Floki Refutes Coinbase Delisting Rumours

There has been a rumour going on that Coinbase delisted Folki. To halt the speculations, Floki has tweeted to answer the misconception. As per Floki, Coinbase has halted the trading of $FLOKI in New York only. The reason behind this step by Coinbase is New York’s strict anti-crypto policy. However, Floki claims this halt in $FLOKI trading does not have significant effect on Floki’s trading volume. New York only accounts for a mere 2 – 5% of this platform’s activity.

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FLOKI Still Among the Most Traded Memecoins

Floki is still one of the most traded memecoins. Coinbase only contributes to 1% of Floki on average daily trading volume. So, if Coinbase had actually delisted FLOKI, which to mention never happened, it would not have mattered for $FLOKI because the volume loss out of the total for FLOKI would be just like a drop in the pool. Though getting listed in significant jurisdictions is important for any coin, this is just one small factor. It only helps in the accelerated adoption of cryptocurrency. 

CFTC, Global Markets Advisory Committee of the Commodity Futures Trading Commission, highlighted Floki as a good utility token a few months ago. It is a milestone because only four cryptocurrencies; ETH, FLOKI, AVAX, and 1 more were highlighted (Floki’s tweet kept this unnamed). It renders the utility-focused approach of Floki as the right and acknowledged one. Also, FLOKI confidently survived the last cycle besides DOGE and HIB, deepening its claws even stronger in the memecoin industry. 

Reason Behind Coinbase Halting the Trade of FLOKI in New York

New York has one of the strictest anti-crypto policies affecting the cryptocurrency trade of not only FLOKI but the overall crypto market. Coinbase only listed PEPE, BONK,  FLOKI, WIF, TURBO, and GIGA in New YORK during this cycle. PEPE, BONK, and WIF were listed last year and the other three were listed only 1.5 months ago, together. Now as per the changed policy, these three coins (FLOKI, TURBO, and GIGO) will not trade in New York anymore.

In nutshell, Coinbase has not delisted FLOKI. It just cannot be traded in New York anymore because of the state’s strict anti-crypto regulations, while the other states of US still recognize it. TURBO and GIGA were also affected by this policy so the issue is not Floki-specific. Moreover, New York only comprises 0.1% of the total trading volume of FLOKI so this event has not affected it much.