Cryptocurrency exchange OKX is seizing the opportunity to engage with the current memecoin trend by adding notable Solana-based tokens like Dogwifhat (WIF) and Cat in a Dog’s World (MEW) to its trading platform.
The exchange has initiated spot trading for WIF and MEW, as revealed in their latest announcement on X. OKX customers are now able to deposit these tokens for trading against the Tether stablecoin.
The schedule for trading these tokens was detailed in the announcement: “WIF spot trading will open at 9:00 am UTC on April 15, or one hour after MEW spot trading was launched.”
It also stated that withdrawals for both tokens will become available at 10:00 am UTC the following day.
WIF and MEW have shown rapid growth within the memecoin market, with transactions amounting to millions of dollars daily.
Both coins utilize the Solana blockchain, which currently outpaces competitors like Ethereum and Avalanche in terms of network use and popularity, spurred by the memecoin phenomenon.
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Since its launch in November 2023, Dogwifhat (WIF) has climbed significantly in the market rankings, joining the top 50 cryptocurrencies by the first quarter of 2024 with a market capitalization close to $50 billion.
Presently, WIF stands as the 42nd largest cryptocurrency overall and the third most prominent memecoin following favorites such as Dogecoin and Shiba Inu, as per CoinGecko’s data.
At the time of reporting, WIF’s value was $3, marking a 13% increase over the last day.
Cat in a Dog’s World (MEW), introduced just weeks prior on March 26, aims to challenge the prevailing dominance of dog-themed memecoins.
This new token saw an impressive 80% rise in its price within 24 hours, trading at $0.0052, according to the latest figures from CoinGecko.
With the addition of WIF and MEW, OKX has expanded its memecoin offerings, which now include about 20 different tokens, per the exchange’s official website.
This broadening of its cryptocurrency portfolio underlines OKX’s strategy to capitalize on the expanding interest in memecoins within the digital asset space.
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