Pepe, a coin inspired by an anthropomorphized frog popular in internet memes, leapt nearly 7,000% in the 17 days after its April 16 launch, hitting a market value of $1.8 billion by May 5, according to data tracker CoinGecko.
"It's almost like, if the market is not moving up fast enough, traders find these smaller tokens to trade with."
Since its launch in April, the token linked to Pepe the frog has raced up the list of meme coins in terms of market value.
Binance says on its website that pepe has "no utility" or "value support mechanism".
The centralized listings also opened the door for derivative trading for pepe, with leveraged exposures and volatility pushing Ethereum transaction fees higher, Devens said.