FLOKI Listing on Coinbase Sparks Attention, Promises the Next Big Step for the Meme Coin

The announcement that Coinbase will list FLOKI, a dog-themed meme coin, on the Ethereum network has sparked widespread attention.

Coinbase Adds Support for Dog-Themed Meme Coin FLOKI

November 20, 2023 Coinbase, Cryptocurrency, Meme Coins

Coinbase, the leading cryptocurrency exchange in the United States, has announced the upcoming listing of dog-themed meme coin FLOKI on the Ethereum network. Currently ranked as the sixth-largest meme coin by market capitalization at $2.3 billion, FLOKI has already seen significant trading activity on major exchanges like Binance and Bybit.

However, its listing on Coinbase marks the next step in the meme coin’s journey towards both price action and broader market recognition.

Coinbase Pro opened trading for FLOKI, Monday, at or after 9 a.m. PT, initially available for trading in the FLOKI/USD pair. While this announcement led to a 14% increase in FLOKI’s price earlier, the token has experienced a modest decline of over 5% in the 24 hours following Coinbase’s official confirmation. Despite this, the trading volume surged by 17%, signalling heightened market interest.

Floki Price Technical Analysis: Technical analysis for FLOKI on the four-hour timeframe reveals a descending triangle pattern (light blue), indicating the potential for an upcoming breakout move. If FLOKI breaks out of its current consolidation range between $0.000232 and $0.000275, we can expect to see a 30% price surge, bringing FLOKI to the $0.00035 level in the coming days.

The 200 Exponential Moving Average (EMA) also shows that FLOKI remains in an uptrend, with its price consistently trading above this critical level of support (dark blue). If FLOKI manages to hold onto this support and continue its bullish momentum, we could see further gains for the meme coin.

Floki Price Analysis: FLOKI’s technical indicators aren’t the only bullish signs. On-chain data reveals a sharp increase in large transactions for meme coins, with a notable 98% surge in SHIB’s transaction volume, driven by whales and institutional investors. However, FLOKI’s open interest dropped by 12% on November 20 according to Coinglass, suggesting that traders might be waiting for a breakout to position themselves for a potential rally.

As the date for Coinbase’s listing approaches, FLOKI’s future looks promising. With the right technical momentum and broader market interest, FLOKI could be on the verge of significant price action, making it a token to watch closely in the coming weeks.