In a move that makes meme coins more viable as an investment-worthy asset, BitMEX has announced a new meme coin index, MEMEMEXTUSDT.
This asset is a meme “basket” index with 10 meme coins. So, instead of investing in each of the top 10 meme coins with market capitalization separately, MEMEMEXTUSDT allows users to get exposed to them in one go. Margined in USDT with up to 25x leverage, trading for this asset has already begun.
This article delves into the potential impact of this news on the future of meme coin investments.
MEMEXTUSDT: The S&P 500 of Crypto Meme Coins
BitMEX announced the launch of this meme basket index in a blog post, dubbing this new asset the S&P 500 of crypto meme coins.
For those unfamiliar, the S&P 500 index is a market capitalization-weighted index of the 500 leading publicly traded companies in the US. Investing in this asset means investing in these companies simultaneously, without focusing on each company separately.
However, what are Basket Index Perpetual contracts?
They are leveraged derivatives tied to a basket of underlying assets.
Through these unique investment instruments, traders can speculate on the overall performance of a particular niche within the crypto industry.
Investing in this index perp will allow users to diversify risks, which is essential when it comes to crypto, which is an extremely volatile asset class.
The MEMEMEXTUSDT or BitMEX MEMEMEX Basket Index comprises the top 10 performing memecoins by market capitalization.
Constructed by taking the weighted average price of these meme coins, the basket index will rebalance its constituents every month due to the volatile shifts the meme market experiences, giving investors access to the best-performing assets.
Each contract size has been set to 0.0001 MEMEMEXT, and the minimum trade amount required is 0.1 MEMEMEXT. BitMEX has set the taker fee at 0.075% and the maker fee at -0.015%.
As BitMEX broke the news of this launch on Twitter, it also announced a giveaway that lets investors win up to 10,000 USDT with the memecoin basket index perk.
Meme Baskets ETFs are the Future – 99Bitcoins
Commenting on the positive impact of this announcement on the meme coin market, 99Bitcoins, one of the leading YouTube channels to learn about crypto, said that Meme Basket ETFs may arrive soon.
“As the cryptocurrency space grows, and as these get more exposure and their volume increases, Meme basket ETFs may become a reality,” the YouTuber said. “We will see massive exposure to meme coins like we can do here on the BitMEX exchange.”
99Bitcoins further emphasized that these moves will legitimize the meme coin space and send the meme coin soaring.
In that video, the YouTuber related the introduction of the BitMEX Basket Index with WienerAI, a crypto that has made positive news across the crypto community due to its successful presale.
The project describes itself as a “part dog, part sausage, and part AI trading bot.” WienerAI has all the quirks one can expect from a dog-themed meme coin: a cute dog, interesting lore, and an engaging community.
However, what’s drawing customers toward this project the most is its AI-driven perks, which aren’t rooted in the same social aspects as other meme tokens of the past. Instead, WienerAI has decided to give users a robust utility that helps them navigate the market better—an AI trading bot.
Through this AI trading bot, investors will receive AI-enhanced trading facilities powered by WienerAI’s predictive technology. Quick Swaps and MEV protection are also supported. These perks will be given to the users at a zero fee, which makes this project more inclusive than other assets.
WienerAI is not the only project with immense potential; however, Shiba Shootout, another meme coin dedicated to offering utility, has been gaining much traction.
Shiba Shootout – Cowboys, Memes, and Gaming
Shiba Shootout is a new meme coin that dons a cute Shiba Inu with a rugged cowboy outfit. Set in the digital realm of Shiba Gulch, this project features a unique narrative full of cowboys, gun-slinging battles, and loot.
These visual elements have been used to convey the many benefits users will obtain by investing in Shiba Shootout (SHIBASHOOT).
The list of perks highlighted on the official website is comprehensive. There are campfire stories that reward good engagement and posse rewards that reward those who enhance Shiba Shootout’s exposure. Lucky Lasso lotteries are lottery-style giveaways rewarding participants, and with Savings Saddlebags, investors can keep their tokens secure and earn regular returns.
With so many active and passive earning opportunities, Shiba Shootout is a good token to support along with WienerAI.
Popular crypto YouTubers, like Cryptonews, have covered it recently, highlighting the potential of this new Shiba Inu community project.
The YouTuber has stated that it is a very marketable and interesting project to invest in this year.
