Apr 15, 2024 at 05:21In response to the surging interest in memecoins, OKX, a cryptocurrency exchange, has introduced spot trading for two prominent Solana-based memecoins, Dogwifhat (WIF) and the Cat in a Dog’s World (MEW).
OKX users are now able to deposit WIF and MEW tokens onto the platform, initiating trading against the Tether (USDT) stablecoin, with the option for withdrawals becoming available tomorrow.
The commencement of spot trading for WIF and MEW was officially declared by OKX, marking a strategic move to tap into the current memecoin hype. Trading for WIF began at 9:00 am UTC on April 15, following the earlier launch of MEW spot trading. Withdrawals for both tokens are scheduled to commence at 10:00 am UTC on April 16.
WIF and MEW, both thriving memecoins, are part of the rapidly expanding landscape of Solana-based memecoins, which have gained substantial traction amidst the ongoing memecoin fervor, outpacing competitors like Ethereum and Avalanche in terms of network activity and adoption.
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Dogwifhat (WIF), introduced in November 2023, has swiftly risen to prominence, securing a position among the top 50 coins by market capitalization by the first quarter of 2024, reaching nearly $50 billion.
As of the latest data from CoinGecko, WIF stands as the 42nd largest cryptocurrency by market cap and is the third largest memecoin, trailing only Dogecoin (DOGE) and Shiba Inu (SHIB).
MEW, the latest addition to the memecoin arena, emerged on March 26 with the intention of challenging the dominance of dog-themed memecoins like DOGE, SHIB, and WIF. Currently, MEW is trading at $0.0052, marking an 80% increase over the past 24 hours, as per CoinGecko.
These newly introduced memecoins complement OKX’s existing array of memecoins, totaling approximately 20 listings on the exchange, according to its official website.
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