On November 21, 2024, Floki Inu (FLOKI), a dog-themed cryptocurrency, experienced a significant surge following Coinbase's announcement of its upcoming listing. Trading volume for FLOKI skyrocketed by 99.4% in the past 24 hours, with the price increasing by 15%, reaching a five-month high before a slight retreat.
Coinbase confirmed that trading for FLOKI will commence at 9 AM PT on November 22, contingent upon meeting liquidity requirements. The token, currently ranked 49th on CoinGecko with a market capitalization of $2.68 billion, saw its total daily trading volume across all exchanges reach $1.34 billion, marking a 100.8% increase from the previous day.
This listing follows a trend of increasing institutional interest in meme coins, evidenced by DWF Labs launching a $20 million fund to invest in projects with strong community engagement. FLOKI's price has surged over 600% in the past year, now just 20% shy of its all-time high of $0.00034.
The broader meme coin market has also seen explosive growth, doubling in market capitalization since early November. Notably, Dogecoin (DOGE) gained $30 billion in market cap within a week, while other tokens like Bonk (BONK) increased by over 80%.
As meme coins continue to capture investor interest, the implications for the crypto market could be profound, potentially leading to increased volatility and speculative trading.