Rumors have surfaced in the crypto community about FLOKI being delisted from Coinbase. Let's clarify what's really happening.
New York Situation
Recently, rumors have circulated in the crypto community that Coinbase is about to delist FLOKI, causing panic among holders of the meme coin. However, the official FLOKI account, RealFlokiInu, quickly responded to these claims: what is actually happening is that Coinbase is only stopping FLOKI trading in New York State. According to the FLOKI team, this suspension is not a significant issue for their overall volume, as they estimate New York only accounts for 2-5% of Coinbase's FLOKI trading volume, while Coinbase as a whole represents just 1% of FLOKI's global daily trading volume.
Regulatory Aspects
New York has some of the toughest crypto regulations, which are the main driver behind the suspension of FLOKI trading in the region, according to the FLOKI team. Interestingly, during this bull cycle, Coinbase has only listed six meme coins in New York - BONK, PEPE, WIF, FLOKI, TURBO, and GIGA. FLOKI, TURBO, and GIGA, which were recently added, are facing suspension in New York, suggesting this is about regulatory approaches to meme coins in general.
FLOKI's Position in Crypto World
Despite the situation in New York, the FLOKI team highlights their impressive regulatory recognition. Not long ago, FLOKI was featured by the Global Markets Advisory Committee of the Commodity Futures Trading Commission in their report on utility tokens. This recognition of FLOKI along with other established layer-1 blockchains substantiates their utility-focused approach.
Despite some concerns, the situation with FLOKI on Coinbase is temporary and has limited impact. FLOKI continues to hold a strong position in the cryptocurrency market.
