In addition to stating that Pepe lacks a token utility or value support mechanism, Binance also stated that insiders purchased 7% of its total supply.

A statement released on May 5 stated that the cryptocurrency exchange Binance would include Pepe (PEPE) and Floki Inu (FLOKI) in its innovation zone.

On the spot trading of the memecoin-True USD (TUSD) pairing, the cryptocurrency exchange stated that its customers would be eligible for no maker fees.

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In addition, within the next 48 hours, the tokens would be listed as an asset that could be borrowed from.

In the meantime, Binance informed its customers that trading memecoins carries a high level of risk and that Pepe lacks a token utility or value support mechanism.

Additionally, Binance emphasized that token insiders purchased approximately 7% of the token’s total supply immediately following its launch.

Binance composed:

“FLOKI and PEPE are relatively new tokens that pose a higher than normal risk, and as such will likely be subject to high price volatility.”

Following the news, the two memecoins rallied by more than 50%, respectively, according to Vipkhoone data.

Floki’s value jumped to as high as $0.00005, while Pepe pumped to $0.0000029.