Poloniex, a major cryptocurrency exchange, announced today that it will be listing the trending new meme coin, Shiba Inu vs. Pepe the Frog, also known as SHEPE.
According to a tweet from Poloniex, SHEPE wallets will open today at 5:30 a.m. UTC, and full trading will be enabled an hour later, at 6:30 a.m. UTC.
This marks the first centralized exchange (CEX) listing for the digital asset, which has until now been available only on decentralized exchanges (DEXes) like Uniswap.
The SHEPE token blends two iconic internet memes — Shiba Inu and Pepe the Frog — into a single cryptocurrency, tapping into the flourishing market for meme coins.
Recently listed on Uniswap, the lovechild of the two major meme coins has already seen outstanding gains, soaring over 2,000% in just a few days since its official launch.
According to data from CoinMarketCap, SHEPE has a current price of $0.00000001604 and a market cap of approximately $6.75 million, with its daily trading volume standing at about $4.17 million. It has plunged more than 35% over the past 24 hours despite the listing.
Meme coin pitfalls
The Poloniex listing might add a veneer of legitimacy and offer easier access to potential buyers, but it is worth noting that meme coins are often subject to extreme volatility.
The sudden surges can be as dramatic as the drops, making them a risky investment for those unfamiliar with the cryptocurrency market's nuances.
This particular token also steps into an already crowded arena, vying for attention among other high-profile meme coins and their countless spinoffs.
The coin's blend of two meme phenomena might capture the public imagination, but whether it can sustain investor interest for more than a week before crashing into oblivion remains to be seen.