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The high-risk environment of cryptocurrencies is a reality that investors learn through firsthand experience. You may suddenly see an altcoin under attack or the team starting to drain the treasury. There are many examples, so there is no need for illustration. The latest incident has hit the headlines like a bomb. The price of the altcoin has significantly melted, and there are serious risks that investors need to be aware of.
Why Is WSB Coin Falling?
Investors showed intense interest in low market cap meme coins in the last few months of the past year. Meme coins on the Solana network experienced massive ups and downs on the day they were launched. Everyone was aware of the speculative trade action they were involved in. Today, the WallStreetBets DApp (WSB) token, another low market cap meme coin, is making headlines.
The WSB team’s need for access to the treasury and increasing negative comments about the project led the OKX exchange to decide to delist it. OKX will remove WSB trading pairs on February 2, 2024. The exchange had stopped WSB deposits on January 23, 2024.
The announcement of the delisting following complaints from the WSB team about needing access to the treasury, currently controlled by Jaime Rogozinsky, the creator of the r/WallStreetBets subreddit, caused the price to drop by over 70%.
WSB Coin Commentary
With 90% of the token’s trading volume coming from the OKX exchange, the delisting decision will significantly hinder liquidity access. The token’s volume on PancakeSwap is only $69,000, and OKX is responsible for $1.1 million of the total $1.2 million volume.
Jaime Rogozinski’s control over the project’s treasury has brought this newly popular altcoin to the brink of an early death. The Reddit community, which has made a name for itself with Game Stop and many other issues, is now calculating its losses in the midst of a failed meme coin venture. The price has fallen by 73% to $0.0011935.
On the other hand, the OKX exchange made headlines today with an important announcement that we shared details of. China’s increasing pressure forced the company to shut down its crypto mining pools, and we will likely see different manifestations of this pressure in the coming period. Moreover, other Asia-based platforms may follow in OKX’s footsteps. The OKX Token price experienced a drop after the news.
