- Solana memecoins like DogWifHat, BOME have seen a remarkable surge.
- However, unlike Binance, OKX did not list the tokens.
- OKX founder shuts down attempt to influence listing on social media.
The memecoin craze is underway, with Solana-based memecoins taking the spotlight. Tokens like DogWifHat and BOME have registered upward of 1000% increases over the past months, propelling Solana to $200.
In this environment, exchanges are crucial in determining which tokens gain access to a broader market. Still, not all are capitalizing on the memecoin trend. Specifically, OKX has not listed the latest Solana-based memecoins, such as BOME and DogWifHat. A recent tweet by the founder likely explains why.
OKX Shuts Down Pitch, Emphasizes Independent Research
On Monday, March 18, a Twitter exchange revealed why OKX might decline to list tokens such as Solana’s memecoins, despite their surge. Founder Star Xu shot down a pitch from a crypto project asking to be listed on the exchange.
“Let me clarify OKX listing team’s vision is discover valuable and early-stage utility tokens for our customers. We don’t accept pitching for listing,” he explained.
He went on to clarify that the OKX listing team operates independently, with a strategic focus on valuable and early-stage utility tokens. He also discouraged solicitations for listing on social media.
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This exchange did not directly reference Solana memecoins like BOME and DogWifHat. However, it shed light on the broader listing policies of OKX, contrasting sharply with the listing strategies of competitors such as Binance.
Solana Memecoin Craze Sees Massive Gains, Volatility
The explosive gains seen with Solana-based memecoins like BOOK OF MEME (BOME), Bonk (BONK), and Dogwifhat (WIF) capture the speculative allure and risk of the memecoin sector. BOME’s monthly surge of 1297.20%, BONK’s annual rise of 3787.91%, and WIF’s significant increase of 1554.25% post-launch, leaving many investors with fear of missing out.
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These trends are largely fueled by social media hype and community engagement rather than inherent utility or project fundamentals, highlighting the speculative nature of such investments. However, the dramatic volatility also poses risks, with the potential for equally rapid declines, cautioning investors about the high-risk nature of memecoins.
On the Flipside
- Unlike more established cryptocurrencies, memecoins typically lack a concrete use case or fundamental value, making their long-term viability questionable.
- In January, OKX listed Solana-based memecoin BONK.
Why This Matters
The remarkable performance of memecoins like BOOK OF MEME, Bonk, and Dogwifhat highlights the speculative potential and inherent risks of the cryptocurrency market. While these assets can offer significant returns, their volatility and the speculative nature of their value proposition underscore the importance of caution and due diligence for investors.
Read more about Solana’s memecoin-fuelled rise:
Solana’s Stellar Rise in 2024: What’s Behind the Success?
Read more about the risks inherent in memecoins:
