Memecoins
Meme Coin Index with SHIB, DOGE, WIF, PEPE and BONK Launched by Major Exchange
Alex Dovbnia
The new contract introduced by BitMEX will allow access to all coins even at once
Read U.TODAY on
Google News
BitMEX, one of the largest digital asset exchanges, has deployed a basket index of meme coins.
The new product will provide access to the top 10 meme cryptocurrencies by market cap, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and dogwifhat (WIF). It has been billed by BitMEX as the “S&P500 of meme cryptocurrencies.”
The new contract is pegged to flagship stablecoin Tether (USDT), offering leverage of up to 25X.
The index was constructed based on the market share of the leading meme currency. DOGE, SHIB, and PEPE collectively represent 60% of the index, with each having an equal weighting. The other meme currencies have significantly lower weightings: Wireless with 8.81%), FLOKI with 8.31% and Bonk with 7.38%.
In early May, VanEck subsidiary MarketVector, a global index provider, also launched an innovative index that tracks the value of major meme cryptocurrencies. The index includes market leaders like DOGE and SHIB as well as more obscure meme cryptocurrencies like FLOKI. It was a turning point for mainstream adoption.
The meme coin craze has once again defined the most recent bull market, with coins such as PEPE and WIF seeing massive gains.
Pump.fun, a Solana-based coin factory, recently surpassed Ethereum in terms of revenue generated. More than 1 million tokens have already been created on the popular platform.
Pump.fun’s astonishing success could be attributed to the growing popularity of celebrity meme coins based on Solana, such as Australian rapper Iggy Azalea.
About the Author
Alex Dovbnia
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes, and other fintech outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. You can contact him at alex.dovbnya@u.today.