Frog-themed memecoin PEPE has been listed on India’s cryptocurrency exchange WazirX, a few hours after global leading exchange Binance confirmed its listing.
The decision to list the memecoin came after the numerous requests of the Indian community and a raging hype over PEPE. WazirX confirmed on Twitter that PEPE deposits are already live on its platform but in the meantime, trading has not commenced.
PEPE Trading Yet to Commence on WazirX
Users are, therefore, encouraged to start depositing their coins in the exchange. Before trading commences, WazirX plans to upscale deposits to a reasonable level. When this eventually happens, an official announcement would be made to that effect, according to the Indian cryptocurrency exchange.
WazirX’s former partner, Binance confirmed the listing of PEPE and another memecoin known as FLOKI a day ago. Although, the exchange was initially sceptical about listing PEPE citing a number of challenges like a lack of transparency and a high-risk nature.
Binance Flags Short-Supply Coins
Changpang ‘CZ’ Zhao, the Chief Executive Officer (CEO) of Binance further explained the firm’s stance on listing such altcoins.
“We don’t like coins that have a very small circulating supply… but they have a large total supply in reserve,” he said in a Twitter Spaces held earlier this month, adding that,
“With a tiny bit of circulating supply, some of the coins are famous and people want them as price is going really high. But then as more supply comes into circulation the price may drop, well most likely will drop or at least have a higher risk of dropping. We try to avoid it.”
CoinDCX Refuses to List PEPE Amid Hype
While WazirX listened to the requests of Indians, another cryptocurrency exchange in the region seems to have no interest in PEPE.
CoinDCX vehemently denied listing the memecoin because of the risk associated with it. As stated by Sumit Gupta, the CEO of the exchange, the hype by netizens and the listing of PEPE by top crypto exchanges is not enough to make the firm list the coin.
“We take our responsibility as a trusted platform very seriously, and we believe that listing PEPE could potentially put our users’ investments at risk,” he explained.