Coinbase Lists Meme Coins Popcat and Pudgy Penguins
Coinbase, one of the largest centralized exchanges by trading volume, has announced the listing of two meme coins on the Solana network. The tokens in question are Popcat (POPCAT) and Pudgy Penguins (PENGU), both of which have seen significant price rallies after the announcement.
According to Coinbase's roadmap, the exchange plans to introduce spot trading for POPCAT-USD and PENGU-USD pairs on February 13. Prior to this, perpetual futures markets for these tokens will be available on both Coinbase International Exchange and Coinbase Advanced.
The price surge can be attributed to the so-called 'Coinbase Effect', where tokens often see significant gains after listing on the exchange due to increased visibility, liquidity, and investor interest.
Popcat has led the gains with a 25% increase, reversing its declining trend since November. Pudgy Penguins has also seen a 12% gain over the past day, although it still trades at an 18% discount from its all-time high.