The cryptocurrency exchange Coinbase announced the suspension of trading memecoins FLOKI, TURBO, and GIGA in New York starting April 14, 2025. This decision follows the company's regular review of its listing standards.
Reasons for Suspension
Coinbase stated that its recent asset review identified the need to ensure compliance with listing standards. The suspension will affect all of the company's platforms, including Coinbase.com and Coinbase Prime.
Market Reaction
Despite the news, the prices of FLOKI, GIGA, and TURBO remained largely unchanged. FLOKI rose by 3.6%, GIGA by 1.1%, and TURBO by 5.4%. Analysts attribute these fluctuations to the 'Coinbase effect,' where token prices quickly rise following listing.
Opinions and Criticism
Coinbase's decision received mixed reactions. GivenerLaw founder Ariel Givener suggested it might be tied to a pending legal case in New York. Other experts criticized the rapid listing of memecoins, which posed challenges for users unfamiliar with cryptocurrency.
Coinbase's decision to suspend trading memecoins in New York highlights the importance of adhering to listing standards and thorough asset analysis. However, the market remains subject to unpredictable fluctuations and challenges.
