Cryptocurrency exchange OKX has expanded its offerings by introducing two popular meme coins, Dogwifhat (WIF) and Cat in a Dog's World (MEW). The move capitalizes on the growing popularity of meme-based cryptocurrencies.
Meme Coins Lead Recovery After Weekend Stock Crash and OKX Exchange Seizes Opportunity
She announced OKX Exchange announces the start of spot trading of WIF and MEW against the stablecoin Tether (USDT). Starting today, users can deposit these tokens, with WIF trading starting at 9:00 UTC. Shortly after, MEW trading begins at 10:00 UTC.
WIF showed and MEOW The cryptocurrency space is already growing rapidly, with large daily trading volumes. Dogwifhat was introduced in November 2023 and quickly gained popularity, as it is now among the top 50 cryptocurrencies by market capitalization. Currently, the market capitalization of WIF coin has exceeded $3 billion.
It ranks 41st among the 41 largest cryptocurrencies and third, after Dogecoin and Shiba Inu.
On the other hand, the Cat in a Dog's World, or MEW, coin debuted in late March. This newcomer aims to disrupt the dominance of dog-themed meme currencies by offering a cat-themed alternative. Additionally, MEW is already trading at $0.0057, up 105% over the past day.
👈Read more: Memes in 2024: Will they make crazy gains?
Meme Coins Have Shown Significant Growth and Resilience Compared to Other Cryptocurrencies
This notable rise in meme trading follows a rapid recovery from recent market declines impacted by global geopolitical tensions.
On-chain analytical platform DYOR highlights that meme coins reached a relative strength of 2.35 in the last 24 hours. This figure also indicates a recovery and strong performance compared to other digital currencies. According to DYOR, a relative strength greater than one indicates that the narrative is leading the market.
Despite their bizarre nature, meme coins have demonstrated significant growth and resilience, often outperforming other cryptocurrencies. Clearly, CoinMarketCap has Reported 6.25% increase in the coins sector even in the last 24 hours. It is worth noting that the largest meme coins, such as Dogecoin, Shiba Inu, and Floki, saw gains above 5%.
👈Read more: 4 best meme currencies in 2024 to invest
He said Cryptocurrency trader Sjuul: “The meme sector is the leader in terms of absolute growth since the beginning of 2024.”
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