ROLLER COASTER? Pepe, Floki’s Value Pumped and Dumped After Binance Listing
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Editing by Nathaniel Cajuday
- Binance’s listing of meme coins Pepe and Floki in its Innovation Zone on May 5 has resulted in fluctuating values for the coins.
- The Innovation Zone allows for the trading of innovative and volatile tokens, and users can trade FLOKI/USDT, FLOKI/TUSD, PEPE/USDT, and PEPE/TUSD on Binance with waived listing fees and zero maker fees.
- Users are reminded to exercise risk management due to the high volatility of these relatively new tokens.
Immediately after being listed by global cryptocurrency firm Binance in its Innovation Zone on May 5, 2023, Pepe’s and Floki’s values experienced a rollercoaster ride.
The Innovation Zone refers to a specialized trading area that enables users to exchange novel and innovative tokens, which tend to exhibit greater volatility and entail higher risks compared to other tokens.
Read the memecoin series on BitPinas:
- What are the Top Meme Coins in the Philippines in 2023?
- (Newsletter) Why Filipinos Love Memecoins
- ALMOST AS FAST AS BINANCE: Coins.ph Lists Pepe, Floki
- In Meme We Trust: Philippines Weekly Crypto Roundup: May 8, 2023
- How ChatGPT Helped Turbo Memecoin Rocket to $75M Market Cap
Initially, the listing was scheduled for May 5, 2023, at 4:00 p.m. (UTC), but it was postponed until 6:00 p.m. (UTC) on the same day. Regardless, it was pushed through and went smoothly.
Users can now utilize the trading pairs; FLOKI/USDT, FLOKI/TUSD, PEPE/USDT, and PEPE/TUSD on Binance.
Currently, the listing fee for both tokens has been waived by Binance. The exchange also shared that users will enjoy zero maker fees on FLOKI/TUSD and PEPE/TUSD spot trading pairs until further notice.
Moreover, FLOKI and PEPE are now also available as new borrowable assets with margin pairs on Binance‘s Isolated Margin.
“FLOKI and PEPE are relatively new tokens that pose a higher than normal risk, and as such will likely be subject to high price volatility. Please ensure that you exercise sufficient risk management, have done your own research in regards to FLOKI and PEPE’s fundamentals, and fully understand the projects before opting to trade the tokens,” Binance reminded its users.
Pepe is a meme-inspired cryptocurrency that was created in 2016 as a joke. It is named after the popular internet meme Pepe the Frog. Pepe is a decentralized currency based on the Bitcoin and Litecoin codebases, with added features like faster transaction times and lower fees.
As of this writing, it is ranked #51 on CoinGecko’s ranking. Although it’s currently trading at $0.00000218 and was down by 14.7% for the last 24 hours, it saw a 200.7% increase for the last week.
Floki is a meme-inspired cryptocurrency that was created in 2021; named after Floki, Elon Musk’s Shiba Inu dog. Floki is a multi-chain token that can be used on the Ethereum and Binance Smart Chain (BSC) platforms.
Floki is ranked #109 on CoinGecko’s top crypto ranking. It is currently trading at $0.00003686 and has been down by 3.6% for the last 24 hours.
Recently, Floki has been the top meme coin Filipinos are going after, according to a report by CoinGecko. Pepe was the 5th most sought after. The same report revealed that the Philippines is the fourth country in the world to be interested in meme coins. (Read more: FLOKI, SHIB, BONK, BABYDOGE, PEPE Are Top Meme Coins in PH in 2023)
$PEPE and $FLOKI in PH
The two meme coins were also recently listed on the homegrown crypto exchange Coins.ph’s trading platform, Coins Pro. (Read more: ALMOST AS FAST AS BINANCE: Coins.ph Lists Pepe, Floki)
Aside from Binance and Coins, Filipino crypto enthusiasts can also buy Pepe through PancakeSwap, UniSwap, and Houbi; while they can buy Floki through Houbi Global, PancakeSwap, and Coinbase.
This article is published on BitPinas: ROLLER COASTER? Pepe, Floki’s Value Pumped and Dumped After Binance Listing
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.