Memecoins
Important Announcement from BitMEX Regarding Shiba Inu (SHIB) and Other Meme Coins
Seychelles-based derivatives exchange BitMEX has announced the launch of the MEMEMEXTUSDT basket index perpetual swap contract.
The latest offering is designed to provide traders with the opportunity to gain exposure to the best meme coins on the market through a single contract.
MEMEMEXTUSDT from BitMEX
Dubbed the “S&P500 of meme cryptocurrencies,” the new offering will allow traders to speculate on the overall performance of popular OG meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB), as well as new entrants like Pepe (PEPE), dogwifhat (WIF), Floki Inu (FLOKI), Brett (BRETT), Bonk (BONK), Book of Meme (BOME), Memecoin (MEME), and Mog Coin (MOG).
According to the manager Blog The contract is then denominated in USDT and will offer up to 25x leverage. Each contract is worth 0.0001 MEMEMEXT, with a lot size of 1000. The creation fee is set at -0.015% and the support fee is 0.075%. Meanwhile, the basic initial margin requirement is 4.00% and the basic maintenance margin is 2.00%.
With these Basket Index perpetual contracts, traders can diversify their risk and invest in a segment of the crypto industry rather than individual tokens.
Announcing the new offering, BitMEX CEO Stephen Lutz said,
“We know that many serious crypto traders have shied away from getting directly involved in Meme Coins. For good reasons. Volatility, short cycles, liquidity of some coins. BUT… what if you could trade a basket and have full security with an insurance fund and not need to exchange USDT and/or your Tier1 crypto into Meme Coins? Well, you might want to get involved.”