Meme Coin Index with SHIB, DOGE, WIF, PEPE, and BONK Introduced by Prominent Exchange
BitMEX, one of the leading digital asset exchanges, has unveiled a unique meme coin basket index. This innovative product enables investors to gain exposure to the top 10 meme cryptocurrencies based on their market capitalization. Notable meme coins included in the index are Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and dogwifhat (WIF). BitMEX has cleverly dubbed this offering as the “S&P 500 for crypto meme coins.”
What sets this index apart is that it is margined in the popular stablecoin Tether (USDT) and offers leverage of up to 25X. The weightings of the coins in the index were determined by their market shares. DOGE, SHIB, and PEPE collectively contribute 60% to the index, with equal weightings for each. The remaining meme coins, such as WIF with 8.81%, FLOKI with 8.31%, and Bonk with 7.38%, have smaller weightings.
The introduction of this meme coin index follows in the footsteps of VanEck’s affiliate MarketVector, which launched its own index to track the value of leading meme coins. This promising move towards mainstream adoption included popular meme coins like DOGE and SHIB, as well as lesser-known ones such as FLOKI.
The recent bull market has been heavily influenced by the meme coin craze, with notable gains recorded by coins like PEPE and WIF. Furthermore, the Solana-based meme coin factory Pump.fun has achieved remarkable success, surpassing Ethereum in terms of generated revenue. Over a million tokens have already been created on this red-hot platform.
The impressive performance of Pump.fun can be partially attributed to the rising popularity of celebrity meme coins based on the Solana blockchain. Noteworthy stars, like Australian rapper Iggy Azalea, have embraced this trend, further fueling its growth.