While market conditions continue to be bearish, investors seem to have found a brand-new reason to be excited: a Memecoin Index by BitMEX. This index would open up the category to a larger chunk of the investing citizenry, allowing them to dip their toes into the memecoin space without being exposed to high amounts of risk.
Some analysts feel that this new development could result in the pumping of several memecoins with growth potential. Naturally, this has led to a search for good projects to invest in right now.
MEMEMEXTUSDT Basket Index Perpetual Swap Contract
Many investors often refrain from investing in memecoins because of the risk they carry. However, this also means they miss out on the massive gains that can be made in short time spans, which is where BitMEX’s new index comes into play.
Introducing the BitMEX Meme Basket Index Perp – the S&P500 for crypto memecoins. It’s your gateway to get exposure to all the top meme coins at once, like $PEPE, $SHIB, $WIF, $DOGE, and $BONK.
Join our $500 Giveaway:
1. Follow @BitMEX, Like & RT
2. Tag 3 friends + @BitMEX
3.… pic.twitter.com/S3IK9rhGyc— BitMEX (@BitMEX) July 4, 2024
Known as the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, the index fund will be a collection of the 10 biggest cryptocurrencies by market cap, overseen and managed by the company itself. It is not a fund that has been audited and approved by any major financial authority like the SEC, but is a company-specific fund where investors can park their funds to diversify their holdings.
The index constituents are set to be rebalanced after a monthly review to ensure optimal performance. It will be available as a margined linear perpetual swap offering up to 25x leverage, which means that if memecoins do well, the fund could end up being a profitable investment vehicle for many.
“Providing improved liquidity and enabling traders to more easily execute their trades at favorable prices” – these are the main motives behind the launch of the index fund, the company mentioned in a press release after the product was launched.
Will the Memecoin Index Fund Impact Memecoins Positively?
It has often been noticed that whenever popular index funds, ETFs, or similar vehicles of a certain crypto category launch or are even teased, the demand for that particular asset or category of assets grows considerably.
This was seen last year during the Bitcoin ETF hype, and also during several other such product announcements. Memecoin investors globally seem to be very bullish on the category since the index fund’s launch. With this, a whole new chunk of investors may find investing in memecoins appealing since the risk will be minimized and more controlled.
Interesting concept! Excited to see how the BitMEX Meme Basket Index Perp will impact the crypto meme market. Looking forward to learning more about it.@1909knucy@Ng17Kenny@Alon14091
— Vasiliki Redican (@VRedican33669) July 4, 2024
In fact, several memecoin enthusiasts were even seen posting tweets about this move by BitMEX as a huge development for the memecoin category. Many contested, worrying about the large number of investors who may now be interested in parking funds into a risky investment option, but the general consensus regarding the launch seems to have been embraced by the community. So much so that investors have also started looking for ideal projects to invest in light of this recent news.
Two of the most trending options are PlayDoge and WienerAI, both of which are early projects still in their presale phase. This means that every buyer will be able to get in at a much cheaper rate and potentially reap massive profits upon the project’s official launch.
WienerAI – AI-Based Memecoin Presale
WienerAI is a new crypto project that combines AI and meme coin concepts, with a storyline set in a future where a cybernetic canine AI, accidentally infused with sausage DNA, captures investor interest. With a humorous backstory and themes of AI-human coexistence, WienerAI has gained significant traction.
One of the biggest crypto channels in the space, 99Bitcoins, also talked about WienerAI and its high potential in a video detailing the BitMEX index fund. Some believe that in the future, this crypto may also make it to the fund, making WAI, the native token, an attractive option to invest in.
It is being created to serve as a high-functioning AI trading bot that will offer a beginner-friendly interface for new traders to start their journey within the volatile crypto space.
The project has also passed a security audit by Coinsult, ensuring safety against common memecoin scams. Early investment during the presale phase promises high potential returns, appealing to both AI enthusiasts and the memecoin community.
PlayDoge – The Tamagotchi-Inspired Memecoin
PlayDoge is a new memecoin project with a gamified twist, featuring a 2D Tamagotchi-style world where users nurture the beloved Doge mascot through the PlayDoge app. Its PLAY token has raised over $5.3 million in presale, garnering attention from crypto influencers.
Multiple videos have surfaced on YouTube channels like Crypto News and other social media platforms, dubbing PLAY as a potential 100x project in 2024. The project combines a Play-to-Earn (P2E) ecosystem with significant utility, aiming for high growth potential.
Audited by SolidProof, PlayDoge ensures safety for investors, offering impressive staking rewards for presale buyers. With increasing social media buzz and potential exchange listings, PlayDoge is positioned as a promising investment in the memecoin space right now, especially in light of the index fund announcement.
With the index fund likely to be just the start of many more similar investment vehicles, the memecoin space may see a major increase in demand in the coming weeks, making projects like WienerAI and PlayDoge some of the most promising options to park funds into right now.
The post New Meme Coin Index To Be Launched By BitMEX, Time To Buy Meme Tokens? appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed