Crypto exchange Coinbase has announced the delisting of FLOKI (FLOKI), Turbo (TURBO), and Gigachad (GIGA) in New York starting April 14th.
By Parth Dubey
Updated
3 mins read
On March 13, Coinbase took to X to announce its decision to suspend trading for FLOKI (FLOKI), Turbo (TURBO), and Gigachad (GIGA) in New York.
This change will take effect on April 14, 2025, at 2 PM ET. The exchange cited a routine asset review as the reason behind the move.
However, this decision has fueled speculation regarding regulatory compliance and legal challenges, particularly in the strict regulatory environment of New York.
The affected meme coins suffered major price declines. Over the past week, FLOKI has dropped by 15.98%, TURBO by 16.40%, and GIGA has experienced a sharp fall of 29.11%.
The timing of this decision coincides with increased scrutiny over cryptocurrency compliance in New York, a US state known for its rigid regulatory framework under the Department of Financial Services (NYDFS).
Companies operating in the state must secure a BitLicense, which enforces strict compliance and reporting standards.
The “Coinbase Effect” often leads to price jumps when tokens are listed, as seen when FLOKI was added in November 2024, reaching a five-month high.
Similarly, TURBO and GIGA saw price spikes of 15% and 37%, respectively, upon their listings in December 2024. However, the hype often fades over time, leading to natural price corrections.
With the latest decision, concerns arise about the future of meme coins in the United States. The total market cap of the sector has seen a 35% decline in the past month, currently sitting at $48.15 billion.
This drop comes despite US President Donald Trump and the First Lady issuing their own meme coins prior to their entry in the White House.
While the delisted tokens remain tradeable on Coinbase outside of New York, their exclusion from a major financial hub signals increasing regulatory hurdles for meme coins seeking mainstream adoption in the country.
In response to the news, FLOKI’s official Instagram account reassured its community, stating that the move is limited to New York and does not equate to a full delisting from Coinbase.
FLOKI said that New York accounts for only 2-5% of Coinbase’s FLOKI trading volume and that Coinbase itself contributes to just 1% of FLOKI’s overall global trading activity.
The statement also highlighted that only six meme coins–BONK, PEPE, WIF, FLOKI, TURBO, and GIGA–have been listed on Coinbase in New York this cycle, with FLOKI, TURBO, and GIGA all being listed simultaneously just 1.5 months ago.
The delisting of the same three tokens at the same time suggests a broader regulatory issue rather than one targeting FLOKI specifically.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
