Binance, the world's largest cryptocurrency exchange, has helped new memecoin pepe and rival dogecoin floki soar this week, after announcing support for the two coins:despite Pepe's serious warnings.
The pepe memecoin price has skyrocketed over 700% in the past two weeks, pushing the new cryptocurrency to a $1 billion market capitalization. Meanwhile, dogecoin rival floki, which shares its name with Elon Musk's shiba inu, jumped 50% this week before pulling back.
Now, following Binance's bombshell announcement that it would add both pepe and floki to the platform's so-called "innovation zone," a crypto market analyst has issued a price prediction outlining when he expects "top pepe holders to ditch ".
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Binance CEO Changpeng "CZ" Zhao has made his exchange the world's largest cryptocurrency. ... [+]
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"[We] Can we expect major pepe holders to ditch… when outbound liquidity arrives," cryptanalyst Jack Niewold, founder of Crypto Pragmatist newsletter, aware to Twitter.
“A top signal is created once there is enough liquidity in the system for people to dump with size,” Niewold wrote, adding that “exit liquidity has yet to show up” and signaled a $500,000 sell on OKX, the "most liquid place", "will drop the price more than 2%".
Meanwhile, Binance warned potential pepe and floki traders that the coins were being added only to their "innovation zone", a "dedicated trading zone where users can trade new and innovative tokens that are likely to have higher volatility and pose higher risk than other tokens ". "
Floki and pepe “are relatively new tokens that pose higher than normal risk and as such will likely be subject to high price volatility,” the post said, adding that “pepe does not have a token utility nor a value support mechanism.
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Pepe price has risen in recent weeks but has lost momentum in the last 24 hours after ... [+]
Forbes Digital Assets
Pepe, based on the Pepe the Frog meme which has been adopted by various internet communities, has a "self-reported" circulation of 420.69 billion and previously attracted a warning from Messari analysts who said that while early investors may be looking for big returns on paper, they will have a hard time converting their energy into any other cryptocurrencyand much less dollars.
Earlier this year, a similar dogecoin challenger, the solana-based bonk, mounted a challenge to the memecoin throne but couldn't keep up his massive gains.
