Cryptocurrency exchange OKX has expanded its offerings by introducing two trending meme coins, Dogwifhat (WIF) and Cat in a Dog’s World (MEW). This move capitalizes on the growing popularity of meme-based digital currencies.
With these new listings, OKX aligns with the current surge in meme coin interest across the crypto market.
Meme Coins Lead the Recovery After Weekend’s Market Crash
OKX announced the initiation of spot trading for WIF and MEW against the Tether (USDT) stablecoin. Starting today, users can deposit these tokens, with WIF trading kicking off at 9:00 AM UTC. Shortly thereafter, MEW trading began at 10:00 AM UTC.
WIF and MEW have indeed shown rapid growth in the crypto space, with significant daily trading volumes. Introduced in November 2023, Dogwifhat quickly rose to fame, now ranking among the top 50 cryptocurrencies by market capitalization. Currently, WIF’s market cap has surpassed $3 billion.
It is the 41st-largest cryptocurrency and the third-largest meme coin, behind Dogecoin and Shiba Inu.
On the other hand, Cat in a Dog’s World, or MEW, debuted in late March. This newcomer aims to disrupt the dominance of dog-themed meme coins by offering a cat-themed alternative. Already, MEW is trading at $0.0057, up 105% over the past day.
Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide
This notable rise in meme coin trading follows a swift recovery from recent market declines impacted by global geopolitical tensions.
On-chain analytical platform DYOR highlights that meme coins achieved a relative strength of 2.35 in the last 24 hours. This figure indicates a strong rebound and performance against other crypto narratives.
According to DYOR, a relative strength above one suggests that a narrative is leading in the market.
Despite their whimsical nature, meme coins have shown substantial growth and resilience, often outperforming other crypto narratives. Evidently, CoinMarketCap reports a 6.25% increase in the meme coin sector over the past 24 hours. Notably, the largest meme coins like Dogecoin, Shiba Inu, and Floki have seen gains exceeding 5%.
Read more: 11 Best Solana Meme Coins to Watch in 2024
“Memecoin sector is the absolute growth leader since the beginning of 2024,” crypto trader Sjuul said.
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