​Binance announces the listing of PEPE. Meme token capitalization exceeded $1 billion

What’s new? Crypto exchange Binance will list PEPE and FLOKI in the Innovative Zone of the platform and will open meme coin trading in pairs with USDT and TUSD stablecoin on May 5 at 16:00 UTC. Following the news, PEPE’s market capitalization exceeded $1,1 billion and the asset’s rate reached an all-time high of $0,0000028, according to aggregator CoinGecko. FLOKI’s value rose by 52,2% to $0,00005143.

Information on the Binance website

What else is known about the listing? PEPE and FLOKI will be available for withdrawal on May 6 at 16:00 UTC. In addition, Binance will add meme coins as new leveraged assets for a margin pair with USDT within 48 hours of listing.

Binance noted that PEPE and FLOKI, as relatively new tokens, may be subject to high volatility. The exchange’s team advised customers to make sure they have sufficient risk management and do their own research on the projects’ characteristics to understand them before deciding to start trading.

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Binance also noted that PEPE does not have a mechanism to support the utility or value of the token. In addition, there are indications that certain insiders or team members were able to buy 7% of the coins. Previously, three suspicious features were discovered in the PEPE smart contract whereby the project developers can blacklist an unlimited number of addresses, change the number of tokens available for trading, and limit the number of transactions with the asset.

What is known about the projects? The project’s mascot is the character Pepe the Frog, created by cartoonist Matt Furie. The developers position the asset as a competitor of meme coins, whose mascot is a dog of the Shiba-Inu breed, DOGE, SHIB, and FLOKI, stating that the endlessly produced “dog” coins “have had their day.” The total issuance of the token is 420,69 trillion PEPE. 93,1% has been sent to the liquidity pool and burned. The remaining 6,9% is held in a multi-signature wallet and will be used on exchanges, for bridges and liquidity pools.

PEPE trading is already available on crypto exchanges Uniswap, OKX, MEXC, Gate, Huobi, Poloniex, and Bitget. After listing on OKX, the meme token’s rate rose by 130%.

FLOKI is an ERC-20 token based on the Ethereum blockchain. The developers created it in 2021 by analogy with the already popular at that time meme coins DOGE and SHIB after Elon Musk announced that he wanted to get a dog of the Shiba-Inu breed and name it FLOKI. The asset has a market capitalization of $525,5 million and ranks 92nd in the overall ranking of cryptocurrencies.

On February 15, the price of FLOKI jumped by 40% after Musk tweeted a picture of his dog Floki wearing a sweater with the words “CEO” and the caption: “The new CEO of Twitter is amazing.”