Binance.US Lists PEPE as Crypto Exchanges Compete for Memecoin Market

US-based cryptocurrency exchanges are making bold moves to capture a share of the lucrative memecoin market, with Binance.US recently announcing the listing of the popular memecoin PEPE. This move comes as US exchanges like Binance.US and Coinbase increasingly focus on expanding their memecoin offerings.

PEPE Makes Its Debut on Binance.US

Starting December 5, PEPE will be available for trading against Tether’s stablecoin USDt on Binance.US. The listing marks a significant milestone for the memecoin, which has gained substantial popularity in the crypto community, largely driven by social media buzz and widespread community support. Binance.US made the announcement on December 4, highlighting PEPE’s rise in popularity since its inception.

As of December 4, PEPE has reached a market capitalization of nearly $9 billion, according to CoinGecko, solidifying its position as one of the most significant memecoins in the market. This listing on Binance.US is expected to drive further interest in the token and potentially attract new traders looking to capitalize on the memecoin trend.

Rising Popularity of Memecoins

Memecoins, which have gained massive attention due to their community-driven nature and viral appeal, are becoming an increasingly prominent part of the cryptocurrency landscape. Major exchanges like Binance.US and Coinbase are ramping up their efforts to list a variety of memecoins, reflecting the growing demand for these tokens.

The recent surge in memecoin listings can be partially attributed to the shift in political sentiment in the United States. Following the November 5 election win of President-elect Donald Trump, crypto exchanges have expressed optimism about operating in a more crypto-friendly regulatory environment. In an interview with Bloomberg in November, Tom Duff Gordon, Coinbase’s vice president of international policy, indicated that the platform plans to offer more tokens, particularly smaller and meme-based coins, now that there is a favorable regulatory climate for crypto.

In addition to PEPE, Coinbase has listed several other memecoins in December, including Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF). Binance.US also listed Bonk (BONK), a dog-themed memecoin, in November, further fueling the competition among exchanges to dominate the memecoin space.

As of December 4, the total market capitalization of memecoins exceeds $130 billion, according to CoinGecko, showing the growing impact of these tokens on the broader cryptocurrency market.

Mixed Reactions from the Crypto Community

The rise of memecoins has sparked mixed reactions within the cryptocurrency community. On one hand, some influencers, such as Murad Mahmudov, argue that memecoins provide a legitimate use case for crypto by removing the speculative premium often associated with altcoins. He suggests that memecoins represent a unique opportunity for cryptocurrency to go beyond speculative trading.

On the other hand, critics like Jimmy Song view memecoins as a speculative gamble that ultimately harms investors. They argue that memecoins lack inherent value and are driven purely by hype and market manipulation.

The Origin of Pepe

The PEPE memecoin is based on Pepe the Frog, a cartoon character created by artist Matt Furie in 2005. Originally featured in Furie’s comic series Boys Club, Pepe became an internet meme, particularly popular among cryptocurrency enthusiasts. The character’s rise to prominence also brought with it some controversy, particularly during the 2016 US presidential election, when alt-right groups co-opted Pepe’s image for political purposes. Furie later filed a lawsuit against Infowars and its founder Alex Jones for using Pepe in political content.

Despite these controversies, the character remains one of the most iconic internet memes of all time, and Furie has distanced Pepe from political affiliations, describing the frog as a “peaceful frog-dude.” According to the Anti-Defamation League, most uses of Pepe the Frog continue to be non-bigoted.

Other characters created by Furie, such as Brett (BRETT), Andy (ANDY), and Landwolf (WOLF), have also found their way into the world of memecoins, continuing the legacy of Pepe’s meme-driven success.

Conclusion

With Binance.US listing PEPE and other exchanges like Coinbase expanding their memecoin offerings, the competition for dominance in the memecoin market is heating up. While memecoins like PEPE continue to attract attention and enjoy strong community support, the debate around their long-term value and sustainability continues to divide the crypto community. As these tokens become increasingly integrated into mainstream exchanges, only time will tell whether they represent a lasting shift in cryptocurrency culture or if they will fade away as speculative assets.