00025822.
According to the announcement, Coinbase revealed that FLOKI listing would be done in phases, and that the support for the meme coin is limited to its ERC-20 version and may receive restrictions based on supported jurisdictions.Â
It says,Â
“…do not send this asset over other networks (other than the Ethereum network) or your funds may be lost.” It added that “transfers for this asset are available on Coinbase wallets and Coinbase Exchange in the regions where trading is supported.”
Last week Friday, Coinbase announced that it had added FLOKI to its listing roadmap.
The announcement fueled excitement among investors and triggered a bullish movement, pushing the price of FLOKI up by about 20% in the one-day trading.
In other news, Coinbase announced last week its plan to introduce the Coinbase 50 Index, or Coin50, which acts like an S&P 500 for cryptocurrencies. This new index aims to help investors understand overall market trends.
FLOKI’s Listing On Coinbase Signals Meme Coin Growth
FLOKI’s Coinbase listing signals how top cryptocurrency exchanges are integrating meme coins.Â
For instance, Binance recently listed PNUT and Neiro, two lower-cap meme coins that are doing very well in the crypto market.
More so, other meme coins like DOGE, PEPE, and BONK have been on a bullish trend, and analysts anticipate more bullish runs from them.
Meme Coin’s Bullish Movement Post-Trump Election Victory
Following Donald Trump’s victory in the US presidential election on November 5, meme coins have experienced impressive growth.
For instance, DOGE’s market cap increased by $30B in a week, while BONK, a SOL-based mem coin, gained over 80% in the same period. The price of FLOKI rose by over 600% this year.
