Seychelles-based cryptocurrency exchange OKX has announced its support for three new memecoins, expanding its portfolio and offering traders more options. The newly supported tokens include BasedBrett (BRETT), Simon’s Cat (CAT), and Neiro (NEIROETH), which will be available for perpetual futures trading with USDT margins on the Ethereum blockchain.
What are the New Memecoins?
BasedBrett (BRETT) is currently the largest memecoin on the Base blockchain, an initiative by leading US exchange, Coinbase. Despite its market value of $683 million, BRETT has experienced a decline of over 40% since early August. Meanwhile, Simon’s Cat (CAT) initially launched on the BNB Smart Chain and was distributed to Floki (FLOKI) holders through an airdrop. Following an all-time low of $0.00001099, CAT’s market value has surged by 152%, bringing it to $187 million.
Neiro’s Ambitions?
Neiro (NEIROETH) is promoted as the “official sister of DOGE” and aims to carve out its own niche on the Ethereum blockchain. The token saw a substantial increase of 449% after hitting an all-time low of $0.0232 on September 3, raising its market valuation to $128 million.
Key Takeaways from OKX’s Moves
• OKX is listing BRETT, CAT, and NEIROETH for perpetual futures trading with USDT margins.
• BasedBrett, the largest memecoin on Base, has a market cap of $683 million but is down 40% since August.
• Simon’s Cat saw a 152% increase in market value post-launch, reaching $187 million.
• Neiro aims to establish itself on Ethereum, with a market valuation of $128 million after a 449% increase.
OKX CEO Star Xu has expressed a cautious approach to listing new tokens. Emphasizing a balanced strategy, Xu stated that while listing numerous tokens could be lucrative, it could also destabilize the market. Moving forward, OKX aims to focus on building robust infrastructure and maintaining transparency without aggressively pursuing new listings.
In conclusion, OKX’s endorsement of these three new memecoins could have varying impacts on the cryptocurrency market. Investors should stay informed about such developments and exercise caution when making investment choices.