Coinbase’s Meme Coin Meltdown: FLOKI, TURBO, and GIGA Say Goodbye to New York!

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So, on March 13, Coinbase decided to drop a bombshell on the crypto world via X (formerly known as Twitter, because who doesn’t love a good rebranding?). They announced that trading for FLOKI (yes, the doge-inspired one), Turbo (not the car), and Gigachad (the meme that’s too cool for school) will be suspended in New York. Because, you know, who needs meme coins in the Big Apple? 🍎

This little party pooper of a change will kick in on April 14, 2025, at 2 PM ET. Why? Because they felt like it! Just kidding, they cited a “routine asset review.” Sounds fancy, right? Like a dentist appointment for your crypto. 🦷💰

“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for FLOKI (FLOKI), Turbo (TURBO), and Gigachad (GIGA) in New York only on April 14, 2025, on or around 2 PM ET.”

— Coinbase Assets 🛡️ (@CoinbaseAssets) March 12, 2025

But wait, there’s more! This decision has sparked a wildfire of speculation about regulatory compliance and legal drama, especially in New York, where the rules are stricter than your mom’s curfew. 🕒

FLOKI, GIGA, and TURBO Prices Crash

And guess what? The meme coins are not taking this news well. FLOKI has plummeted by 15.98%, TURBO is down 16.40%, and GIGA? Oh boy, it’s taking a nosedive of 29.11%. Talk about a rough week! 📉

This timing is just perfect, coinciding with New York’s increased scrutiny over cryptocurrency compliance. Because nothing says “fun” like a state known for its rigid regulatory framework. Thanks, NYDFS! 🙄

To operate in this state, companies need a BitLicense, which is basically like a VIP pass to the crypto club, but with a lot more paperwork and a lot less fun. 📝

The “Coinbase Effect”

Now, let’s talk about the “Coinbase Effect.” It’s like a rollercoaster ride for prices when tokens get listed. Remember when FLOKI was added in November 2024? It hit a five-month high! 🎢

Similarly, TURBO and GIGA saw price spikes of 15% and 37%, respectively, upon their listings in December 2024. But, as with all good things, the hype fades, and reality sets in. Welcome to the crypto world, folks! 🎭

“Gigachad (GIGA), Floki (FLOKI), and Turbo (TURBO) are now available to New York residents on & in the Coinbase iOS & Android apps.”

— Coinbase Assets 🛡️ (@CoinbaseAssets) January 30, 2025

With this latest decision, the future of meme coins in the U.S. looks as bright as a black hole. The total market cap of this sector has nosedived by 35% in the past month, now sitting at a measly $48.15 billion. 💸

This drop is especially ironic considering that US President Donald Trump and the First Lady launched their own meme coins before entering the White House. Because why not? 🤷‍♀️

While the delisted tokens can still be traded on Coinbase outside of New York, their exclusion from a major financial hub is like getting kicked out of the cool kids’ table. It’s a sign of the increasing regulatory hurdles for meme coins trying to make it big in the country. 🚧

FLOKI Responds

In a valiant attempt to calm the masses, FLOKI’s official Instagram account reassured its community that this move is just a New York thing and not a full-on breakup with Coinbase. Phew! 😅

They pointed out that New York accounts for only 2-5% of Coinbase’s FLOKI trading volume. So, basically, New York is like that one friend who always shows up late to the party. 🎉

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2025-03-14 22:09