Binance.US has added the popular memecoin Pepe ($PEPE) to its platform as U.S. cryptocurrency exchanges compete for a share of the expanding memecoin market.
Starting Dec. 5 at 11:00 am UTC, PEPE will be tradable against Tether’s stablecoin, USDt ($USDT), the exchange announced on Dec. 4.
“Since its inception, PEPE has seen significant popularity among network participants, largely driven by social media and community support,” Binance.US stated.
As of Dec. 4, PEPE held a market capitalization nearing $9 billion, according to CoinGecko.
Memecoin Listings on the Rise
Following President-elect Donald Trump’s crypto-friendly stance, U.S. exchanges like Binance.US and Coinbase have been expanding their offerings of memecoins.
Tom Duff Gordon, Coinbase’s vice president of international policy, highlighted the trend in November, saying, “We’re talking more about some of the smaller tokens, some of the memecoin tokens.”
In recent months, Coinbase has listed memecoins such as Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF). Binance.US also introduced Bonk ($BONK), a dog-themed memecoin, in November.
Currently, memecoins collectively hold a market capitalization of over $130 billion, per CoinGecko.
Mixed Reactions
Memecoins have sparked debate within the crypto community. Influencers like Murad Mahmudov argue that memecoins serve a purpose by reducing speculative premiums in altcoins. Conversely, others like Jimmy Song view them as risky and speculative.
The Story of Pepe
Created in 2005 by artist Matt Furie, Pepe the Frog became an internet sensation and later a cryptocurrency symbol.
While initially a “peaceful frog-dude,” Pepe stirred controversy during the 2016 U.S. election due to its use by alt-right groups.
Despite the backlash, the Anti-Defamation League stated, “the majority of uses of Pepe the Frog have been, and continue to be, non-bigoted.”
