A leading digital asset exchange, BitMEX, has introduced a memecoin ranking index, the MEMEMEXTUSDT which will enable investors to assess and track noteworthy meme tokens. Notably, the top ten memecoin in terms of market capitalization will be on BitMEX platform as the MEMEMEX Basket Index.
S&P500 for the Memecoin Ecosystem
BitMEX dubbed the Basket Index as “S&P500 for crypto meme coins.” The new ranking comes as a remarkable innovation to the crypto space, particularly for memecoin enthusiasts. Leading memecoins such as Shiba Inu (SHIB), Pepe (PEPE), Dogecoin (DOGE), and dogwifhat (WIF) are expected on the platform.
As per the index, it is margined in the Tether (USDT) stablecoin and offers up to 25X leverage.
DOGE, SHIB, and PEPE make up 60% of the index, with each having equal weightings. Other memecoins including WIF (8.81%), FLOKI (8.31%), and Bonk (7.38%) have smaller weightings. This is a reflection of their market positions.
The move by BitMEX coincides with a marked dip in the price performances of cryptos generally. Notably, some altcoins are down to double-digit losses while others such as Shiba Inu have activated their internal burn mechanism in a bid to trigger a price rebound.
Memes’ Market Influence in Crypto
The launch of this index follows a similar move by MarketVector, an affiliate of VanEck, which introduced an index tracking the value of the top six memecoins. At the launch of the index in May, Matthew Sigel, Head of Digital Assets Research at VanEck stated it would focus on assets with a 30% cap for component weightings.
The introduction of MEMEMEXTUSDT by BitMEX is significant not just as a guide to memecoin speculators. It also serves as a metric to gauge performance against other digital assets such as Bitcoin and Ethereum given that memecoin is turning out to shape the recent bull market. So far, PEPE and WIF have recorded significant gains.
Additionally, Solana-based memecoin platform Pump.fun, recently outperformed Ethereum in generated revenue, with over a million tokens created on the platform.
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