WOO X lists $PEPE for this peculiar reason
Listing allows new user segments to enjoy zero-fee trading
WOO Network announced the listing of $PEPE on WOO X, where users can trade $PEPE-PERP with up to ZERO fees and 20x leverage.
$PEPE, with an image of a green anthropomorphic frog, has become the fastest-growing Ethereum-based token gaining a $1 billion market cap, and surpassing 100,000 holders on-chain in only 23 days, according to research group Messari.
“Memecoins have been experiencing a resurgence of interest from small wallets, demonstrating retail participation is back in the market and generating lots of trading volume overall. Whether or not this is positive or sustainable remains to be seen, but widely-publicized pumps that attract the attention of retail traders have the ability to spark bull markets,” Ben Yorke of WOO Network’s Ecosystem team said.
How is memecoin popularity helping the ecosystem?
$PEPE is not the first memecoin listed on WOO X, with SHIB also listed during the 2021 bull market. Recent optimizations in WOO X infrastructure are being made to allow a much more flexible listing strategy, onboard more market makers, and further deepen its existing liquidity.
Yorke also highlighted that “by trading $PEPE on WOO X, traders don't pay gas fees and pay the lowest trading fees, which they could compare using our execution quality analytics."
Meanwhile, the adoption of the $PEPE coin on centralized exchanges has also opened the door for PEPE derivatives trading, according to Messari. “The inherent volatility generated from leveraged exposure has spilled into the Ethereum DeFi ecosystem pushing fees to yearly highs,” Messari said.
Signal of market froth?
Yorke said there could be a correlation between the rising interest in memecoins and market volatility. “Perhaps the caveat here is that memecoin frenzies often signal market froth and may precipitate a broad market downturn. But for the time being, we hope that it spills over into the greater crypto ecosystem bringing more traders and volumes,” Yorke noted.
As proof of strong backing of $PEPE, fans of the memecoin were recently outraged at how another exchange described the token as a hate symbol.
"That is a power of community in the display, which represents the value of $PEPE. More importantly, this highlights a key aspect of crypto being a neutral technology that doesn’t mix politics and 21st-century ideology. Instead, it focuses on anonymity and the power of community,” said Yorke.
Parts of Yorke’s analysis were quoted in Bloomberg’s story titled “Crypto Memecoin Mania Begins to Cool Shortly After Latest Renaissance.”
Related story: New futures listing of PEPE-PERP - May 10th
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