NAIROBI (Coinchapter.com) – The OKX exchange has launched Dogwifhat (WIF) and the Cat in a Dog’s World (MEW), two new Solana-based memecoins, to its platform. This move aligns with the ongoing memecoin craze that has gripped the crypto market.

OKX lists WIF and MEW. Source: X

According to the exchange’s announcement on X, OKX users can now deposit WIF and MEW tokens and trade them against the Tether (USDT) stablecoin. WIF spot trading will open at 9:00 a.m. UTC on April 15, followed by the MEW spot trading launch an hour earlier.

The exchange also noted that the withdrawals for both tokens will be available starting at 10:00 am UTC on April 16.

Solana-based Decentralized Volume Exchanges Surge

Solana Dex volume chart: Source: Defillama

The growing popularity of memecoins has had a significant impact on the Solana blockchain. Decentralized exchanges (DEXs) built on the Solana network have witnessed a notable increase in trading activity, with their volume exceeding the $1 billion threshold. According to DEX Screener, the current trading volume stands at $1.385 billion, marking a substantial rise from last week’s average of under $1 billion.

Within the past 24 hours, MEW/SOL alone recorded an impressive $60.0 million in trading volume. The SLERF/SOL and WIF/SOL trading pairs also saw substantial activity, generating $39.2 million and $21.5 million in volume, respectively.

Top Solana memecoins by trading volume. Source: Dex Screener

According to CoinGenko data, the newly listed memecoins have also demonstrated strong price performance. MEW experienced a notable 86.75% increase within 24 hours, while WIF recorded a 13.47% surge.

OKX Launches WIF and MEW as Memecoins Emerge as Profitable Crypto Narrative

Most Profitable Crypto NarrativesQ1 2024: Source CoinGenko

A recent CoinGecko report highlights memecoins as the most profitable crypto narrative in Q1 2024. Even Ethereum co-founder Vitalik Buterin has acknowledged the potential for positive use cases for memecoins, although he expressed concerns about their long-term viability.

“It feels like there is an unclaimed opportunity here to try to create something more positive-sum and long-lasting. But ultimately, I think even that would create something fundamentally limited, and we can do better,”

Buterin wrote in his blog post on March 29, 2024.

Above all, the growing interest in memecoins, fueled by their impressive price performance and trading volume, has led OKX to capitalize on this trend by adding WIF and MEW to its platform. As the memecoin craze continues, the exchange aims to provide its users with access to these rising digital assets.

The post OKX Launches WIF and MEW Spot Trading Amid Memecoin Craze appeared first on CoinChapter.

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Filed under: Bitcoin - @ April 15, 2024 10:12 pm