CoinDCX crypto exchange co-founder noted that he is getting huge demand from the customers to list Pepe tokens but confirmed that the exchange can’t list this token citing several factors.
CoinDCX is a popular Indian crypto exchange. This exchange was launched by Sumit Gupta and Neeraj Khandelwal in 2018. In Q3 2021, this exchange also joined the Advertising Standards Council of India to enhance the confidence and credibility of digital assets among Indians.
On 5 May 2023, Sumit Gupta talked about the surging demand to list Pepe token on the CoinDCX exchange.
Mr. Sumit said that he can understand the excitement level of the CoinDCX customers ahead of the potential Pepe Token listing plan on the CoinDCX exchange but confirmed that the exchange is focussed on the priority of the customer’s fund safety, so Pepe token cannot be listed on the exchange.
CoinDCX co-founder noted that the trade volume & market cap of Pepe token is significant enough to list but liquidity is not high on the exchanges and also more than 2.7% of the Pepe token total supply ($1 Bn* 2.7% = 27M) is in the few wallets, which is very risky for the Pepe token trade price.
“On-chain wallet analysis points at a cluster of few wallets holding 2.7% of the total supply. ($1 Bn* 2.7% = 27M) which can cause a major risk for the market as those wallets hold a token value superior to all the on-chain liquidity. This can lead to limited sell-side liquidity ostabilizesbili zee stutilizesses,” Mr Sumit said.
Further Sumit said that CoinDCX launches crypto assets on behalf of several measures & standards, to remain in compliance with rules.
Binance supports Pepe token
On 6 May, Binance opened Pepe token trading on the exchange but Binance’s CEO warned people to do research before investing in meme coins because meme coins are very risky.
Pepe token price
The current trade price of Pepe token is $0.00000275 & this trade price is 45% higher than the last 24 hours’ trade price.
Read also: Binance CEO warns Pepe token investors