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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.
Cover art/illustration via CryptoSlate. Image includes combined content which may include the use of AI tools.
Crypto exchange Binance has revealed it would list Pepe (PEPE) and Floki Inu (FLOKI) in its innovation zone, according to a May 5 statement.
The crypto exchange said its users would enjoy zero maker fees on the spot trading of the memecoins True USD (TUSD) pairing.
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.
Binance wrote:
“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.
