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 to the top 10 most prominent meme cryptocurrencies by market capitalization, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and dogwifhat (WIF). It has been advertized by BitMEX as “S&P500 for crypto meme coins.”
The new contract is margined in the flagship Tether (USDT) stablecoin, offering up to 25X leverage.
The index was designed based on the market share of the leading meme coin. DOGE, SHIB, and PEPE collectively account for 60% of the index, with each of them having equal weightings. Other meme coins have substantially smaller weightings: WIF with 8.81%), FLOKI with 8.31%, and Bonk with 7.38%.
In early May, VanEck’s affiliate MarketVector, a global index provider, also introduced an innovative index that tracks the value of the leading meme coins. The index includes such market leaders as DOGE and SHIB as well as more obscure meme cryptocurrencies such as FLOKI. This was a watershed moment for mainstream adoption.
The meme coin craze has once again defined the most recent bull market, with coins of the likes of PEPE and WIF recording massive gains.
Solana-based meme coin factory Pump.fun recently surpassed Ethereum in terms of generated revenue. More than a million tokens have already been created on the red-hot platform.
The stunning success of Pump.fun could be attributed to the growing popularity of Solana-based celebrity meme coins from such stars as Australian rapper Iggy Azalea.