Xu Mingxing, founder of popular Bitcoin and altcoin exchange OKX, mentioned in a recent post that some coins on the exchange will be delisted. Here are the details…
OKX founder talks about altcoin projects: Removing
OKX CEO Xu Mingxing made it clear that meme coins on the exchange must have development potential or risk being removed from the platform. In a recent social media post, Mingxing stated that under the OKX listing agreement, any projects that have stopped development will be removed from the shelves. In the article, it was stated that OKX does not support the trading of meaningless coins and will regularly monitor the coins released. The project will be delisted when it is found to have abusive market, operation, security and other risky behavior.
Don’t be evil. All projects stop develop will be delisted according to OKX listing agreement. https://t.co/zhdO8PCLpI
— Star (@star_okx) April 24, 2023
The announcement comes after OKX launched a meme token voting event that allows users to choose from five coins. Users were required to vote for their favorite tokens to be listed by depositing their preferred meme tokens into OKX until 06:00 on April 24. The meme tokens included in the vote are ArbDoge AI (AIDOGE), BONE ShibaSwap (BONE), Bonk (BONK), Optimus AI (OPTI) and Pepe (PEPE). Voting results were announced today.
OKX voted for meme coin
Pepe, a new Ethereum-based token named after the icon Pepe the Frog, has earned a market cap of $86 million in less than five days, making it the sixth most valuable meme coin, according to CoinGecko. OPTI is currently the most valuable meme coin at $0.39, despite being under a dollar. Meme coins have gained popularity and become accessible to everyone due to their low price and relatively low risk. Additionally, they often attract a community of like-minded individuals with a common interest in the meme.
However, meme coins often have little use and function as purely speculative assets. Critics often see these coins as symbols of the worst aspects of the crypto market. Founded in 2013, Dogecoin (DOGE) is the most popular meme coin. It was launched as a parody of Bitcoin, inspired by the “Doge” meme. Despite coming off as a joke, DOGE has gained a following and has gained some sort of cult status within the crypto community. Its price fluctuated quite a bit, but it regained interest in 2021 after Elon Musk tweeted about it.
Which coins are delisted?
However, meme coins often come under criticism for their lack of fundamental value and excessive volatility. Critics see them as speculative assets that add little value to the crypto industry. Therefore, OKX’s move to monitor and weed out coins exhibiting abusive market, operations, security and other risky behavior can be seen as a step towards promoting healthy growth in the industry. It is not yet clear which meme coins will be selected for listing on OKX and whether they will meet the exchange’s potential development criteria.
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