- Coinbase is suspending trading of $FLOKI, $TURBO, and $GIGA in New York starting April 14, citing a review of internal standards.
- The projects argue the decision is more about outdated regulations than token issues, noting minimal trading volume impact.
- Despite the suspension, all three memecoins are holding strong weekly gains, signaling confidence from the broader market.
Coinbase, the biggest crypto exchange in the United States, has just pulled the plug on trading for Floki, Turbo, and Gigachad—at least for users in New York. The move, set to take effect on April 14, is being framed as a result of an internal asset review. So, let us take a closer look at what is really behind this decision and how the market has responded.
Recent Development
Coinbase announced it will temporarily suspend trading of $FLOKI, $TURBO, and $GIGA in New York following what it called a review of its listed assets to ensure compliance with internal standards. These tokens were only made available to New York residents over the past few months, making the timing of the suspension curious. All in all, while the company has not given specific reasons, legal analysts are pointing to New York’s notoriously rigid crypto policies.
What this Means for these Memecoins
Any time a major exchange restricts access to memecoins, it raises concerns. For retail traders, particularly those new to the space, the sudden move from Coinbase feels like a bait-and-switch—list the hot coins during peak mania, profit from trading fees, then quietly roll back access when scrutiny kicks in. And it looks as though Coinbase is more than happy to ride the hype wave until the pressure mounts, leaving average users holding the bag.
But the projects themselves—particularly $FLOKI—have come out swinging. According to them, New York represents just 2–5% of Coinbase’s $FLOKI volume, and Coinbase itself contributes only about 1 percent of global $FLOKI trading. They also pointed out that this seems to be a broader policy trend, as all three tokens affected were listed for New York residents around the same time. From their standpoint, this is more about outdated regulation than any issue with the tokens themselves.
Market Performance and Reaction
Despite the news, price action has held up relatively well. $FLOKI is down 4% on the day but still up 11.5% over the past week. $TURBO has dipped 2% in 24 hours but notched a 24% gain on the week. $GIGA is down just 1% for the day and up a strong 34% on the week. Overall, the numbers suggest short-term nerves but overall strength.
Regardless, the move has garnered significant reactions. Some users blasted Coinbase for rushing to list memecoins to chase trading volume, only to reverse course and hurt inexperienced investors. Others see the move as yet another example of the friction between fast-moving crypto markets and slow-moving state regulators.
Final Thoughts
In conclusion, Coinbase’s decision to suspend trading of three trending memecoins in New York feels less like risk management and more like a quiet concession to regulatory pressure. The timing and lack of transparency invite skepticism, especially given how recent the listings were. But the market is not panicking, and neither are the projects. For now, this looks like just another flare-up in crypto’s ongoing battle with state-level policy—and the memecoins do not seem to be backing down.
