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The memecoin market has exploded in popularity in recent years, with a growing number of projects seeking to tap into the viral appeal of internet memes. These tokens, which often feature popular memes or internet personalities as their mascots, have gained a following among investors who are drawn to their potential for high returns and their quirky, irreverent branding.
One of the most well-known memecoins is Dogecoin, which was originally created as a joke in 2013 but has since become one of the most valuable cryptocurrencies on the market. As of May 2023, Dogecoin's market capitalization is over $50 billion, making it one of the top 10 cryptocurrencies by market cap. Other notable memecoins include Shiba Inu (SHIB), which is modeled after the Dogecoin meme and has a market cap of around $10 billion, and SafeMoon (SAFEMOON), which has a market cap of over $4 billion and has gained a following for its unique tokenomics and community-focused approach.
PEPE, a memecoin that was introduced in the middle of April 2023, is an example, albeit one of a different kind than the often used doge or Shiba Inu tokens. The token is referred to as the "most memeable memecoin in existence" by PEPE's official Twitter account, which also claims that the "dogs have had their day" in reference to an earlier generation of memecoins that included the once-popular Dogecoin. On April 17th, PEPE began operations with minimal fanfare. It is based on Matt Furie's Pepe the Frog meme, which was first made in 2005.
The cryptocurrency Floki began as a joke coin based on Elon Musk's dog but has now developed into a fully realized web3 project including decentralized finance, NFTs, and the Metaverse. The team behind the Floki project transformed a once-useless meme-coin into what is now known as "The People's Crypto" The utility token for the product ecosystem is called FLOKI. Users receive Floki tokens as compensation for taking part in the ecosystem. By producing and curating memes, voting, staking money on the network, and posting memes to social media, you may earn FLOKI. The proceeds from the currency sale will be used by Floki Inu to establish a decentralized financial environment.
The largest globally regulated centralized exchange, Binance, which controls the lion's share of global crypto trading activity, has stated that it would put the two meme currencies in its innovation zone in response to increased acceptance of Pepe (PEPE) and Floki (FLOKI).
The exchange declared that the two meme currency pairs' spot trading would start on Friday at 16:00 UTC. The FLOKI and PEPE withdrawal from Binance is scheduled to start tomorrow, with a listing cost for each coin set at 0 BNB.
Trading pairings for fake coins include FLOKI/USDT, FLOKI/TUSD, PEPE/USDT, and PEPE/TUSD, among others. The exchange will, however, also provide isolated margin pairings of both tokens, such as FLOKI/USDT and PEPE/USDT.