What is PEPE?
PEPE is the latest meme coin to soar in value and capture the crypto industry’s attention. It’s based on the artist Matt Furie’s Pepe the Frog.
Over the past week, the token has risen by a whopping 1,000%, per Coingecko. It’s now the 45th-largest cryptocurrency by market capitalization, overtaking Fantom’s native FTM token as well as The Sandbox’s SAND token.
Binance, the world’s largest cryptocurrency exchange, has confirmed the listing of Floki Inu (FLOKI) and PEPE in the Innovation Zone on its platform. According to the firm, a listing fee of 0 BNB applies to trade pairs featuring the duo of FLOKI and PEPE.
As per a published statement, Binance also ascertained that by the latter part of today, the exchange would have opened trading for the spot pairs like FLOKI/USDT, FLOKI/TUSD, PEPE/USDT, PEPE/TUSD.
Hence, users are encouraged to start depositing any or both of the two memecoins in anticipation of trading. Deposits of FLOKI and PEPE will be made possible from today but users will not be allowed to withdraw until May 6th.
Changpeng ‘CZ’ Zhao, the Chief Executive Officer (CEO) of Binance previously hinted that the exchange was skeptical about listing PEPE citing the fact that the meme coin lacks transparency and has a high-risk nature. During one of his ‘Ask Me Anything’ sessions, CZ showed his approval of Shiba Inu over the cartoon-characterized meme coin PEPE.
“We don’t like coins that have a very small circulating supply… but they have a large total supply in reserve,” he said in a Twitter Spaces held earlier this month, adding that “with a tiny bit of circulating supply, some of the coins are famous and people want them as price is going really high. But then as more supply comes into circulation the price may drop, well most likely will drop or at least have a higher risk of dropping. We try to avoid it.”
At the same time, he also pointed out that he was not directly involved in listings.
“We actually have strict policies that even if we are talking with a project team, we forbid them disclosing anything about listings, etc,” Zhao added.
FLOKI, PEPE, Other Memecoin Gain Attention
Considering the earlier stance of CZ, it came as a surprise when the exchange confirmed the listings. About 48 hours after the listing goes live, both FLOKI and PEPE will be added as new borrowable assets on Isolated Margins alongside their new margin pairs FLOKI/USDT, and PEPE/USDT.
The announcement seems to have caused some excitement in the market as PEPE saw a surge of over 40%, while FLOKI increased by over 60%.
FLOKI has been on other top cryptocurrency exchanges before now but the listing with Binance has been anticipated for a very long time. In March, KoinBX, a leading cryptocurrency exchange, announced plans to list FLOKI to trade with USDT and INR trading pairs. Generally, there has been a rave about FLOKI and many other memecoins
The platform behind the memecoin Floki has proved its utility over time with several solutions like a crypto debit card, a Non-Fungible Token (NFT)-based game, and various NFT collections.