OKX Wallet Debuts’ Meme Mode’; Memecoin Market Goes Wild
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Prominent crypto exchange OKX has unveiled ‘Meme Mode,’ a novel Web3 feature on its OKX wallet. Its primary purpose is to improve the trading experience for users of any memecoin built on the Solana network.
It simplifies the process of purchasing and selling memecoins using third-party decentralized exchanges (DEXs). These DEXs are integrated with the OKX Wallet and permit preset amounts of SOL for transactions.
Memecoin Transactions Made Simpler
‘Meme Mode’ is a major development for OKX Wallet users. Previously, users had to manually enter the number of tokens they desired to swap, a vigorous and error-prone process.
By enabling customers to choose from predefined amounts—such as 0.5, 1, 2, or 5 SOL—the new tool streamlines this process and speeds up transactions. Thus, it simplifies the process of transferring memecoins and saves time, which is useful for those with varying degrees of expertise.
New Features for OKX Wallet
The OKX Wallet underwent several updates earlier this year, culminating in the release of “Meme Mode.” Notably, OKX introduced a ‘Snap’ trading mode capability, making it the first leading platform in the market to completely incorporate Uniswap Labs’ trading APIs.
With this integration, Uniswap’s vast liquidity makes gas-free swaps possible. Furthermore, OKX Wallet serves as an aggregator for roughly 20 bridges and 500 additional DEXs. Thus, users enjoy multiple benefits such as finding tokens from several chains, self-custody, zero trading fees, utilization of limit orders, monitoring liquidity, and single-click bridging.
Memecoin Mania and US Political Events
After US President Joe Biden announced that he would not run for reelection, there was a major disruption in the cryptocurrency market. Many memecoins bearing Biden’s name saw a sharp drop in value.
Notably, the president-related memecoin BODEN fell 66% from its daily high of $0.02557 to a new all-time low of $0.008782. BODEN’s market capitalization plummeted as well, dropping from $16.2 million to $6.5 million, a 60% decrease.
Other tokens with a Biden theme also suffered significant losses. Hunter Boden (HUNTBODEN) dropped by 32%, and the First Lady-related JILLBODEN token sank by 83%. In addition, Hunter Biden’s Laptop ($LAPTOP) saw a 61.3% decline, hitting an all-time low of $0.000065.
KAMA’s Emergence
Meanwhile, the announcement that Vice President Kamala Harris would be the replacement for President Biden as the Democratic nominee caused a notable increase in the Solana-based memecoin Kamala Horris (KAMA). There are expectations that Harris would change the public’s perception of the Biden administration’s position on cryptocurrencies.
Nevertheless, experts in the field, including Jake Chervinsky of Variant Fund, opined that Harris must comfort cryptocurrency supporters to ensure a successful outcome in the next elections.
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