Web3 payments infrastructure provider Transak is adding PEPE and BONK meme coins to its platform as part of its effort to open pathways for new users to engage with various DeFi ecosystems, Investing.com has learned.
The popularity of meme coins, especially within the Solana and Ethereum ecosystems, has skyrocketed, fueled by their strong ties to internet culture.
According to CoinGecko's Q2 2024 Crypto Report, meme coins are set to be a major driver of cryptocurrency adoption in the second half of the year. Moreover, Solana meme coins have crushed their Ethereum counterparts, racking up an impressive 800% gain so far this year.
"Listing PEPE and BONK is about more than just adding popular tokens. It's about opening the door wider for those curious about crypto, especially within vibrant communities like Solana and Ethereum. Transak is committed to making this exciting space accessible to everyone, regardless of their experience level,” said Sami Start, CEO and co-founder of Transak.
The rising excitement around the Solana ecosystem seems to have boosted the appeal of PEPE and BONK meme coins, prompting their listing on Transak.
PEPE jumped into the top 25 largest tokens by market cap earlier this year. The frog-themed token rapidly soared to a $1 billion market cap just weeks after its debut in April 2023.
Some traders believe that PEPE could eventually surpass the dog-themed Shiba Inu (SHIB), which currently holds a market capitalization of $8B as of Tuesday.
Even though BONK started as just a meme coin, it quickly gained traction in the Solana ecosystem. Various Solana projects began accepting the token for NFT payments, and some even implemented "burn" mechanisms for NFT events in the weeks following its launch.
Transak’s payment and onboarding services make it easy for users to buy and sell crypto assets, taking care of KYC requirements, risk monitoring, and compliance for its clients like MetaMask and Coinbase (NASDAQ:COIN) Wallet. The Web3 startup secured $20 million in a Series A round last year to support its global expansion.
Transak's platform allows users to buy meme coins with transactions up to $75,000, provided they complete the Level 3 KYC verification. This feature is said to meet the needs of serious investors and traders in the meme coin market.