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Leading cryptocurrency exchange BitMEX has introduced a new tool designed to give investors exposure to the top 10 memecoins in the market through a single contract, called the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This innovative product simplifies memecoin trading, offering a comprehensive solution similar to the S&P 500 but for memecoins.
New Memecoin Basket Index from BitMEX: MEMEMEXTUSDT
Memecoin basket index is created based on the weighted average price of the top 10 memecoins by market capitalization. To maintain relevance and accuracy, the index components will be rebalanced monthly to continue tracking the best-performing memecoins. This USDT-margined linear perpetual swap offers up to 25x leverage, allowing investors to effectively manage risks while maximizing potential returns.
BitMEX CEO Stephan Lutz highlighted the benefits of the MEMEMEXTUSDT perpetual swap, emphasizing its role in diversifying exposure among top memecoins and capitalizing on the latest market trends. According to Lutz, this new single-instrument solution significantly reduces the complexity of memecoin trading, making it more accessible and manageable for investors.
In its press release, BitMEX compared the new memecoin basket index to the S&P 500, stating that it provides a similar comprehensive contract but tailored for the memecoin market. The MEMEMEXTUSDT contract also aims to increase liquidity, making it easier and more cost-effective for investors to execute trades. This feature is particularly beneficial in the volatile memecoin market, where liquidity can often be low.
BitMEX Launches MEMEMEXTUSDT: $10,000 Reward Opportunity
The symbol for the MEMEMEXTUSDT contract is MEMEMEXTUSDT, with the margin currency set as USDT. Each contract will represent 0.0001 MEMEMEXT, with a lot size set at one thousand. The market maker fee is 0.015%, and the market taker fee is 0.075%. The required initial margin is 4.00%, and the maintenance margin is 2.00%.
To celebrate the launch of the new trading product, BitMEX is offering a reward pool of up to $10,000 in USDT for investors using the MEMEMEXTUSDT contract. The top-performing investors will receive a share of this reward.
