A prominent crypto exchange, OKX CEO Star Xu, has clarified the exchange’s decision not to list memecoins amidst the current market frenzy. Despite the memecoin hype, OKX is focusing on Solana’s success, which has seen significant growth recently.
Solana-based memecoins like BOOK OF MEME (BOME) have surged, riding the momentum of Solana (SOL) reaching almost $200 and setting a record DEX volume of $3.5 billion. However, OKX remains cautious, unlike Binance and others, which have listed numerous memecoins.
A user from the Electra Protocol requested OKX to list XEP, but Star Xu emphasized OKX’s strategy of carefully researching and vetting tokens for listing. He discouraged token pitches on Twitter, emphasizing OKX’s independent decision-making process.
Star Xu’s stance aligns with CryptoQuant CEO Ki Young Ju’s concerns about memecoins overshadowing legitimate projects. Ki Young Ju believes memecoins harm the crypto industry’s progress and innovation, echoing sentiments against easy gains seen during the 2018 ICO boom.
Additionally, OKX is adhering to strong ethical standards by phasing out USDT trading in Europe ahead of regulatory changes.
OKX’s cautious approach, focusing on valuable tokens, Solana’s success, and ethical standards, distinguishes it from exchanges caught up in the memecoin frenzy, as highlighted by Star Xu and Ki Young Ju’s remarks.
