Floki (FLOKI), the dog-themed meme coin based mostly on Ethereum, is gaining momentum following affirmation from Coinbase on Wednesday afternoon that it will listing the asset within the coming day.
Buying and selling quantity for Floki jumped 99.4% previously 24 hours, indicating a surge in market exercise following Coinbase’s affirmation that buying and selling for Floki will start at 9 AM PT Thursday as soon as it meets the change’s liquidity circumstances.
The meme coin jumped 15% within the final 24 hours, based on Decrypt knowledge, hitting a 5-month excessive on Wednesday earlier than retreating barely.
Coinbase notes the itemizing will launch in phases, and assist for Floki could obtain restrictions based mostly on supported jurisdictions. Notably, assist for the token might be restricted to its ERC-20 model.
Meme coin market surge post-Trump
Meme cash have soared following President-elect Donald Trump’s victory on November 5.
The market capitalization for Dogecoin (DOGE) has elevated by $30 billion in every week, whereas Solana-based token Bonk (BONK) has gained greater than 80% over the identical interval.
As for Floki, its worth is up by greater than 600% over the previous 12 months and is now lower than 20% away from its all-time excessive of $0.00034, achieved six months in the past.
The sector’s explosive progress has attracted institutional consideration, too, with crypto buying and selling agency DWF Labs launching a $20 million fund centered on meme coin initiatives.
The fund goals to spend money on tokens displaying “sturdy group engagement” and “distinctive worth propositions” regardless of the phase’s fame for prime volatility and speculative buying and selling.
“Meme cash are a strong cultural pressure throughout the crypto panorama, typically uniting communities round shared humor and creativity,” Andrei Grachev, managing companion at DWF Labs, stated in a press release on Tuesday.
Degens, nevertheless, is likely to be of the alternative opinion.
Whereas most different crypto tokens are tied to one thing of worth or based mostly on market fundamentals, meme cash appeal to traders solely for the hype and market returns.
That, or maybe the imagery is irresistible: Floki is a cute, viking-themed warrior canine with all of the lovable rage a pet might convey.
Named after Elon Musk’s pet Shiba Inu, and its affiliation with Musk, who supported Donald Trump throughout the electoral race, has proved optimistic for its traction throughout the degen group.
The FLOKI itemizing follows Coinbase’s current addition of different outstanding meme cash, together with Pepe (PEPE) and Dogwifhat (WIF). Each tokens noticed important worth spikes upon itemizing, with PEPE gaining over 50% in 24 hours after simultaneous listings on each Coinbase and Robinhood.
The meme coin at the moment ranks forty ninth on CoinGecko with a market cap of $2.68 billion, primarily traded on Binance, the place its FLOKI/USDT pair recorded $264 million in 24-hour quantity. The token’s complete each day buying and selling quantity throughout all exchanges reached $1.34 billion, marking a 100.8% improve from the day gone by.
Edited by Sebastian Sinclair
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