Coinbase, recognized as the third-largest centralized exchange by trading volume, has announced the listing of two meme coins, Popcat and Pudgy Penguins, on the Solana network. This decision has led to a significant price rally for both tokens, with each experiencing double-digit gains.

Per Coinbase’s announcement, trading for POPCAT and PENGU is scheduled to begin on February 13, after 9 AM PT. The exchange plans to introduce spot trading in stages for the POPCAT-USD and PENGU-USD pairs. Preceding the spot trading, perpetual futures markets for these tokens will be available on both Coinbase International Exchange and Coinbase Advanced. The PENGU-PERP and POPCAT-PERP markets are set to launch around 9:30 AM UTC on the same day.

This initiative follows the recent incorporation of these assets into Coinbase’s roadmap, which also includes Morpho (MORPHO), although it has not yet secured a confirmed listing. While merely being added to the roadmap initially caused brief price increases, the official announcement of a listing precipitated a more notable rally.

Leading the gains, POPCAT surged by over 25%, reversing its declining trend since November. The coin has experienced a slight recovery over the past week, showing more than a 46% increase, and is currently trading at $0.33.

PENGU also enjoyed robust gains, appreciating over 12% within the past day. This growth comes after PENGU hit an all-time low last week, with the token now trading approximately 18% above its lowest value. Despite this, its weekly losses remain at 7.8%, following a 65% decline last month, with the current trading price at $0.01.

The observed price increases can be attributed to the so-called "Coinbase Effect," a phenomenon where tokens often see significant price surges post-listing on the exchange, due to enhanced visibility and liquidity as well as increased investor interest.

Nonetheless, whether these meme coins can maintain their gains once trading officially starts is yet to be determined.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.