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Coinbase has announced that it will add support for dog-themed meme coin project FLOKI.
FLOKI (FLOKI) is currently the world’s 6th largest meme coin by market cap at $2.3 billion and trades on centralized exchanges such as Binance and Bybit. On Nov. 20, the largest U.S.-based CEX platform Coinbase announced it will list FLOKI for trading.
Coinbase added FLOKI to its listing roadmap last week, with price of the meme coin rising 14% amid market reaction to the news. The latest announcement is that trading support for the token will open at or after 9 am Pacific Time on November 21, 2024.
According to the Coinbase team, support for Floki will be on the Ethereum (ETH) network – the ERC-20 token. The exchange will however, open trading for FLOKI/USD once there is sufficient liquidity. Users are advised not to send their Floki over other networks as they will lose these funds.
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Notably, Coinbase will add support for the FLOKI/USD trading pair on Coinbase and Coinbase Exchange. However, this will be in phases and may still be restricted in some jurisdictions where the platform operates.
FLOKI ranks as one of the top dog-themed meme cryptocurrencies in the market. Over the past few years, the team has looked to strengthen it as a crypto project through decentralized finance, gaming and tokenization efforts.
These include its DeFi locker protocol FlokiFi, the tokenization platform TokenFi and the play-to-earn game Valhalla.
According to on-chain data, FlokiFi Locker has seen its total value locked soar to over $189 million, reaching a new all-time-high. The protocol’s fee mechanism allows users locking assets on Ethereum or Binance Smart Chain to pay fees in FLOKI, with automatic token burns in place.
Meanwhile, FLOKI’s Valhalla is expected to launch on the mainnet on November 28, 2024.