As an experienced analyst in the digital asset market, I have witnessed the meteoric rise of meme coins and their significant impact on the crypto landscape. The recent introduction of a meme coin basket index by BitMEX, one of the leading exchanges, is a testament to this trend’s mainstream adoption.
BitMEX, one of the largest digital asset exchanges, has rolled out a meme coin basket index.
With the introduction of this new product, you’ll have the opportunity to access the leading 10 meme cryptocurrencies based on market capitalization. These include Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and dogwifhat (WIF). BitMEX has marketed it as a crypto equivalent to the S&P500.
The new agreement allows for a leverage of up to 25 times when collateralized using Tether (USDT), our leading stablecoin.
The index was created using the market dominance of the top meme coins as a basis. specifically, DOGE, SHIB, and PEPE represent approximately 60% of the index and carry equal importance within it. In contrast, the influence of lesser-known meme coins like WIF (8.81%), FLOKI (8.31%), and Bonk (7.38%) is significantly smaller.
Around the beginning of May, MarketVector, an international index provider affiliated with VanEck, introduced a trailblazing index that monitors the worth of prominent meme coins. Notable meme coins like DOGE and SHIB, as well as less recognized ones such as FLOKI, are incorporated in this index. This marked a significant milestone for mainstream acceptance.
The latest bull market in cryptocurrencies has been shaped significantly by the surge in popularity of meme coins, such as PEPE and WIF, which have experienced substantial price increases.
Recently, Pump.fun, a meme coin manufacturing platform built on the Solana blockchain, has outpaced Ethereum in generating income. Over one million tokens have already been produced on this rapidly growing platform.
The remarkable achievement of Pump.fun can be linked to the escalating fame of Solana-hosted meme coins endorsed by celebrities like Australian rapper Iggy Azalea.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- USD ZAR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- OP PREDICTION. OP cryptocurrency
- 5 Great Racing Games You Cannot Buy Anymore
- USD PEN PREDICTION
2024-07-04 08:41