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Wednesday, May 18, 2022

Thailand SEC Forbids Crypto Exchanges from Listing Meme Tokens, NFTs, and More

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Thailand SEC has made a new decision that forbids crypto exchanges to list meme tokens, NFTs, and many more. The decision to ban certain types of crypto assets came after the authorization of new rules by the SEC of Thailand. Particularly, the Thailand SEC’s new rules forbid exchanges from inclusion in the list “meme tokens”. The agency describes these tokens as the token which have “no clear goal or substance” and whose price is determined by the “social media trends”.

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Furthermore, Meme tokens have gained more fame this year. Among them, the massive gains showed by Dogecoin, which was the first such cryptocurrency to attain pervasive fame. Meme tokens are more likely to have funny labeling. Moreover, a large supply turns to a low price per unit, making the cryptocurrency seem to be low-value and made available to the investors.

Nevertheless, Dogecoin still leads supreme in the meme token category. Although it has remedied more than 50% of its all-time high. It is still retaining an enormous assessment that’s hard to explain by any important measurements other than the coin’s viral appeal. Presently, Dogecoin has reported a market cap of $43 billion. It becomes the 6th largest crypto asset on the market.

In addition to this, proprietors often strive to actively promote these tokens on social media. They are taking aid from memes in an effort to go viral. Shiba Inu has succeeded in attaining the world’s largest market cap out of the many meme tokens that have been formed in the last few months. Its market cap reached $2.8 billion.

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