The price of Floki (FLOKI), a memecoin inspired by the Shiba Inu dog, jumped more than 15% today amid its potential listing on Coinbase. The token, which operates on the Ethereum network, hit a five-month high, sparking renewed interest in the memecoin sector.
Floki Shines Amid Crypto Market Withdrawal
While the price of Ethereum-based memecoin has soared unprecedentedly, market data shows that the broader crypto market has seen a correction, with Bitcoin (BTC) is retreating from its recent all-time high. As a result, Memecoins and altcoins came under downward pressure, with Dogecoin (DOGE) falling over 3% to $0.3739.
Assets added to the roadmap today: FLOKI (FLOKI)https://t.co/rRB9d3hSr2
– Coinbase Assets 🛡️ (@CoinbaseAssets) November 15, 2024
FLOKI’s rise in value aligns with Coinbase’s announcement of new meme coin additions to its trading roadmap. The exchange recently introduced Pepe Coin (PEPE) from Ethereum and Dogwifhat (WIF) from Solana for spot trading. PEPE, in particular, reached a new all-time high, further benefiting from a simultaneous listing on Robinhood, which increased its stock market visibility and capitalization.
Floki’s inclusion in Coinbase’s roadmap has elevated its status among the top memecoins. CoinGecko now ranks it alongside DOGE and PEPE among the top 50 cryptocurrencies by market capitalization.
Coinbase, traditionally conservative in its approach to memecoins, appears to be accelerating their adoption, a shift potentially influenced by political factors. The recent election victory of Donald Trump, who expressed support for simplifying crypto regulations, may have contributed to the opening of the exchange to memecoins.
Floki Price Action
At the time of writing, Floki price jumped 15.25% to $0.0002681 on Friday, November 15. However, trading volume for this popular meme token fell 2.25% to $1.27 billion despite the latest surge.
Nonetheless, the bullish momentum remained strong as the dog-themed crypto hit a new 5-month high of $0.0002815. On the contrary, it is important to note that Pepe Coin and Doogwifhat saw an increase of over 50% and 40%, respectively, when Coinbase announced the listings.
Well, one reason could be that Floki has just been added to the roadmap at the moment and the actual roster is not certain. While, in the case of PEPE and WIF, the exchange made a quick decision with the listing announcement made a few minutes after the addition to the roadmap. Nonetheless, the latest addition to the roadmap indicates a potential listing soon, as seen in previous cases for the crypto exchange.
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