OKX launches WIF and MEW spot trading amid memecoin craze

OKX cryptocurrency exchange intends to take advantage of the current memecoin trend by adding popular Solana-backed memcoins, such as Dogwifhat (WIF) and Cat in a Dog’s World (MEW), to its platform.

Starting today, OKX has initiated spot trading for WIF and MEW. As stated in their recent declaration, users of OKX are now able to deposit these memecoins onto the platform in order to trade them versus Tether (USDT), the stablecoin.

Based on the announcement, WIF‘s spot trading will begin at 9:00 am UTC on April 15, which is one hour after MEW‘s spot trading went live. According to OKX, the withdrawals for both tokens will be available starting at 10:00 am UTC on April 16.

Two memecoins, WIF and MEW, have gained significant popularity and trade large volumes daily. These digital currencies operate on the Solana blockchain, which currently outshines competitors like Ethereum and Avalanche in network activity and acceptance thanks to the ongoing memecoin craze.

Introduced in November 2023, Dogwifhat became a significant player among meme coins and entered the ranks of the top 50 coins based on market capitalization by the end of Q1 2024, with a valuation close to $50 billion.

Currently, WIF is the 42nd largest cryptocurrency in terms of market capitalization and ranks third among memcoins, specifically Dogecoin (DOGE) and Shiba Inu (SHIB), based on information from CoinGecko.

The token is trading at $3, up around 13% over the past 24 hours at the time of writing.

OKX launches WIF and MEW spot trading amid memecoin craze

A new cryptocurrency called MEW (Cat in a Dog’s World), which is based on memes and was only recently introduced, around March 26th, aspires to challenge the popularity of dog-themed memecoins such as DOGE, SHIB, and WIF.

Currently, MEW is priced at $0.0052 on the market, marking an impressive 80% increase based on the previous 24-hour data, as indicated by CoinGecko.

OKX launches WIF and MEW spot trading amid memecoin craze

Newly added memecoins now make up a total of around 20 on OKX, as per their website, expanding the existing collection of memecoins already tradeable on the platform.

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2024-04-15 12:17