Floki (FLOKI), the Ethereum-based meme coin, saw a significant increase in trading volume after Coinbase confirmed it would list the token. In the 24 hours following the announcement, trading volume jumped almost 100% and the price of Floki increased by 15%. The token is expected to begin trading on Coinbase tomorrow at 5 p.m. UTC, once liquidity conditions are met. Initially, only the ERC-20 version of Floki will be supported and the deployment will take place in stages.
Floki is part of a larger trend of meme coins that has gained momentum since Donald Trump’s victory in the US presidential election earlier this month. Other tokens like Dogecoin (DOGE) and Bonk (BONK) have also seen significant price increases during this period. Floki’s price is now just below its all-time high reached six months ago, with a 600% increase this year.
Coinbase’s listing of Floki follows the recent inclusion of other coins such as Pepe (PEPE) and Dogwifhat (WIF), which saw price increases after being added to the platform. Floki now has a market capitalization of over $2.6 billion, with daily trading volume increasing by over 100% in a single day.
The meme coin market has attracted institutional attention, with DWF Labs launching a $20 million fund focused on meme coins with strong community support. Despite the speculative nature of these assets, investors are betting on their ability to create many followers.
Floki’s rise is also fueled by its association with Elon Musk’s pet Shiba Inu, which made the token popular among the “degen” crypto community. This community, known for high-risk trading, has helped increase the value of Floki and other meme coins.
However, the volatile nature of the coins itself was highlighted recently by the launch of a Solana-based token, GenZ Quant (QUANT), which saw its market capitalization rise to $85 million before its creator cashed in $30,000.
Coinbase’s listing of Floki follows a private call between the platform’s CEO, Brian Armstrong, and Donald Trump. The conversation would have has discussed possible regulatory changes for cryptocurrency, with some speculating that the Trump administration could bring industry-friendly policies.