Coinbase has announced support for Popcat (POPCAT) and Pudgy Penguins (PENGU) on the Solana blockchain, triggering a sharp rise in their market value.
The exchange confirmed that trading for these SPL tokens will commence at 9 AM PT on February 13, 2025, provided liquidity conditions are met.
Following the announcement, PENGU surged by 10.71% in the last 24 hours, trading at $0.009974. Its trading volume skyrocketed by over 115%, reflecting increased market activity. Meanwhile, POPCAT saw an even more dramatic spike, jumping nearly 30% to $0.34.
Coinbase warned users to avoid sending these assets through other networks to prevent fund losses. The Solana contract address for POPCAT is 7GCihgDB8fe6KNjn2MYtkzZcRjQy3t9GHdC8uHYmW2hr. Trading pairs POPCAT-USD and PENGU-USD will be introduced in phases across eligible regions, though some jurisdictions may have restrictions.
This move follows Coinbase’s early February announcement to support perpetual futures trading for Popcat, Pudgy Penguins, and Helium (HNT). The exchange also introduced Berachain (BERA) perpetual futures trading on the same day, further expanding its offerings.
The recent listings of POPCAT and PENGU on Coinbase have sparked debate about their long-term viability, with investors watching their price trends closely. However, skepticism exists regarding the legitimacy of these tokens. A user on X criticized Coinbase for listing POPCAT, labelling it as an insider-controlled memecoin that experienced an artificial surge in its market cap from $1.92 billion to $238 million. He also questioned Coinbase’s choice to promote such tokens over decentralized options like $DOG, which holds a larger market cap.
Beyond spot trading developments, Coinbase Derivatives is set to expand its futures offerings by introducing Solana futures contracts. According to a January 30 filing with the U.S. Commodity Futures Trading Commission (CFTC), Solana futures will launch on February 18, 2025. The new product will feature two contract sizes: a standard 100 SOL contract (~$23,700) and smaller 5 SOL “nano” contracts, both cash-settled monthly.
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