Binance, the world’s largest crypto exchange by volume, has recently added two new meme coins to its trading platform. Pepecoin (PEPE) and Floki Inu (FLOKI) are now listed in Binance’s innovation zone, which requires traders to answer two questions about the risks involved in trading in this zone before they can begin trading.
Pepecoin, which is based on the popular internet meme “Pepe the Frog” created by artist Matt Furie, has seen a significant surge in value over the past week, rising by a whopping 1,000% per Coingecko. This has made it the 45th largest cryptocurrency by market capitalization, overtaking tokens like Fantom’s native FTM and The Sandbox’s SAND. Similarly, Floki Inu has also risen by 57%, and Pepecoin has continued its upward trajectory by rising another 77%, bringing its market capitalization to over $1 billion.
Despite these gains, both coins still trade at far less than a penny. Binance has also issued a warning to prospective traders, stating that Pepecoin currently has no token utility or value support mechanism and that some insiders or team members were able to buy 7% of the total token supply shortly after its Token Generation Event.
Trading for both tokens began on Binance at 12 pm ET today. Interested traders can also trade both meme coins on margin against Tether’s dollar-pegged stablecoin. Binance’s move to list these meme coins reflects the growing popularity of such coins among investors and traders, but it also highlights the potential risks associated with these highly speculative assets.