This is why Floki (FLOKI) exploded 27% in minutes to a 4-month high

TL:DR;

Almost all meme coins launched strongly less than 12 hours ago, but FLOKI ran and jumped to a 4-month high. The most obvious reason is related to a recent listing of the largest cryptocurrency exchange in the United States: Coinbase.

CryptoPotato reported on adverse developments in the meme coin scene yesterday evening as many tokens plummeted by double digits. FLOKI’s price drop was no exception as the asset fell from a daily high of $0.00026 to a low of $0.000226, losing 12% of its value at one point.

However, it quickly bounced back, clawing back all losses and even soaring to almost $0.00029. This became its highest price since hitting an all-time high in early June.

Simultaneously, most of the other meme coins are still in the red. Although FLOKI has lost some momentum since that local peak, it is still trading 10.2% higher on the day.

FLOKIUSD. Source: TradingView

The reason for this impressive daily increase is most likely related to Coinbase, as the exchange previously announced that it will add support for the sixth largest meme coin. Trading will begin today, November 21, if “liquidity conditions are met.”

However, the company cautioned that some regions may not have access to FLOKI due to local requirements.

Trading will begin at 9:00 a.m. PT on November 21, 2024, subject to liquidity conditions. Once a sufficient supply of this asset is established, trading on our FLOKI-USD trading pair will be launched in phases. Support for FLOKI may be restricted in some supported jurisdictions.

— Coinbase Assets ️ (@CoinbaseAssets) November 20, 2024

Coinbase listings often lead to notable increases in the prices of the underlying assets. Just last week, PEPE exploded to a new all-time high and one of the main reasons was precisely the added support of the Wall Street-listed stock market.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!