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Coinbase’s recent announcement of listing POPCAT and PENGU on the Solana network has sparked excitement in the crypto community, leading to significant price movements.
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As trading begins on February 13, both tokens are witnessing remarkable surges, marking a pivotal moment for meme coin enthusiasts.
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The “Coinbase Effect,” known for creating initial price spikes post-listing, raises questions about the longevity of these gains despite the current euphoria.
Discover how Coinbase’s new listings of POPCAT and PENGU are impacting the market, with both coins experiencing impressive price rallies.
Coinbase Lists POPCAT and PENGU
In an exciting update for traders and investors, Coinbase has officially listed Popcat (POPCAT) and Pudgy Penguins (PENGU) on the Solana network. Trading for both tokens is scheduled to begin on February 13 at 9 AM PT. The launch will occur in phases, starting with spot trading for the POPCAT-USD and PENGU-USD pairs.
Before the commencement of spot trading, perpetual futures trading on the tokens will be available on Coinbase International Exchange, with markets for PENGU-PERP and POPCAT-PERP launching shortly after at 9:30 AM UTC. This strategic approach ensures that traders have immediate opportunities to engage with these newly listed assets.
This listing follows closely on the heels of the tokens’ recent inclusion in Coinbase’s roadmap, stirring initial interest and slight price increases. However, the announcement of the official listing has catalyzed a much more pronounced rally, especially for POPCAT, which rebounded from a prolonged downturn, showing a substantial 25% surge.
At the time of writing, POPCAT is trading at $0.33, reflecting a robust recovery of more than 46% over the previous week. Meanwhile, PENGU has also experienced notable gains, rising over 12% in the last 24 hours, recovering from an all-time low just a week prior.
PENGU’s price stands approximately 18% above its lowest point, although it remains down 7.8% over the week. This follows a drastic 65% depreciation in the previous month, with its current trading price at $0.01.
This increase can be attributed to the Coinbase Effect, a well-recognized phenomenon where tokens typically experience sharp price spikes after being listed on the exchange. This surge is generally driven by heightened visibility, increased liquidity, and growing investor interest.
However, the sustainability of these gains remains uncertain as the market prepares for the trading session’s official start.
Conclusion
In conclusion, Coinbase’s listing of POPCAT and PENGU on the Solana network has ignited significant market interest, leading to remarkable price surges for both tokens. While the initial response reflects the potential of the Coinbase Effect, the critical question remains whether these gains can be maintained in the long term. As trading begins, investors will be keenly watching to see how these tokens perform amid a landscape rife with volatility.
