Coinbase to Suspend $FLOKI, $TURBO, $GIGA Trading in New York—The End of Meme Coins?
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Last night, Coinbase announced its intention to delist three popular tokens – Floki Inu ($FLOKI), Turbo ($TURBO), and GigaChad ($GIGA) – for its New York users, increasing ongoing concerns over regulatory scrutiny and the future of meme coins in the U.S. market.
Although Coinbase has yet to explain this development, many have speculated that increasing pressure from state regulators and ever-evolving compliance measures for meme tokens are key factors.
A Setback For Meme Coin Trading in New York
Coinbase’s decision has sent shockwaves through the meme coin community and has caused investors to fret over broader implications for accessibility and liquidity.
Meme coins like Floki Inu($FLOKI), Turbo($TURBO), and GigaChad($GIGA) have historically thrived on strong community engagement and speculative trading; however, the new regulatory roadblocks in New York could be a signpost to the end of the meme coin supercycle.
Respected crypto analyst Wendy O voiced her disappointment with the decision, particularly with the exclusion of the token Floki Inu ($FLOKI).
She further fueled speculation that New York regulations were to blame for the exchange’s decision by saying, “NY needs to do better.”
New York has long been known for its strict crypto regulations. The New York State Department of Financial Services (NYDFS) enforces policies like BitLicense, which requires crypto firms, including those trading meme coins, to meet rigorous compliance standards.
This framework requires firms to obtain a BitLicense to engage in activities such as receiving virtual currency for transmission, storing virtual currency on behalf of others, and buying and selling virtual currency as a customer business.
Coinbase has recently faced legal obstacles in New York; a judge rejected the exchanges’ defense, and the company now faces allegations that it sold unregistered securities, adding to the ongoing regulatory pressure on meme coins.
Market Reaction and Price Impact
Following Coinbase’s announcement, the meme coin market has seen increased volatility. However, the price movement has noticeably varied between Floki Inu ($FLOKI), Turbo ($TURBO), and GigaChad ($GIGA) reacting differently.
At the time of the announcement, Floki Inu was priced at $0.00006087. As of writing, it has since seen a decline of 3.43%, dropping to $0.00006048.
This drop reflects market concern over the trading suspension and its impact on liquidity in New York. Still, Floki Inu’s strong community and market presence help mitigate more significant losses.
Despite this decline, its market cap remains strong at approximately $588 million.
Turbo, priced at $0.002237 at the time of the announcement, has increased slightly by 0.06%, rising to $0.002196.
This modest gain suggests that while regulatory concerns had some initial impact, the coin has stabilized despite recent developments.
Turbo’s market cap is around $151.51 million, reflecting a steady position in the meme coin space.
GigaChad, initially trading at $0.01237166, has seen a much more significant 18% decline, with its price now sitting at $0.01220.
This drop is the most dramatic of the three coins, likely driven by concerns over its liquidity and market positioning after the recent regulatory update.
Despite the decline, GigaChad still has a market cap of about $112.41 million, but this sharp drop highlights the highly volatile nature of meme coins, especially those with smaller-cap digital assets.
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