TL:DR;
- Almost all meme coins dumped hard less than 12 hours ago, but FLOKI went on a run and jumped to a 4-month peak.
- The most obvious reason is related to a recent listing by the largest US-based cryptocurrency exchange – Coinbase.
CryptoPotato reported yesterday evening the adverse developments on the meme coin scene as many tokens plummeted by double digits. FLOKI’s price slump was no exception, as the asset slumped from a daily peak of $0.00026 to a low of $0.000226, losing 12% of its value at one point.
However, it quickly bounced off, recovered all losses and even skyrocketed to almost $0.00029. This became its highest price tag since charting an all-time high in early June.
Simultaneously, most other meme coins are still in the red. Even though FLOKI has lost some momentum since that local peak, it still trades 10.2% up on the day.
The reason for this impressive daily surge is most likely related to Coinbase, as the exchange announced earlier that it will add support for the 6th-largest meme coin. Trading will begin today, November 21, if “liquidity conditions are met.”
Nevertheless, the company warned that some regions might not have access to FLOKI due to local requirements.
Trading will begin on or after 9AM PT on 21 November 2024, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our FLOKI-USD trading pair will launch in phases. Support for FLOKI may be restricted in some supported jurisdictions.
— Coinbase Assets ️ (@CoinbaseAssets) November 20, 2024
Coinbase listings typically lead to notable price increases from the underlying assets. Just last week, PEPE exploded to a new all-time high and one of the biggest reasons was precisely the added support from the Wall Street-listed exchange.
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