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The meme coin market has witnessed some significant moves on the Asian market. In a notable twist, Pepe Coin (PEPE) has made the list of South Korea’s largest cryptocurrency exchange, Upbit. The exchange announced the addition of USDT trading pairs for two meme coins.
PEPE's community-driven ecosystem and market position
According to the update, the two meme coins with USDT trading pairs include Brett (BRETT) and PEPE. While BRETT will function on the Base network, PEPE remains active on the Ethereum network, and users who deposit or withdraw through networks other than the specified one will not receive support.
Mushumir ButtPepe, a meme coin issued on the Ethereum network in April 2023, remains a major Shiba Inu challenger and looks set to dominate with its iconic frog character. Despite not having its own token utility, Pepe meme coin has begun to see its uses emerge as the community-driven ecosystem grows.
This listing on South Korea’s largest crypto exchange has been described as a major move to claim the market position. Significantly, this development comes after PEPE recorded a noteworthy shake-up as the market saw the transfer of 500 billion PEPE worth $4 million to Kraken, a top U.S.-based exchange.
Positive market reaction for PEPE
At the time of writing, the market has reacted positively to the listing, with PEPE currently up by 11.55% and $0.000008053. This marks the first time within a week that the token has rebounded in price performance.
Godfrey BenjaminNotably, in the early days of August, Pepe and two other altcoins took a major hit as liquidation rose for the meme coin. As reported by U.Today, a total of $2.85 million worth of PEPE comprising $1.86 million Pepe from longs and another $967,980 from shorts were withdrawn by investors.
While Pepe may have also experienced its share of market volatility, observers say the meme coin appears poised to give Shiba Inu a major run for its money in the long term.
Yuri Molchan