Crypto Exchange BitMEX Releases a Memecoin Basket Index

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BitMEX has launched a new product called the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, which offers traders exposure to the top 10 memecoins in the market through a single contract.

The index is created by taking the weighted average price of the top 10 memecoins by market capitalization, and is rebalanced monthly to accurately track the performance of the best-performing memecoins.

This contract, which is margined in USDT and allows for up to 25x leverage, is known as a linear perpetual swap.

According to BitMEX CEO Stephan Lutz, the MEMEMEXTUSDT perpetual swap provides a convenient way for traders to diversify their exposure to the top memecoins and take advantage of current market trends, all while effectively managing risks.

BitMEX believes that this new product simplifies memecoin trading by offering a comprehensive contract similar to the S&P 500, but for crypto memecoins.