BitMEX, one of many largest digital asset exchanges, has rolled out a meme coin basket index.
The brand new product will make it attainable to realize publicity to the highest 10 most outstanding meme cryptocurrencies by market capitalization, together with Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and dogwifhat (WIF). It has been advertized by BitMEX as “S&P500 for crypto meme cash.”
The brand new contract is margined within the flagship Tether (USDT) stablecoin, providing as much as 25X leverage.
The index was designed primarily based in the marketplace share of the main meme coin. DOGE, SHIB, and PEPE collectively account for 60% of the index, with every of them having equal weightings. Different meme cash have considerably smaller weightings: WIF with 8.81%), FLOKI with 8.31%, and Bonk with 7.38%.
In early Might, VanEck’s affiliate MarketVector, a worldwide index supplier, additionally launched an progressive index that tracks the worth of the main meme cash. The index contains such market leaders as DOGE and SHIB in addition to extra obscure meme cryptocurrencies similar to FLOKI. This was a watershed second for mainstream adoption.
The meme coin craze has as soon as once more outlined the newest bull market, with cash of the likes of PEPE and WIF recording huge beneficial properties.
Solana-based meme coin manufacturing facility Pump.enjoyable lately surpassed Ethereum by way of generated income. Greater than one million tokens have already been created on the red-hot platform.
The beautiful success of Pump.enjoyable may very well be attributed to the rising reputation of Solana-based movie star meme cash from such stars as Australian rapper Iggy Azalea.
