Today, BitMEX has launched a brand new product: the MEMEMEXTUSDT. This is a Basket Index perpetual swap contract. It is designed to offer merchants publicity to top 10 meme coins. Moreover, these cash embrace Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and different well-liked meme cryptocurrencies.
BitMEX Meme Coin Perpetual Contract Index
Furthermore, the contract is margined in USDT and merchants can leverage as much as 25x. For context, basket Index perpetual contracts are derivatives. They are tied to a bunch of underlying property. Moreover, this new product lets merchants speculate on the general efficiency of meme cash. It additionally helps them diversify their threat. It is much like the S&P 500 in conventional finance.
The MEMEMEX Basket Index, additionally known as .BMEMEMEXT, is a key a part of this new product. It consists of the highest 10 meme cash by market cap. As of now, these cash and the share within 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 those tokens can be reviewed month-to-month. Therafter, the index can be adjusted to all the time embrace the highest 10 meme cash. The MEMEMEX Basket Index by BitMEX makes use of a weighted common worth of those cash. The index multipliers are up to date on the final Friday of every month. Any adjustments are introduced 4 days earlier than 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 most recent announcement, the MEMEMEXTUSDT contract on BitMEX has particular options:
- It is a linear perpetual swap.
- It is margined in USDT.
- Users don’t want to carry the precise meme cash.
- 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 permits merchants to simply acquire publicity to meme cash. They can do that with out holding the person cash. The product is right for these trying to speculate on the meme coin market as a complete. It supplies a option to leverage their positions as much as 25 instances. This can amplify features but in addition will increase dangers.
The newest transfer by BitMEX transfer comes as meme cash proceed to achieve recognition. Dogecoin and Shiba Inu, as an example, have huge followings. Moreover, they’ve seen important worth actions currently. Hence, the MEMEMEX Basket Index may entice extra merchants to the platform. It simplifies entry to the meme coin market.
Also Read: Shiba Inu Coin Burn Rate Skyrockets 30000%, SHIB Reversal Soon?
The introduced content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.
