In a new announcement, the world’s largest crypto exchange platform by volume says that it will be adding support for Pepe (PEPE), sparking a massive rally in the memecoin, as well as dog-themed crypto asset Floki (FLOKI).
According to Binance, the meme tokens will be listed in the Innovation Zone, a place dedicated to trading new tokens that tend to be volatile and pose risks for investors.
News of the listing sent Pepe flying as it went from its all-time low of $0.000000254 on April 28th to its current price of $0.00000375, a staggering 1,300% gain. During the last 24 hours alone, Pepe has seen an increase of over 120%. The asset is based on a controversial meme.
According to Binance chief executive Changpeng Zhao, even though memecoins are high-risk assets and he personally doesn’t understand them, the crypto exchange will continue to support them as they tend to have large user bases.
“Memecoins (and all crypto) are high risk! Remember, no one is forcing you to buy them. DYOR (do your own research) and be responsible for your own actions.
We list a large number of coins. Not everyone [has] to like every coin. You don’t have to trade the ones you don’t like… I personally don’t get memecoins, but they do have [a] large number of users.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Mia Stendal/Nikelser Kate