Derivatives exchange BitMEX is offering a way to bet on popular meme coins with a new basket index product. This offering began trading on July 4 at 04:00 UTC, according to a Thursday announcement.
The exchange likely developed this offering in response to meme coin popularity. Meme coins are digital currencies based on humorous internet memes, and can also be created to poke fun at the crypto world itself.
These coins became popular largely because of social media, with creators building excitement around them to inflate prices. Even famous figures like Elon Musk have given them a thumbs up, especially Dogecoin, adding to their popularity.
The basket reflects BitMEX’s ongoing strategy to expand its range of trading products. This initiative follows BitMEX Options and its Bitcoin perpetual swap XBTUSD offering 250x leverage.
“Meme coins have seen incredible growth over the past year, and we’ve noticed a growing appetite from BitMEX users to get in on the action,” said BitMEX CEO Stephan Lutz. Their abundance can overwhelm traders, making it difficult to find their footing, he added.
Introducing the BitMEX Meme Basket Index Perp – the S&P500 for crypto memecoins. It’s your gateway to get exposure to all the top meme coins at once, like $PEPE, $SHIB, $WIF, $DOGE, and $BONK.
Join our $500 Giveaway:
1. Follow @BitMEX, Like & RT
2. Tag 3 friends + @BitMEX
3.… pic.twitter.com/S3IK9rhGyc— BitMEX (@BitMEX) July 4, 2024
BitMEX Expands Trading Options with Leveraged Memecoin Basket
So, what does the new product entail?
According to BitMEX, the new index is like an S&P 500 for meme coins, bundling them together to make trading easier. Also, consolidating multiple meme coins into a single index generates liquidity. This, in turn, enables more favorable trade executions.
Further, it offers a less risky opportunity for retail traders, particularly those cautious about volatility. The exchange says it is a USDT-margined linear perpetual swap that supports up to 25x leverage.
BitMEX to Reward Memecoin Traders with Prize Pool
Also, the BitMEX Meme Basket Index is based on the top 10 meme coins’ average prices, weighted on their market capitalization. Its constituents are adjusted monthly to maintain alignment with the highest-performing meme coins. Changes to the index are disclosed in advance to ensure transparency.
BitMEX is celebrating the contract’s launch via a prize pool of up to 10,000 USDT to traders who use it.
The post BitMEX Rolls Out New Basket Index for Top 10 Crypto Meme Coins appeared first on Cryptonews.
