Cryptocurrency exchange OKX is seizing the opportunity presented by the current memecoin frenzy by adding popular Solana-based memecoins, such as Dogwifhat (WIF) and Cat in a Dog’s World (MEW), to its platform.
OKX has officially launched spot trading for WIF and MEW, allowing users to deposit these tokens and trade them against the Tether (USDT) stablecoin. The announcement states that WIF spot trading will begin at 9:00 am UTC on April 15, followed by MEW spot trading one hour later. Withdrawals for both tokens will be possible starting at 10:00 am UTC on April 16.
WIF and MEW are rapidly growing memecoins, with millions of dollars in daily trading volume. Both coins are based on the Solana blockchain, which has been outperforming competitors 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 quickly become one of the largest memecoins, reaching a market capitalization of nearly $50 billion by the first quarter of 2024. Currently, WIF is the 42nd largest cryptocurrency by market cap and the third largest memecoin, trailing behind Elon Musk’s favorite memecoin, Dogecoin (DOGE), and Shiba Inu (SHIB), according to CoinGecko data. As of now, WIF is trading at $3, representing a 13% increase in the past 24 hours.
The newly introduced memecoin, Cat in a Dog’s World (MEW), was officially launched on March 26. MEW aims to challenge the dominance of dog-themed memecoins like DOGE, SHIB, and WIF. At present, MEW is trading at $0.0052, showing an 80% increase in the past 24 hours, according to CoinGecko data.
These newly listed memecoins join a lineup of around 20 memecoins already available on OKX. For more information on the potential risks associated with investing in Solana memecoins, refer to the article “5 dangers to beware when apeing into Solana memecoins.”