POPCAT and PENGU Tokens Skyrocket After Coinbase Listing
POPCAT and PENGU– In a recent development, Coinbase has announced the listing of two popular meme coins—POPCAT and PENGU—on its platform, sparking a sharp price rally for both tokens. The announcement revealed that trading for these coins would commence on February 13, starting at 9 AM PT, with spot trading available for the POPCAT-USD and PENGU-USD pairs. Before spot trading, perpetual futures trading will be available on Coinbase International Exchange and Coinbase Advanced, launching the PENGU-PERP and POPCAT-PERP markets at 9:30 AM UTC on the same day.
Coinbase’s Impact on POPCAT and PENGU Prices
The addition of POPCAT and PENGU to Coinbase has already led to impressive price surges for both tokens. POPCAT saw a significant increase of over 25%, bouncing back from a downward trend that began in November. The meme coin has been showing signs of recovery, rising more than 46% in the past week. As of now, POPCAT is trading at $0.33.
PENGU also benefited from the Coinbase listing, with its value surging by more than 12% over the past 24 hours. This rise is particularly noteworthy since the token hit an all-time low just a week ago. Despite the recent gains, PENGU’s price is still around 18% higher than its lowest point. However, the token’s weekly losses still stand at 7.8%. Last month, PENGU experienced a significant 65% depreciation, further emphasizing the volatility of meme coins. As of now, PENGU is trading at $0.01.
The Coinbase Effect
The surge in both POPCAT and PENGU prices highlights what is often referred to as the “Coinbase Effect.” This phenomenon occurs when tokens experience substantial price increases following their listing on Coinbase, driven by heightened visibility, liquidity, and investor interest. These rapid gains further demonstrate the influence of major cryptocurrency exchanges in shaping market trends for newly listed assets.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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