Cryptocurrency exchange OKX is capitalizing on the current memecoin trend by adding major rising Solana-based memecoins to its listing. These include Dogwifhat (WIF) and Cat in a Dog’s World (MEW).
OKX has officially launched spot trading for WIF and MEW, allowing users to deposit these tokens and trade them against the Tether (USDT) stablecoin.
WIF spot trading opened at 9:00 am UTC on April 15, one hour after the launch of MEW spot trading. Withdrawals for both tokens will be available at 10:00 am UTC on April 16, as stated by OKX.
WIF and MEW are rapidly growing memecoins, with millions of dollars in daily trading volume. Both are built on the Solana blockchain, which has surpassed rival networks like Ethereum and Avalanche in terms of network activity and adoption due to the memecoin frenzy.
Dogwifhat (WIF) was launched in November 2023 and has become one of the largest memecoins. By the first quarter of 2024, it reached a market capitalization of nearly $50 billion, placing it among the top 50 coins.
Currently, WIF is the 42nd-largest cryptocurrency by market cap and the third-largest memecoin, following Elon Musk’s favorite memecoin, Dogecoin (DOGE), and Shiba Inu (SHIB), according to CoinGecko data. Its current trading price is $3, showing a 13% increase in the past 24 hours.
The newly introduced memecoin, Cat in a Dog’s World (MEW), was launched on March 26 to challenge the dominance of dog-themed memecoins like DOGE, SHIB, and WIF. At present, MEW is trading at $0.0052, reflecting an 80% increase over the past 24 hours, according to CoinGecko.
OKX already offers approximately 20 memecoins, including the recently added ones, as listed on its official website.
In conclusion, OKX’s decision to list major Solana-based memecoins like WIF and MEW aims to take advantage of the memecoin craze and provide more trading options for its users.