OKX, a notable cryptocurrency exchange, broke with its usual listing procedure to add the trending memcoins Dogwifhat and Cat from the Solana platform to its marketplace.
Around 7 a.m. UTC, OKX started accepting deposits of Dogewifh (WIF) and Cat in a Dogs World (MEW). By 9 a.m. UTC, trading in USDT pairs for these memecoins became available. The exchange announced that withdrawals would be enabled for both coins on April 16 at 10 a.m. UTC.
Although Dogwifhat was introduced towards the end of last year, it has become the most prominent meme token within the Solana (SOL) community. This digital currency took inspiration from a canine named Achi, whose image wearing a hat was shared online by its owner.
The value of WIF tokens reached a market capitalization of over $4 billion and surpassed $4 this year. However, after a major market downturn, the token dropped below the $3 mark. Shortly after being listed, WIF experienced a decline of over 7% within a day, with a trading price around $2.72 according to CoinGecko.
In contrast, the value of MEW‘s meme token rose by more than 50% following OKX’s announcement of trading support. At that time, MEW was still priced below a penny with a total market capitalization of $444 million. MEW distinguishes itself from other dog-themed cryptocurrencies like WIF and earlier projects such as Dogecoin (DOGE) and Shiba Inu (SHIB) through its feline theme.
OKX pivots from strict listing policy
The recent announcement of considering listing WIF and MEW projects on OKX marks a change in approach for this crypto exchange. Previously, users have urged OKX CEO Star Xu to add certain projects, describing them as community-focused and innovative.
Xu explained that the platform adhered to a particular approach for adding listings and did not accommodate on-demand submissions.
The OKX listing team’s goal is to identify and introduce valuable, emerging utility tokens to our users. We don’t solicit project proposals for listing, instead opting to independently explore potential projects in the market and closely monitor the progress of their associated tokens over an extended period.
— Star (@star_okx) March 18, 2024
At present, it’s a mystery why crypto X underwent a seemingly sudden shift, with the motivations behind this move remaining unexplained as of now. However, this hasn’t deterred crypto X community members from voicing their theories. Some users believe that the platform was compelled to adjust in response to the surging demand during the bull market or risk incurring financial losses.
“Think the reason is that we are in bull season, and if they don’t adapt this, they would lose their revenues”
– X user Oliver Wong
The inclusion of WIF (Web Interface Foundation) and MEW (MyEtherWallet) on the platform underscores its commitment to U.S. regulatory compliance. US regulators, such as the SEC, have often indicated that many cryptocurrencies are subject to securities regulations, though they have yet to clarify their position regarding memecoins specifically.
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2024-04-15 20:42