KuCoin, the world’s sixth-largest cryptocurrency exchange, has expanded its KuCard offerings by adding seven new meme coins to its platform, enabling users to make payments at physical stores that accept VISA. The announcement, made to customers on November 25, introduced popular meme tokens like Dogwifhat (WIF), Floki Token (FLOKI), Moo Deng (MOODENG), Sun Dog (SUNDOG), Peanut The Squirrel (PNUT), and Grass (GRASS). This development enhances the platform’s existing range of cryptocurrencies available for payment and further boosts its offerings for crypto enthusiasts looking to spend their assets in the real world.
Starting with USDT as the initial base, KuCoin’s VISA debit card service now includes a total of 55 cryptocurrencies, making it easier for users to transact with a variety of altcoins and meme coins. This is a notable expansion, providing greater flexibility for traders who wish to use their crypto assets in everyday purchases at physical stores worldwide.
As the meme coin market has continued to attract speculative traders, the addition of Dogwifhat, Floki, and other tokens to the KuCoin service offers a convenient way to bridge the gap between the digital asset world and traditional retail environments.
Interestingly, GRASS token was the only one among the new additions to experience notable gains, rising into double digits within 24 hours of the announcement. Despite this, Floki Token (FLOKI) and Dogwifhat (WIF) have also seen some interesting price movements in recent days.
After a remarkable 77% rally last month, Floki (FLOKI) experienced a small 2% dip on November 25, likely due to a broader crypto market correction. This correction followed the news that Coinbase had listed FLOKI, sparking a buying frenzy that pushed the meme coin’s price up significantly. However, after reaching these highs, the coin has entered a brief consolidation phase.
FLOKI has a market capitalization of $2.21 billion and is currently trading at $0.00022922. Despite the minor correction, FLOKI remains up over 572.5% year-over-year, making it one of the standout meme coins in the market. Traders are still optimistic about its long-term prospects, with whale activity and oversold positions hinting that the coin could see renewed interest in the near future.
While trading volume for FLOKI has cooled compared to rivals like Dogwifhat, it still commands impressive volume on Spot markets, exceeding $500 million. Its On-Balance-Volume (OBV) has surpassed 20.24 trillion, indicating substantial market activity despite short-term pullbacks.
Meanwhile, Dogwifhat (WIF), a meme coin that draws inspiration from the Solana blockchain, has shown signs of renewed interest. The coin gained 3.3% in 24 hours, although it is still down 34.2% from its all-time peak of $4.83. Despite its relatively smaller market cap and trading volume, WIF has benefitted from increased speculative trader interest and has seen a significant surge in trading volume on Derivatives, topping $2.74 billion, reflecting a 69% increase since the previous Sunday.
Despite the excitement around these new meme coin listings, the broader crypto market has seen some volatility, leading to shifting investor behavior. Floki’s recent dip after the Coinbase listing suggests that leveraged traders are looking for more predictable assets, with other meme coins, like Dogwifhat, gaining more traction.
The Stochastic Relative Strength Index (StochRSI) for Floki currently sits between 30 and 20, signaling that it is in an oversold position and could attract whale investors looking to capitalize on the dip. Additionally, the Chaikin Money Flow (CMF) indicator, which tracks the money flow in and out of assets, is currently below -0.10, indicating that retail buyers have not yet transitioned into major investor sentiment.
As meme coins continue to captivate the crypto world, KuCoin’s expansion of its KuCard service highlights the growing intersection of cryptocurrencies and mainstream financial services. The addition of popular tokens like FLOKI and Dogwifhat offers meme coin fans new opportunities for real-world use of their digital assets.
While Floki and Dogwifhat have faced some short-term corrections, their future remains uncertain, with factors such as whale behavior, market trends, and speculative trading continuing to shape their price action.
As KuCoin’s 55-coin VISA card range grows, it will be interesting to see how these meme coins perform as they become more integrated into the broader economic ecosystem. For now, crypto investors will need to keep an eye on market conditions, whale movements, and potential catalysts like exchange listings and market developments to determine the next steps for these vibrant digital assets.
November 2024, Cryptoniteuae