Binance listing pushes Floki, Pepe up more than 50%
Binance warned that Pepe insiders bought 7% of its total supply, adding that it has no token utility or value support mechanism.
Besides that, the tokens would be listed as a borrowable asset within the next 48 hours.
Meanwhile, Binance warned its users that memecoins are extremely risky assets to trade — adding that Pepe has no token utility or value support mechanism.
Binance also highlighted that the token insiders bought around 7% of its total supply immediately after its launch.
“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.”
Following the news, the two memecoins rallied by more than 50%, respectively, according to CryptoSlate data.
Floki’s value jumped to as high as $0.00005, while Pepe pumped to $0.0000029.