• Binance has revealed it would list two memecoins, Pepe (PEPE) and Floki Inu (FLOKI), in its innovation zone.
• The tokens will be subject to zero maker fees on spot trading of the True USD (TUSD) pairing.
• Binance warned that the tokens have no token utility or value support mechanism, and advised users to take extra caution when investing in them.
Binance Listing of Memecoins
Binance recently announced that it would be listing two memecoins, Pepe (PEPE) and Floki Inu (FLOKI), in its innovation zone. This listing will allow users to trade these tokens with zero maker fees on spot trading of the True USD (TUSD) pairing.
Risks with Memecoins
Despite this move, Binance warned users that these new tokens pose a higher than normal risk due to their lack of token utility or value support mechanism. Furthermore, insiders bought around 7% of the total supply immediately after launch, making them even riskier investments. As such, users should exercise extra caution when investing in memecoins.
Price Impact After News Release
Following the news release regarding the listing of these tokens on Binance’s platform, both Pepe and Floki saw a surge in their prices by more than 50%, according to CryptoSlate data. Floki’s value jumped to as high as $0.00005 while Pepe moved up to $0.0000029 at peak prices before correcting itself again later on.
Other Recent Developments
In other recent news related to crypto exchanges, Israel seized close to 200 Binance accounts over terrorism links over a span of two years; Voyager also intends to start returning customer funds in upcoming weeks; WSB rallied over 200% after suspect offered refund options; and growing Bitcoin transactions emphasize Lightning Network’s importance further more.
Overall, although memecoin investments are risky endeavors due to their lack of tangible value backing them up, traders can benefit from low maker fees offered by Binance as well as potential price upticks after news releases such as this one regarding the listing of Pepe and Floki Inu on its platform..