The WallStreetBets DApp (WSB) token was trending as traders panicked following its delisting from centralized exchange OKX. OKX removed the token because of the concentration of WSB trading on its platform and the WSB team’s need for access to the Treasury.

OKX announced yesterday that it had begun to wind down the WSB/USDT pair trading according to its Token Listing Determination and Deprecation Rules. The action comes after the WSB team complained of a need for access to the Treasury, which r/WallStreetBets subreddit creator Jaime Rogozinsky currently controls.

WSB Altcoin Tanks After OKX Delisting

According to OKX, the WSB trading pairs will be removed on Feb. 2, 2024. The exchange stopped WSB deposits on Jan. 23, 2024.

The price of WSB dropped 50% after the announcement. It is down 73% in the past seven days to $0.0011935.

The OKX team said the WSB trading volume was too concentrated on its platform. Exchange data suggests that around $1.1 million out of $1.2 million of WSB/USDT trading occurred on OKX in the past 24 hours. BNB Chain’s PancakeSwap (V2) accounted for roughly $69,000 in additional WSB volume.

Another factor influencing the delisting decision was the team’s unease at Jaime Go to Source to See Full Article
Author: David Thomas

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