Leading cryptocurrency exchange Binance has announced the listing of two major meme-inspired cryptocurrencies, Floki ($FLOKI) and the hot memecoin Pepe, which is inspired by the infamous meme and cartoon character Pepe the Frog, and was introduced to the market on April 17, 2023.
Binance’s announcement notes that users are already able to engage in spot trading for these two meme-inspired cryptocurrencies, with both tokens set to be incorporated as new borrowable assets within a 48-hour timeframe.
Initially conceived as a meme coin venture, FLOKI has since broadened its scope to encompass an array of offerings, such as gaming, NFT collections, and even a cryptocurrency debit card. In contrast, Pepe Coin, a contentious meme coin, is based on a cartoon character and possesses no utility. Developed by an enigmatic team, the coin’s uncertain origins have sparked controversy.
Nevertheless, amid a flurry of trading activity, its price has risen over 1,200% over the last couple of days, with at least one cryptocurrency trader with a penchant for meme coins managing to reap an astounding 38,675% profit on the token.
Following the announcement, both FLOKI and PEPE experienced a remarkable 60% surge in value within mere minutes. PEPE’s market capitalization exceeded a staggering $1.2 billion, a figure deemed unimaginable only a few weeks prior.
Meanwhile, FLOKI’s capitalization reached $510 million, earning it the 86th spot among the largest cryptocurrencies.
Binance’s decision to list these tokens appears to have been fraught with deliberation, as evidenced by the numerous risk warnings and cautions peppered throughout the announcement. The exchange’s delayed action compared to other major platforms further underscores this hesitancy.
Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. It is now a top 100 digital asset after multiple centralized exchange listings.
As CryptoGlobe reported, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.
The rise of meme-based cryptocurrencies has been a phenomenon in the world of digital finance. In recent years, established meme-inspired cryptocurrency Dogecoin ($DOGE) saw its popularity explode as rivals including Shiba Inu ($SHIB), Babydoge ($BABYDOGE) Wojak ($WOJAK), and ArbDoge, have been created and garnered significant attention.
Memecoins have become a sensation as these cryptocurrencies offer investors an opportunity for significant financial gains, as demonstrated by the recent PEPE success story.
However, the rapid rise and potential volatility of meme coins also pose significant risks to investors, especially those who may be new to the world of cryptocurrency, as many end up underwater after buying.
Image Credit
Featured Image via Unsplash
