There are multiple qualities, differently refined, on the market. Highly refined qualities that leave only the oil (various fatty acids) itself will have a very high smoke point and be suitable for high heat frying. There is a lot of saturated fats in coconut oil, which result in both the solid texture at low temperatures and the stability at high heat.
Unrefined or less-refined qualities will have other compounds left in, which can contribute to aroma (and possible nutritional benefits) but will also lower the smoking point and can actually result in an off taste and/or byproducts not considered healthy (why is off topic here).
Various smoke points are quoted, from 300°F for some unrefined varieties to 450°F for some highly refined ones. Exact smoke points likely depend on how exactly it was refined.
The exact same applies to olive oil, BTW: Highly refined varieties are known to be perfectly usable for high heat work, with the opposite being true of unrefined ones.
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