OKX Taps into Memecoin Craze with Solana's WIF and MEW Listings

Cryptocurrency exchange OKX capitalizes on the memecoin craze by listing rising Solana-based memecoins Dogwifhat (WIF) and Cat in a Dog's World (MEW). Spot trading for WIF and MEW with the Tether (USDT) stablecoin commenced on April 15th and 14th, respectively, with withdrawals opening on April 16th. These memecoins, particularly WIF, have witnessed substantial growth, with WIF ranking among the top 50 cryptocurrencies by market capitalization, showcasing the prominence of Solana-based memecoins within the ongoing memecoin frenzy.

OKX Capitalizes on Memecoin Craze with Solana-Based WIF and MEW Listings

Cryptocurrency exchange OKX has seized the opportunity to capitalize on the burgeoning memecoin phenomenon by adding two highly sought-after Solana-based tokens, Dogwifhat (WIF) and the Cat in a Dog's World (MEW), to its trading platform.

WIF and MEW Spot Trading Now Live

OKX has officially launched spot trading for both WIF and MEW, enabling users to deposit and trade these memecoins against the USDT stablecoin. The announcement on April 15th specified that WIF spot trading commenced at 9:00 am UTC, an hour after the launch of MEW spot trading. Withdrawals for both tokens will become available at 10:00 am UTC on April 16th.

Soaring Popularity of Solana Memecoins

WIF and MEW have emerged as rapidly growing memecoins, generating millions of dollars in daily trading volume. Their popularity stems from their foundation on the Solana blockchain, which has witnessed a surge in network activity and adoption, particularly within the memecoin sector.

Dogwifhat's Stellar Rise

Launched in November 2023, Dogwifhat has swiftly ascended to prominence within the memecoin landscape. By the first quarter of 2024, it had surged to become one of the top 50 coins by market capitalization, with a staggering valuation approaching $50 billion.

As of press time, WIF ranks as the 42nd largest cryptocurrency by market cap, claiming the third spot among memecoins behind Dogecoin (DOGE) and Shiba Inu (SHIB). The token is currently valued at $3 and has experienced a 13% surge in value over the past 24 hours.

Cat in a Dog's World Makes a Splash

The Cat in a Dog's World (MEW) cryptocurrency, launched just weeks ago on March 26th, has quickly asserted its presence in the memecoin market. It aspires to challenge the dominance of dog-themed memecoins like DOGE, SHIB, and WIF.

At press time, MEW is trading at $0.0052, reflecting an 80% increase in value over the past 24 hours.

OKX Expands Memecoin Offerings

The addition of WIF and MEW to OKX's platform expands its already extensive memecoin offerings. According to the exchange's website, it currently lists approximately 20 memecoins, including the recent additions.

Cautionary Note for Solana Memecoin Investors

While the memecoin hype has fueled significant gains, it's crucial for investors to exercise caution. As highlighted in a recent report, investing in Solana memecoins carries several potential risks, including market volatility, pump-and-dump schemes, and lack of fundamental value.