Coinbase, a leading cryptocurrency exchange, has announced the suspension of trading for three meme coins—Floki (FLOKI), Turbo (TURBO), and Gigachad (GIGA)—in New York starting April 14, 2025, at 2 PM ET. This decision follows a recent review of its listed assets to ensure compliance with its listing standards. The tokens, which were listed on Coinbase in late 2024, experienced significant price increases upon their announcement due to the 'Coinbase Effect,' but have since seen their values drop by about a quarter. Despite the trading halt announcement, the market response has been muted, with Floki gaining 3.6%, Giga rising 1.1%, and Turbo increasing by 5.4% in the last 24 hours. The Securities and Exchange Commission has clarified that meme coins typically do not qualify as securities under U.S. law, as they do not generate a yield or convey rights to future income, profits, or assets of a business. Legal experts speculate that the suspension may be linked to a pending legal case in New York. The move reflects Coinbase's ongoing efforts to monitor and adjust its platform in response to regulatory and market dynamics. The rise of meme coins, driven by platforms like the Solana-based Pump.fun launchpad, has been described as 'modern value creation' by Tracy Jin, COO of crypto exchange MEXC, who also warned of the high trading risks associated with these assets. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
Market Analysis Report (14 Mar 2025)
