Coinbase Suspends Memecoins in NY as Prices Tank

Coinbase, the leading centralized exchange in the United States, is suspending certain memecoins from its platforms for New York-based users, less than two months after listing them.

The exchange added memecoins GIGA and TURBO to its listing roadmap on Dec. 4, when the tokens traded at $500 million and $600 million valuations, respectively. By the time the tokens were listed in New York on Jan. 30, GIGA had rallied 30% to a $660 million valuation, but TURBO had fallen by 33% to $400 million.

Since the listings, GIGA is down 82% to a $120 million market capitalization, and TURBO is down another 63% to $145 million.

The exchange is also delisting FLOKI for NY users, which was also listed on Jan. 30 at a $1.3 billion valuation, and has since tumbled 56% to $570 million.

The specific selection process for the removal of these particular memecoins has not been disclosed, with Coinbase only saying, “Based on recent reviews, we will suspend trading for FLOKI (FLOKI), Turbo (TURBO), and Gigachad (GIGA) in New York only on April 14, 2025, on or around 2 PM ET.”

Outside of the three suspended tokens’ poor performance, every memecoin available on Coinbase has fallen drastically alongside the rest of the crypto market, with established tokens such as PEPE and DOGE down 50% since Jan. 30.

Coinbase isn’t the only exchange that is pruning its token offerings. ByBit, the second-largest CEX by volume, also announced it would be removing perpetual contracts for MOTHER, the Iggy Azalea memecoin that launched in 2024.

Despite Coinbase and Bybit’s recent actions, Robinhood is just beginning to list new memecoins, specifically POPCAT, which is down 91% from its all-time high, PNUT, which is down 90%, and PENGU, the Pudgy Penguins memecoin that is down 87%.