BitMEX Rolls Out a Meme Coin Basket Index: \'S&P 500 for Crypto Meme Coins\'

BitMEX, one of the largest digital asset exchanges, has rolled out a meme coin basket index. The new product will make it possible to gain exposure

Major digital asset exchange BitMEX has introduced a meme coin basket index.

The new product offers exposure to the top 10 meme cryptocurrencies by market capitalization, including Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), Pepe (CRYPTO: PEPE), and dogwifhat (CRYPTO: WIF). It is being touted by BitMEX as the "S&P 500 for crypto meme coins."

The new contract is margined in the leading stablecoin Tether (CRYPTO: USDT) and offers up to 25X leverage.

The index is weighted by the market capitalization of the leading meme coins. DOGE, SHIB, and PEPE together comprise 60% of the index, with each of them having equal weightings. Other meme coins have much smaller weightings: WIF at 8.81%, FLOKI at 8.31%, and Bonk at 7.38%.

In early May, VanEck affiliate MarketVector, a leading global index provider, also introduced a new index that tracks the value of the leading meme coins. The index includes market leaders like DOGE and SHIB as well as smaller meme cryptocurrencies like FLOKI in a move that is sure to aid in their mainstream adoption.

Meme coins have once again defined a recent bull market, with coins like PEPE and WIF recording massive gains.

Solana-based meme coin factory Pump.fun recently surpassed Ethereum in terms of revenue generated. Over 1 million tokens have been created on the red-hot platform.

The stunning success of Pump.fun can be attributed to the growing popularity of Solana-based celebrity meme coins from stars like Australian rapper Iggy Azalea.

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