BitMEX Launches Basket Meme Coin Index Featuring Dogecoin and Shiba Inu

• BitMEX launches a new meme coin index, expanding its crypto product lineup.
• The index includes the top 10 meme cryptocurrencies by market capitalization.
• Dogecoin, Shiba Inu, and Pepe Coin hold the highest shares in the new index.

Discover BitMEX’s latest crypto product, the MEMEMEXTUSDT, a new basket index perpetual swap contract featuring the top 10 meme coins by market cap, including Dogecoin and Shiba Inu.

BitMEX Introduces MEMEMEXTUSDT Index: A New Crypto Offering

BitMEX has unveiled its newest trading product, the MEMEMEXTUSDT, a basket index perpetual swap contract aimed at providing exposure to the meme coin market. This innovative contract allows traders to speculate on the performance of the top 10 meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE), by leveraging up to 25 times and diversifying their risk in a manner similar to traditional finance indices like the S&P 500.

Composition of the MEMEMEX Basket Index

The MEMEMEX Basket Index (.BMEMEMEXT) includes the top 10 meme coins by market capitalization. As of now, the index comprises Dogecoin (20%), Shiba Inu (20%), Pepe Coin (20%), Dogwifhat (8.81%), Floki Inu (8.31%), Brett (7.31%), Bonk (7.38%), Book of Meme (3.18%), Memecoin (2.50%), and Mog Coin (2.50%). This composition is reviewed and adjusted monthly to ensure the index remains current, providing traders with accurate market exposure.

Key Features of the MEMEMEXTUSDT Contract

The MEMEMEXTUSDT contract on BitMEX boasts several noteworthy features, designed for ease of use and efficiency. This linear perpetual swap is margined in USDT, eliminating the need for traders to hold the actual meme coins. With a margin currency of USDT, a contract size of 0.0001 MEMEMEXT, and a maximum leverage of 25x, traders can speculate on the meme coin market with small initial investments and significant potential returns. Maker fees are at -0.015%, while taker fees are 0.075%, alongside base initial and maintenance margins at 4.00% and 2.00%, respectively.

Trading Opportunities and Risk Management

This new product by BitMEX offers traders an excellent opportunity to gain exposure to the meme coin market without holding the individual tokens. This is particularly beneficial for traders looking to capitalize on the meme coin trend with a diversified approach. By leveraging their positions up to 25 times, traders can amplify their potential gains; however, it’s critical to acknowledge the elevated risk associated with high leverage. Regular reviews of the market caps ensure that the index remains up-to-date, offering a reliable measure of meme coin performance.

Conclusion

The launch of the MEMEMEXTUSDT brings a fresh and exciting product to the BitMEX platform, making it easier for traders to enter the volatile yet potentially lucrative meme coin market. By providing exposure to the top 10 meme cryptocurrencies and enabling high-leverage trading, BitMEX continues to innovate and expand its offerings to meet the evolving demands of the crypto trading community. As meme coins like Dogecoin and Shiba Inu continue to gain popularity, the MEMEMEX Basket Index is poised to attract a diverse range of traders looking for both diversification and significant returns.