The sixth largest meme coin by market cap, Floki Inu has debunked rumors that Coinbase delisted the FLOKI ($0.00) token. The project team released the statement on Friday through its official X page.

In the post, Floki Inu revealed that Coinbase only pulled out from the New York market owing to regulatory reasons. According to the team, the suspension of trading services in the state also affected FLOKI. 

Furthermore, Floki Inu said New York users of Coinbase will no longer be able to trade FLOKI on the exchange. On the flip side, users from other states that support Coinbase can still access the meme coin. 

Similarly, users outside the US and other countries where Coinbase is operating can still trade the token on the crypto trading platform. So far, the token hasn’t negatively reacted to the news as the FUD the delisting rumors initiated didn’t trigger a massive sell-off. 

According to Coinmarketcap, the meme coin only went down by 0.6% in the last 24 hours. 

Floki Inu assures users that the project is on a good path

Floki Inu went on to assure holders and community members that the project is on the good books of regulators. The team narrated how a report from the Global Markets Advisory Committee of the Commodity Futures Trading Commission (CFTC), mentioned FLOKI as one of the four cryptocurrencies with good utility. 

Alongside FLOKI, the team said the regulator mentioned other tokens like ETH ($1,805.92) and AVAX ($22.25) as a good case study of a utility coin. The project added that such an appraisal illuminates that the token is on the right path with its utility-centric approach.  

Despite the concerns, Floki Inu went on to downplay the relevance of Coinbase and New York within its ecosystem. 

The project team narrated how New York contributes less than 5% to the total trading volume on the exchange. Also, Floki Inu stated that Coinbase executes just 1% of the meme coin’s movement, underlining that the exchange is playing a little role in the distribution of the token. 

Floki Inu went on to undermine how a potential delisting on the exchange will affect the meme coin. Although, the team admitted that the situation would have an impact but argued that the effect would be minimal. 

However, the project said it appreciates and cherishes the listing of its tokens in important jurisdictions. Floki Inu conceded that listing on top cryptocurrency exchanges is one of the factors that enhances adoption for a project and ecosystem.  

On the flip side, the project team said Floki Inu, like most other cryptocurrencies, has a decentralized posture which reduces their exposure to centralized exchanges. The statement also called out to users to remain calm as it has reached out to its legal team and Coinbase to fully understand the existing regulatory regime in New York. 

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