"Memecoin seems to be gaining popularity, will the price go up again later?"
After cryptocurrency exchange Binance moved the second largest memecoin Shiba Inu (SHIB) out of the Innovation Zone after meeting high standards, Binance US will list Floki Inu (FLOKI) on its platform.
Binance US based in California on Monday yesterday reported to its millions of users about the listing of FLOKI which will be traded with USD or USDT pairs.
Trading for the digital asset will go live on April 25, 2023, but it should be noted that the deposit function for FLOKI is currently only allowed for users who want to fund their crypto account.
Following the following news, FLOKI's price managed to jump by 6.1% to reach $0.000049 before falling slightly to $0.000038 in the last 24 hours with a market capitalization of $371 million.
Not only that, memecoins such as Bone ShibaSwap (BONE) and ArbDoge AI (AIDOGE) also jumped over 10% immediately after Binance US intends to list FLOKI.
In addition, Binance has created seven liquidity pools for several cryptocurrencies, including Bitcoin (BTC), SHIB and Dogecoin (DOGE) following the recent high demand for digital digital assets.
Following that, the entire crypto community sees the price of memecoin as having the potential to soar massively higher as retail engagement increases as exchanges become more supportive of the digital asset.
However, such price movements are also highly dependent on BTC, so memecoin may rise if the digital asset also rises but it could fall if the opposite happens.
