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. The exchange didn’t provide a clear reason beyond mentioning its standard asset review process, but people are already buzzing with guesses about possible legal troubles tied to the move. Ariel Givener, a legal expert,
suggested there might be a link to an ongoing case in New York, though Coinbase hasn’t backed up that idea.
Interestingly, the market barely blinked at the news. According to
CoinGecko, Floki’s price pumped by 3.6%, Giga edged higher by 1.1%, and Turbo jumped 5.4% over the past 24 hours. The timing stands out since Coinbase only added Floki to its listing roadmap in November 2024, triggering a rally that lifted the token to its highest point in five months. Turbo and Giga got similar boosts in December, with their prices spiking 15% and 37%, respectively, after their roadmap announcements.
This trend, dubbed the “Coinbase Effect,” often sees tokens soar when they hit the exchange, only to settle down later. Meme coins, which usually kick off as playful or community-fueled projects, have taken off in a big way lately. A major force behind this is Pump.fun, a Solana-based platform that’s reportedly churned out 8.5 million meme tokens since launching in January 2024, per Dune Analytics data.
On another note, the U.S. Securities and Exchange Commission, now operating under the Trump administration, recently stated that meme coins don’t count as securities. The agency pointed out that these tokens don’t offer passive income or signify ownership in a company, putting them beyond its regulatory reach. Meme coins show how decentralized finance is changing, says Tracy Jin, COO of MEXC. She sees potential in them but warns investors to be careful, as the market is unpredictable. Doing proper research and managing risks is a must.