Recently, there has been an interesting discussion in the crypto community: in this wave of Meme frenzy, which CEX do you think has performed the best? The most frequently mentioned ones by users are: XT.COM, Bitget, and Gate.
XT.COM's inclusion in the list is both unexpected and reasonable. Over the past six years, XT.COM has always performed fairly well, ranking among the top second-tier exchanges.
However, in this wave of Meme frenzy, XT.COM has departed from its conservative style of the past few years and actively embraced the industry trend. It was the first to launch dozens of Meme tokens, including BOME, SLERF, IQ50, and DEGENBASE. The listing of SMOLE even started almost simultaneously with Swap, and the returns on some tokens once exceeded 100 times, making it a "alpha explorer."
I. XT.COM leads users into the Meme frenzy
In this Meme frenzy, we have witnessed mythical stories where over tens of thousands of SOL were raised with just a contract address, and BOME's market value reached 1 billion USD in just three days, setting a record for the fastest listing on Binance. Early participants in various Meme projects even gained returns of over a hundred times.
Looking back, most market participants will find a sad fact: they seem to have not made any money or even lost money in the Meme frenzy. "Turning a bicycle into a Mercedes" seems to be just a story from someone else on Twitter.
Why is there such a huge gap in the same market? The core reason is that the path for ordinary users to access Meme tokens is long, making it difficult for them to get on board in time and thus missing out on wealth opportunities.
In general, the development path for various Meme tokens is as follows:
The project party will first establish liquidity on DEX and announce the smart contract address on official channels.
A very small number of users go to DEX to buy, driving up the price.
Market enthusiasm continues to rise, and prices continue to soar.
Centralized platforms list Meme tokens, and the largest number of users engage in trading.
The main reason why most users lose money is that they are at the end of the dissemination chain and end up as "bag holders." Therefore, there are only two ways for users to truly make money from Meme tokens:
One is to use various BOT tools, or even write scripts, to rush into the pool at the opening. However, this step requires a high level of technical expertise and is not universal. Moreover, in reality, BOT tools are not always effective.
Taking the author's own experience as an example, on the opening day of SLERF on March 18, I used pepe and gmgn, but due to the extremely hot market, the price fluctuated greatly and I was unable to make a transaction, ultimately missing out on this opportunity. There are also users in the community who were sniped, buying at the market high or experiencing slippage of over 30%.
It can be said that BOT products are not always effective in this wave of Meme tokens. Sometimes, popular projects cannot be snatched, and non-popular projects can be bought, which is somewhat disappointing.
The other way is to shorten the path for ordinary users to access Meme tokens, turning the "last link" into the "first link." In simple terms, it means that centralized exchanges list Meme tokens as soon as possible, preferably at the time of the Meme token's opening, the shorter the time, the better, so that ordinary users do not end up as bag holders, but rather as the first batch of participants.
Take SLERF for example, it was launched on-chain at 3:30 pm on March 18, and just an hour and a half later, XT.COM opened at a price of 0.05 USDT, making it the earliest among all CEX platforms to list SLERF. If users could buy on XT.COM after it was listed, they could still achieve considerable gains.
After all, the broadest base of the market is retail investors, who do not have the ability to operate on various chains. CEX platforms represented by XT.COM timely listing various Meme projects can effectively meet the urgent trading needs of the market; bringing these retail investors into the Meme frenzy in a timely manner is also very important for the expansion of Meme projects themselves.
II. First listing of Meme tokens, XT.COM's remarkable achievements
For CEX platforms, high-quality assets are undoubtedly the most core elements for attracting user trading and retention. Meme tokens have a high level of market attention, and various CEX platforms naturally cannot afford to miss out, and have successively listed various Meme projects in the Solana ecosystem. However, XT.COM's performance stands out among them.
Firstly, it is effectiveness. Meme tokens have strong bursts and fast cycles, and the earlier they are listed, the higher the returns. For example, Binance was the last to list BOME, and the price peaked upon listing and then plummeted. In contrast, XT.COM was the first trading platform to list BOME—listing on March 14 at 17:00, just 2 hours after the on-chain opening. After being listed on XT.COM, the price of BOME still soared by over 40 times.
On the other hand, many other exchanges listed BOME on the second day—March 15 at 17:00, by which time the token's market value had already reached 300 million USD, and subsequent gains were not significant.
Secondly, it is profitability. Throughout the entire Meme frenzy, over a hundred projects emerged in the market every day, but the lifecycles of the vast majority were very short, and some were even "rug pulls," leading many players to joke that these projects were "group friends' entrepreneurial projects, mutually cutting." Allowing these projects to enter CEX is not only aiding and abetting, but also irresponsible to users. Therefore, for CEX platforms, how to conduct high-quality project screening becomes the primary consideration for listing tokens.
Fortunately, XT.COM has withstood the test and delivered satisfactory results through strict selection. For example, the platform only listed Meme projects that were widely recognized and had a certain level of liquidity and market value.
BOME is just a microcosm, as the vast majority of Meme tokens listed on XT.COM achieved good gains. According to statistics, over 43 Meme tokens listed saw gains of over 100%, with BOME having the highest increase at 11,200%. As shown below:
There is no doubt that XT.COM has truly lowered the barrier for users to access Meme tokens, helping users achieve alpha returns (excess returns).
Thirdly, it is value-added. For users, it is more attractive to receive additional value-added benefits besides holding Meme tokens, and XT.COM has achieved this. For example, XT.COM held a recharge trading competition for BOME, with the prize pool reaching as high as 50,000 USDT. Similar benefits are also mentioned in the announcements for other Meme listings.
Fourthly, it is liquidity and authenticity. One of the most concerning issues for Meme players is whether the exchange opens trading at the first opportunity, and whether it is a wash trading controlled by the exchange. In the end, players can only be at the mercy of the exchange. This is not groundless, as a certain exchange once set up wash trading after the listing of the new project TokenFi, attempting to control the price. However, due to the excessive increase in the token's price, the exchange suffered significant losses and had to shut down trading, leading to widespread user complaints.
In this regard, XT.COM has made great efforts. Taking SLERF as an example, in order to increase project liquidity, XT.COM allocated an additional $1 million in trading depth, subsidized market makers, and attempted to provide users with a top-notch trading experience. In addition, withdrawals from the exchange were also opened at the first opportunity, and there were no restrictions on user withdrawals, proving that it is not wash trading and that there is a situation of insufficient reserve funds.
III. Meme does not equal a bubble, XT.COM continues to be selective
The bull market in 2024 has seen significant changes compared to previous cycles. Old Money such as BlackRock continues to buy, and the price of Bitcoin has repeatedly hit new highs, greatly boosting market confidence, bringing in incremental funds and revitalizing the existing funds in the crypto market.
These funds need to find a new investment target, and various narratives abound, with Meme being one of them. Unlike previous cycles, the Meme sector used to be the last to rise, followed by a significant market correction. However, in this cycle, past experiences have not been effective, and the Meme sector continues to be hot, with one wave surpassing the next.
Meme has always been controversial in the crypto market, with terms like "bubble" and "scam" firmly attached to Meme. Many people believe that Meme tokens will distract people from the core technological innovation of cryptocurrencies, and some claim that they are essentially worthless.
However, for Albin Warin, CEO of XT.COM, fundamentally denying the value of Meme tokens is unreasonable. After all, Dogecoin, SHIB, and others have once gained significant attention, with market values reaching hundreds of billions of dollars, and this consensus is highly valuable. As a form of cultural expression, Meme tokens need time to gain people's trust, especially in an industry that has adhered to dogmas about what value is for decades. Moreover, Meme tokens also have social value, as they are an important touchstone for testing financial freedom.
"Users have trading needs, and our (CEX) responsibility is to meet user expectations, to be user-oriented. Simply denying the value of Meme tokens and being in opposition to users, the exchange will eventually be close to shutting down as users will vote with their feet," said Albin Warin.
User-centricity has been the principle that XT.COM has always adhered to since its establishment. From strict selection of listings to providing a variety of crypto financial services, XT.COM has always remained true to its original intention, which is also its important talisman for enduring through several bull and bear markets.
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