Coinbase Halts Trading of Floki, Turbo, and Gigachad for New York Users

Coinbase has revealed plans to halt trading for three meme coins—Floki, Turbo, and Gigachad for New York users, effective April 14, 2025, at 2 PM ET.

Coinbase is pulling the plug on three meme coins—Floki (FLOKI), Turbo (TURBO), and Gigachad (GIGA)—for New York users. The move, set for April 14 at 2 PM ET, comes with no clear reason from the exchange other than its standard asset review process. However, rumors are swirling about possible legal troubles, especially with a case in New York being a point of speculation.

Despite the chatter, the market barely reacted. As per CoinGecko, Floki rose by 3.6%, Giga edged up by 1.1%, and Turbo increased by 5.4% over the last 24 hours.

The timing is interesting as Coinbase only added Floki to its listing roadmap in November, leading to a rally that reached its highest point in five months. Similarly, Turbo and Giga saw their prices increase by 15% and 37%, respectively, following the roadmap announcements in December.

This 'Coinbase Effect' usually sees tokens surging upon hitting the exchange, later settling down.

Meme coins, often playful or community-driven projects, have seen a surge in popularity. A major contributor is Pump.fun, a Solana-based platform that has reportedly generated 8.5 million meme tokens since its launch in January 2024, according to Dune Analytics data.

In other news, the U.S. Securities and Exchange Commission, now under the Trump administration, has stated that meme coins are not covered by its regulatory scope. The agency explained that these tokens don’t provide passive income or signify ownership in a company, placing them outside of its jurisdiction.

“[Decentralized finance] is changing the way we invest and manage our finances,” says Tracy Jin, COO of MEXC. Highlighting the potential of meme coins, she advises investors to be cautious in the ever-changing market and conduct thorough research before investing.