PEPE Coin News – BitMEX Introduces MEMEMEXTUSDT: A New Basket Index Perpetual Swap Contract
PEPE Coin News – BitMEX has unveiled a new trading product today, the MEMEMEXTUSDT, a Basket Index perpetual swap contract. This innovative offering is designed to provide traders with exposure to the top 10 meme cryptocurrencies, including well-known coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and other popular meme tokens.
BitMEX Meme Coin Perpetual Contract Index
The MEMEMEXTUSDT contract is margined in USDT and offers traders the opportunity to leverage their positions up to 25x. Basket Index perpetual contracts are derivatives linked to a group of underlying assets, enabling traders to speculate on the overall performance of meme coins while diversifying their risk. This concept is akin to the S&P 500 in traditional finance.
The MEMEMEX Basket Index, also known as .BMEMEMEXT, features the top 10 meme coins by market cap. As of now, the index includes the following coins and their respective weightings:
- 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%
The market caps of these tokens will be reviewed monthly, and the index will be adjusted to continually represent the top 10 meme coins. The MEMEMEX Basket Index utilizes a weighted average price of these coins, with index multipliers updated on the last Friday of each month. Any changes will be announced four days prior to the rebalance.
Features of the MEMEMEX Basket Index
The MEMEMEXTUSDT contract on BitMEX boasts several specific features as highlighted in the latest announcement:
- Type: Linear perpetual swap
- Margin Currency: USDT
- Symbol: MEMEMEXTUSDT
- Contract Size: 0.0001 MEMEMEXT
- Lot Size: 1000
- Minimum Trade Amount: 0.1 MEMEMEXT
- Underlying Index: .BMEMEMEXT
- Maximum Leverage: 25x
- Maker Fees: -0.015%
- Taker Fees: 0.075%
- Base Initial Margin: 4.00%
- Base Maintenance Margin: 2.00%
The MEMEMEXTUSDT contract allows traders to gain exposure to the meme coin market without the need to hold the actual coins. This product is ideal for those who wish to speculate on the overall meme coin market, offering the potential to leverage positions up to 25 times, which can magnify both gains and risks.
Attracting Traders Amid Meme Coin Popularity
BitMEX’s latest move comes as meme coins continue to gain traction among cryptocurrency enthusiasts. Coins like Dogecoin and Shiba Inu have garnered large followings and experienced significant price movements recently. The MEMEMEX Basket Index simplifies access to the meme coin market, potentially drawing more traders to the platform by providing a straightforward way to speculate on the collective performance of meme coins.
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