The price of Floki (FLOKI), a memecoin inspired by the Shiba Inu dog, surged over 15% today amid its potential listing on Coinbase. The token, which operates on the Ethereum network, reached a five-month high, sparking renewed interest in the memecoin sector.
Floki Shines Amid Crypto Market Retreat
While the Ethereum-based memecoin’s price soared unprecedentedly, market data shows the wider crypto market experienced a correction, with Bitcoin (BTC) retreating from its recent all-time high. Memecoins and altcoins faced downward pressure as a result, with Dogecoin (DOGE) dropping by more than 3% to $0.3739.
Assets added to the roadmap today: FLOKI (FLOKI)https://t.co/rRB9d3hSr2
— Coinbase Assets 🛡️ (@CoinbaseAssets) November 15, 2024
The rise in FLOKI’s value aligns with Coinbase’s announcement of new meme coin additions to its trading roadmap. The exchange recently introduced Ethereum’s Pepe Coin (PEPE) and Solana’s Dogwifhat (WIF) for spot trading. PEPE, in particular, achieved a new all-time high, benefiting further from a simultaneous listing on Robinhood, which increased its 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 as one of the top 50 cryptocurrencies by market capitalization.
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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 has expressed support for simplifying crypto regulations, may have contributed to the exchange’s openness to memecoins.
Floki Price Action
At the time of writing, the Floki price jumped 15.25% to $0.0002681 on Friday, November 15. However, the trading volume for this popular meme token dipped by 2.25% to $1.27 billion despite the latest surge.
Nonetheless, the bullish momentum held strong as the dog-themed crypto attained a fresh 5-month high of $0.0002815. On the contrary, it’s 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 as of now and the actual listing isn’t certain. Whilst, in the case of PEPE and WIF the exchange made a quick decision with the listing announcement made within a few minutes of addition to the roadmap. Nevertheless, the latest roadmap addition does indicate a potential listing soon as seen in previous cases for the crypto exchange.
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