BitMEX introduces MEMEMEXTUSDT, a new perpetual futures product featuring a basket of the top 10 meme coins by market cap, including DOGE and SHIB.
This innovative product allows for up to 25x leverage trading using USDT, providing cryptocurrency investors with a unique opportunity to gain exposure to the meme coin market’s overall performance.
Learn more about the composition and potential of MEMEMEXTUSDT.
Introduction of MEMEMEXTUSDT on BitMEX
On July 4, 2024, cryptocurrency exchange BitMEX announced the launch of “MEMEMEXTUSDT,” a perpetual futures product composed of multiple meme coins.
MEMEMEXTUSDT is a basket-type financial derivative product consisting of the top 10 meme coins by market capitalization. It allows leveraged trading of up to 25x using the USD-pegged stablecoin USDT as collateral.
According to the official announcement, MEMEMEXTUSDT includes the following six meme coins:
- DOGE
- SHIB
- PEPE
- WIF
- FLOKI
- BONK
The index is constructed as a weighted average of the top 10 meme coins by market cap, with monthly rebalancing.
Popularity and Significance of Meme Coins
Meme coins are cryptocurrencies heavily influenced by internet memes, often created with a humorous intent. Despite their joke-like nature, some meme coins have recorded price increases of over several thousand percent, maintaining a strong following in the cryptocurrency industry.
Cryptocurrencies like DOGE, SHIB, and PEPE are particularly popular. Shiba Inu (SHIB), for instance, has been highly regarded worldwide as a project that goes beyond the typical meme coin, thanks to partnerships with major companies and significant project developments.
The newly announced MEMEMEXTUSDT offers investors and meme coin enthusiasts exposure to the overall performance of these promising meme coins, garnering significant attention in the cryptocurrency community.
While the number of meme coins has rapidly increased recently, raising concerns about potential scam coins, the enthusiasm for meme coins is expected to continue.
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