Today, BitMEX has launched a new product: the MEMEMEXTUSDT. This is a Basket Index perpetual swap contract. It is designed to give traders exposure to top 10 meme coins. Moreover, these coins include Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and other popular meme cryptocurrencies.

BitMEX Meme Coin Perpetual Contract Index

Furthermore, the contract is margined in USDT and traders can leverage up to 25x. For context, basket Index perpetual contracts are derivatives. They are tied to a group of underlying assets. Moreover, this new product lets traders speculate on the overall performance of meme coins. It also helps them diversify their risk. It is similar to the S&P 500 in traditional finance.

The MEMEMEX Basket Index, also called .BMEMEMEXT, is a key part of this new product. It includes the top 10 meme coins by market cap. As of now, these coins and the share in the index are:

Dogecoin (DOGE): 20%
Shiba Inu (SHIB): 20%
Pepe Coin. (PEPE): 20%
Dogwifhat (WIF): 8.81%
Floki Inu (FLOKI): 8.31%
Brett (BRETT): 7.31%
Bonk (BONK): 7.38%
Book of Meme (BOME): 3.18%
Memecoin (MEME): 2.50%
Mog Coin (MOG): 2.50%

Furthermore, the market caps of these tokens will be reviewed monthly. Therafter, the index will be adjusted to always include the top 10 meme coins. The MEMEMEX Basket Index by BitMEX uses a weighted average price of these coins. The index multipliers are updated on the last Friday of each month. Any changes are announced four days before the rebalance.

Also Read: Crypto Trader Bags $59M In PEPE, SHIB, ETH, & 5 Others Hinting Gains Inbound

Features Of The Basket Memecoin Index

According to the latest announcement, the MEMEMEXTUSDT contract on BitMEX has specific features:

It is a linear perpetual swap.
It is margined in USDT.
Users don’t need to hold the actual meme coins.
Symbol: MEMEMEXTUSDT
Margin Currency: USDT
Contract Size: 0.0001 MEMEMEXT
Lot Size: 1000
Minimum Trade Amount: 0.1 MEMEMEXT
Underlying: .BMEMEMEXT
Maximum Leverage: 25x
Maker Fees: -0.015%
Taker Fees: 0.075%
Base Initial Margin: 4.00%
Base Maintenance Margin: 2.00%

The MEMEMEXTUSDT allows traders to easily gain exposure to meme coins. They can do this without holding the individual coins. The product is ideal for those looking to speculate on the meme coin market as a whole. It provides a way to leverage their positions up to 25 times. This can amplify gains but also increases risks.

The latest move by BitMEX move comes as meme coins continue to gain popularity. Dogecoin and Shiba Inu, for instance, have massive followings. Moreover, they have seen significant price movements lately. Hence, the MEMEMEX Basket Index could attract more traders to the platform. It simplifies access to the meme coin market.

Also Read: Shiba Inu Coin Burn Rate Skyrockets 30000%, SHIB Reversal Soon?

The post BitMEX Expands Support For Dogecoin, Shiba Inu, Pepe Coin & Others; Here’s How appeared first on CoinGape.

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Filed under: News - @ July 4, 2024 7:16 am