OKX Exchange Capitalizes on Memecoin Trend with New Solana-based Token Listings
Summary:
Recognizing the memecoin trend, the cryptocurrency exchange OKX has listed popular Solana-based memecoins, Dogwifhat (WIF) and Cat in a Dog's World (MEW). The exchange has initiated spot trading for these tokens against the Tether (USDT) stablecoin. Both tokens, running on the Solana network, have seen rapid growth and high user adoption. The release of these memecoins adds to OKX's existing array of 20 memecoins.
In a bid to take advantage of the current surge in meme-themed digital currencies, OKX, a leading cryptocurrency exchange, has listed hotshot Solana-powered tokens such as Dogwifhat (WIF) and Cat in a Dog's World (MEW). This development, as announced by OKX on X, now enables users to begin depositing and trading WIF and MEW tokens on the platform against the Tether (USDT) stablecoin. In accordance with the announcement, trading for WIF opens at 9:00 am UTC on April 15, which is one hour later than when MEW trading begins. Withdrawal of both tokens is set to commence at 10:00 am UTC on April 16, as stipulated by OKX. Both WIF and MEW tokens have seen extraordinary growth as memes, with daily trading volumes reaching millions of dollars. Operating on the Solana network, these coins have effectively outshone competitors like Ethereum and Avalanche in network operations and uptake due to the widespread memecoin fad. Initially released in November 2023, Dogwifhat swiftly climbed the ladder to become one of the leading memecoins, hitting the top 50 most valuable coins list with a market cap close to $50 billion by Q1 2024. At the time of reporting, WIF stands as the world's 42nd most valuable cryptocurrency and the 3rd largest meme-based coin, only surpassed by Dogecoin (DOGE) and Shiba Inu (SHIB), data from CoinGecko reveals. Currently, each WIF token is priced at $3, reflecting a 13% increase over the preceding 24-hour period. Subsequent to Dogwifhat, a new competitor in the meme market - Cat in a Dog’s World or MEW - made its appearance on March 26 with the purpose of challenging famous dog-themed coins like DOGE, SHIB, and WIF. As per CoinGecko, MEW is currently priced at $0.0052, witnessing an astounding 80% surge over the past day. As it stands, the introduction of these trending memecoins to OKX extends the platform's available range of 20 memecoins that are already listed.
Published At
4/15/2024 12:14:08 PM
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