OKX’s CEO, Star Xu, has stated why the company chose not to offer memecoins amid the current market mania. OKX is focusing on Solana’s success, which has recently seen significant growth, despite the hype surrounding memecoins.
Memecoins based on Solana, such as BOOK OF MEME (BOME), have seen a large surge, profiting on the over $200 price spike in Solana (SOL) and setting a DEX volume record of $3.5 billion. However, unlike Binance and other exchanges, who have listed a multitude of memecoins, OKX remains cautious.
An Electra Protocol user requested that OKX include XEP, however Star Xu emphasized OKX’s process of extensively analyzing and screening tokens before listing. On Twitter, he criticized token ideas and underlined OKX’s independent decision-making process.
Star Xu’s position is consistent with Ki Young Ju, CEO of CryptoQuant, who is concerned that real initiatives may be overtaken by memecoins. Ki Young Ju expresses concern about the easy profits generated during the 2018 ICO boom, claiming that memecoins impede the progress and innovation of the cryptocurrencycurrency market.
Furthermore, OKX is upholding high ethical standards by suspending USDT trading in Europe before to legislation changes.
The statements made by Star Xu and Ki Young Ju highlight OKX’s careful attitude, which distinguishes it from other exchanges caught up in the memecoin fever. It also emphasizes value tokens, Solana’s achievement, and ethical principles.
