BitMEX Introduces Perpetual Swap Contract for 'Meme' Cryptocurrencies

IconCryptoNewsTerminal Staff03 Jul, 2024

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BitMEX Introduces Perpetual Swap Contract for 'Meme' Cryptocurrencies

The popular cryptocurrency exchange BitMEX has launched a basket index perpetual swap contract for meme coins, offering traders a convenient way to gain exposure to a group of these popular digital assets. The BitMEX Meme Coin Basket Index is composed of the weighted average price of the top ten meme coins by market capitalization. The index rebalances monthly, ensuring traders have exposure to the most popular and liquid meme coins. Meme coins, a sub-category of cryptocurrencies, often have a humorous or ironic theme associated with them. They have gained substantial popularity among retail investors due to their high volatility and potential for parabolic movements. The BitMEX MEMEMEXTUSDT perpetual swap contract allows traders to speculate on the price of the meme coin basket with up to 25x leverage. This provides traders with the opportunity to magnify their potential profits, but it also amplifies their losses. The addition of this new contract to the BitMEX platform demonstrates the growing interest in meme coins and caters to the growing demand for innovative financial products.

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