Floki (CRYPTO: FLOKI) jumped to the top of the daily gainers list after leading cryptocurrency exchange Coinbase announced support for the dog-themed cryptocurrency.

What happened: The meme coin soared nearly 16% over the last 24 hours to hit a five-month high. 

Trading volume for the token increased 112% to $1.19 billion while its market capitalization pushed beyond $2.5 billion.

Floki’s double-digit rally outperformed the blue-chip meme currencies, Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), which fell 0.81% and 2.80%, respectively.

Named after tech mogul Elon Musk’s Shiba Inu dog, Floki has been one of the top-performing cryptocurrencies in 2024, with year-to-date gains of 668%. 

See Also: Microstrategy’s Michael Saylor To Advocate For Bitcoin At Microsoft Board Meeting, Offers To Educate Rumble CEO As Well

The rally followed an announcement by Coinbase to list the token on its platform on Thursday 

Coinbase said users can start trading the token provided necessary liquidations are met.

“Once sufficient supply of this asset is established, trading on our FLOKI-USD trading pair will launch in phases. Support for FLOKI may be restricted in some supported jurisdictions,” the exchange added.

Widely-followed cryptocurrency analyst Javon Marks predicted that Floki might gain another 92% on its way to the target price of $0.0005467298.

Price Action: At the time of writing, FLOKI was exchanging hands at $0.0002765, up 15.97% in the last 24 hours, according to data from Benzinga Pro.

Image via Shutterstock

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