Floki (FLOKI), the dog-themed meme coin based on Ethereum, is gaining momentum following confirmation from Coinbase on Wednesday afternoon that it would list the asset in the coming day.
Trading volume for Floki jumped 99.4% in the past 24 hours, indicating a surge in market activity following Coinbase's confirmation that trading for Floki will begin at 9 AM PT Thursday once it meets the exchange's liquidity conditions.
The meme coin jumped 15% in the last 24 hours, according to Decrypt data, hitting a 5-month high on Wednesday before retreating slightly.
Coinbase notes the listing will launch in phases, and support for Floki may receive restrictions based on supported jurisdictions. Notably, support for the token will be limited to its ERC-20 version.
Meme coin market surge post-Trump
Meme coins have soared following President-elect Donald Trump's victory on November 5.
The market capitalization for Dogecoin (DOGE) has increased by $30 billion in a week, while Solana-based token Bonk (BONK) has gained more than 80% over the same period.
As for Floki, its price is up by more than 600% over the past year and is now less than 20% away from its all-time high of $0.00034, achieved six months ago.
The sector's explosive growth has attracted institutional attention, too, with crypto trading firm DWF Labs launching a $20 million fund focused on meme coin projects.
The fund aims to invest in tokens showing "strong community engagement" and "unique value propositions" despite the segment's reputation for high volatility and speculative trading.
"Meme coins are a powerful cultural force within the crypto landscape, often uniting communities around shared humor and creativity," Andrei Grachev, managing partner at DWF Labs, said in a statement on Tuesday.
Degens, however, might be of the opposite opinion.
While most other crypto tokens are tied to something of value or based on market fundamentals, meme coins attract investors solely for the hype and market returns.
That, or perhaps the imagery is irresistible: Floki is a cute, viking-themed warrior dog with all the lovable rage a pet could bring.
Named after Elon Musk's pet Shiba Inu, and its association with Musk, who supported Donald Trump during the electoral race, has proved positive for its traction within the degen community.
The FLOKI listing follows Coinbase's recent addition of other prominent meme coins, including Pepe (PEPE) and Dogwifhat (WIF). Both tokens saw significant price spikes upon listing, with PEPE gaining over 50% in 24 hours after simultaneous listings on both Coinbase and Robinhood.
The meme coin currently ranks 49th on CoinGecko with a market cap of $2.68 billion, primarily traded on Binance, where its FLOKI/USDT pair recorded $264 million in 24-hour volume. The token's total daily trading volume across all exchanges reached $1.34 billion, marking a 100.8% increase from the previous day.
Edited by Sebastian Sinclair