Coinbase, the third-largest centralized exchange by trading volume, has announced the listing of Popcat (SOL) (POPCAT) and Pudgy Penguins (PENGU) on the Solana (SOL) network.
This development has fueled a sharp price rally for both meme coins, with gains exceeding double digits.
Coinbase Lists POPCAT and PENGU
According to Coinbase’s announcement, trading for POPCAT and PENGU will commence on or after 9 AM PT on February 13. The exchange will roll out spot trading in phases for the POPCAT-USD and PENGU-USD pairs.
Before spot trading goes live, perpetual futures trading for these tokens will be available on Coinbase International Exchange and Coinbase Advanced. The exchange will launch the PENGU-PERP and POPCAT-PERP markets on or after 9:30 AM UTC on the same day.
This expansion follows the recent addition of these assets to Coinbase’s roadmap alongside Morpho (MORPHO), which has yet to receive a confirmed listing. While the roadmap inclusion led to brief price upticks, the official listing announcement triggered a more prominent rally.
Among the two tokens, POPCAT led the gains, surging over 25%. This was notable, as the meme coin had been on a downward trend since November.
Nonetheless, it has been experiencing a slight recovery over the last week, rising by more than 46%. At press time, it traded at $0.33.
PENGU also recorded strong gains. Its value increased by more than 12% over the past day, particularly significant given that the token had hit an all-time low just last week.
With this price surge, the token is now trading approximately 18% higher than its lowest point. However, its weekly losses still stand at 7.8%.
What’s even more substantial is the 65% depreciation PENGU faced last month. At press time, its trading price stood at $0.01.
This sharp price increase aligns with what is known as the “Coinbase Effect.” To provide some context, the Coinbase Effect refers to a phenomenon where tokens often experience substantial price surges after being listed on the exchange, driven by increased visibility, liquidity, and investor interest.
Nevertheless, it remains to be seen whether the meme coins can sustain the gains once trading begins.
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