OKB Skyrockets, Xu Lei Appears Again

林晚晚and others2Authors

2025-08-22 14:59

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The cryptocurrency world is never short of new stories, but the hottest name recently is none other than Xu Le.

From OKB breaking through $250 with a 5x increase in one week to the sudden meme market craze of X Layer, the recent buzz in the Chinese-speaking crypto community has almost entirely been dominated by the OKX ecosystem.

He posted numerous tweets, shilling several new projects: the user-created Okay and his self-built ODOG. Various projects flooded the scene, with hundreds of multiples for OKAY and tens of multiples for ODOG. At one point, X Layer seemed to have become his exclusive shilling stage, where whatever he shilled, the market followed and took off.

He seized on OKX's plan to promote XLayer and consequently promoted a platform called okaydotfun. Unlike Pumpfun, it attempted to incorporate a distribution and buyback mechanism to create an internal flywheel. However, external controversies ensued.

okaydotfun seems more like Xu Le's personal shilling experiment ground. Whether the hype can be sustained and if the platform can break away from the fate of pump-and-dump schemes remains a question mark.

Digging deeper into Xu Le's background, he entered Tsinghua University at the age of 16. At 18, he left Tsinghua to start a business in Beijing but was scammed out of 200,000 yuan by a partner. At 19, he borrowed money to start a payment company, and within seven days of launching, he was invited to join Alipay. At 21, inspired by a TV show, he started a new venture and fully paid for a house in Beijing. Xu Le's trajectory has been full of ups and downs.

In 2017, he splurged 100 million yuan to buy the Game.com domain and launched a gaming platform called "Le Le." This also marked his entry into crypto hype. Based on Game.com, his GTC project launched in 2018 saw the GTC coin skyrocket from 0.0477 USDT to around $0.4 in just 3 days, nearly a 10x increase. However, the good times didn't last long as the astounding surge was quickly crushed—prices plummeted from the peak to around 0.13 USDT, a 72% drop.

GTC Price Trend

Behind this rollercoaster-like surge and fall, a huge controversy erupted. Critics argued that this was a typical shitcoin, with memes but no substantial value, questioning whether its essence was capital speculation rather than genuine application drive. All of this quickly transformed Xu Le from the "pioneer of mobile games going global" to embroiled in controversy. Some labeled him a "harvester," but he later responded that he did not make money, and even lost all his investment. The story of GTC became the most controversial chapter in his entrepreneurial history, casting a negative shadow on his identity in the cryptocurrency world.

Community's Evaluation of Xu Le's GTC

When it comes to his attitude towards Memecoins, Xu Le told Odaily BlockBeats, "I treat it as playing with a game coin. I am definitely a super player in the circle. There are not many people like me who can spend tens of millions or even hundreds of millions of dollars playing with a coin. I can make tens of millions of dollars in a day and lose it all in just a few days. I made over 20 million dollars with the Trump coin, and I lost millions with the Argentine President coin. It's all due to human nature; human nature is greedy."

He believes that the current Meme culture is essentially a speculative game, where both income and loss are part of the game's outcome. When asked about the hundreds of tokens he has participated in and shared on Twitter, "I spent money, so of course, I have the right to express my preferences," Xu Le said.

Okaydotfun was able to launch so quickly because he has already done a lot of fun platforms. From Solana (Gamecom, HotFun), BSC (Jagger.fun) to now Xlayer (Okay, OKO), he has done almost all public chains.

This type of product's ability to make money is one aspect, and the market's lowering threshold for meme rug pulls is another.

Meme launchpad has almost reduced everyone's threshold for rug pulls to zero

A few years ago, GTC surged 10 times within a few days and then had a waterfall-like drop, which was widely recognized as a "rug pull" operation. Today, this kind of "fast in, fast out" gameplay has become commonplace in the market, and when a meme coin experiences a rapid rise and fall within a minute, no one would say it's a rug pull; instead, they would say, "I got it wrong this time."

Since its inception last year, Pump.fun has created over 12.4 million tokens, with over 80% of Pump.fun's issued tokens eventually falling more than 90% below their original high, and less than 10% profiting over $1,000. More than 70% of traders are in a loss. This means that even though the vast majority of Memecoins on the market experience rapid bursts and rapid collapses, there are still people continually participating, a phenomenon that has been accepted as normal within the industry.

The Pumpfun graduation rate has shown a significant downward trend, while at the same time, the probability of the token going to zero has shown a significant upward trend.

This also seems to have given Xu Lexin an opportunity. A few years ago, GTC was criticized by everyone. In this X Layer frenzy, players who lost money don't know if Xu Lexin will be accused of rug pull, or if they will continue to look for the next one.

At least from the public response, Xu Lexin does not have a direct business tie to OKX.

He chose to build okaydotfun on X Layer and rapidly amplified his influence with a "pump and dump" personal style, which, combined with OKX's strategic pace, created an unexpected chemical reaction. He became the most traffic-heavy person in the narrative of OKB burn.

Of course, in a trading platform ecosystem that is seeking compliance, the sustainability of the Meme frenzy is inherently uncertain. What can be confirmed is that X Layer has provided a new traffic entry point, and Xu Lexin has found the best timing to exit.