Binance Lists PEPE as Meme Coin Market Cap Hits $1 Billion

The world's largest crypto exchange by volume has just added two more meme coins to the casino.

Binance today announced it would list both Pepecoin (PEPE) and Floki Inu (FLOKI) in the platform's so-called innovation zone.

To enter, traders must first answer two questions correctly regarding how much money they could lose trading in this zone (more or less than 50%?) and whose fault it would be if they do indeed face a "total loss" of funds.

FLOKI has since soared 57% and PEPE has risen another 77%, pushing the frog-inspired token's market capitalization across the $1 billion mark. Still, both coins trade at far less than a penny, at press time.

The exchange has also provided another word of warning for prospective traders. "Please note that, as of the time of writing, PEPE has no token utility or value support mechanism," reads the listing note on Binance. "Also, there are signs that certain insiders or team members were able to buy 7% of the total token supply minutes after TGE [Token Generation Event]."

Trading for these two tokens kicks off today at 12pm ET. Interested parties can also trade both meme coins on margin against Tether's dollar-pegged stablecoin.

What is PEPE?

PEPE is the latest meme coin to soar in value and capture the crypto industry's attention. It's based on the artist Matt Furie's Pepe the Frog.

Over the past week, the token has risen by a whopping 1,000%, per Coingecko. It's now the 45th-largest cryptocurrency by market capitalization, overtaking Fantom's native FTM token as well as The Sandbox's SAND token.

Besides its meteoric price rise, the flurry of speculation has also sent gas fees on Ethereum soaring to 1-year highs.