Dogecoin Dying? BitMEX’s MEMEMEX Might Be the Meme Coin Lifeline You Want

• Dogecoin’s value drops to $0.1149 amid market fluctuations.
• BitMEX introduces MEMEMEXTUSDT, akin to the S&P500 for memecoins.
• The brand new index goals to simplify buying and selling and improve liquidity.

Dogecoin, a long-standing emblem of meme-driven crypto buying and selling, faces a bearish development that contrasts with latest market improvements, notably BitMEX’s launch of the MEMEMEX Basket Index.

Supply: Tradingview

Regardless of its historic features, Dogecoin is at present buying and selling at roughly $0.1149, down 5.29% previously 24 hours. Its market cap stands at $16.66 billion, positioning it because the ninth-largest cryptocurrency, even with a notable 27.37% decline over the previous month. Technical indicators provide blended alerts, with most shifting averages suggesting continued decline, whereas the MACD hints at a purchase sign.

At the same time as Dogecoin struggles, BitMEX unveiled the MEMEMEX Basket Index on June 27, 2024. Touted because the S&P 500 for meme cash, this perpetual swap contract permits buying and selling of main meme cash like Dogecoin, SHIB, and PEPE, consolidated right into a single USDT-margined contract with as much as 25x leverage.

BitMEX’s new instrument is designed to simplify and enhance liquidity in meme coin buying and selling, enabling extra environment friendly commerce executions. This strategic transfer capitalizes on the rising curiosity in meme cash and affords merchants a diversified danger administration software.

BitMEX CEO Stephan Lutz notes that this strategy lets merchants “simply diversify their publicity throughout the highest meme cash and capitalize on the most recent market traits,” suggesting a extra steady buying and selling setting for unstable property like Dogecoin.

Supply: BitMEX

Dogecoin’s inclusion within the MEMEMEX index with a considerable 20% market cap share underscores its ongoing significance within the meme coin sector. Nonetheless, this collective buying and selling strategy might shift focus from particular person coin efficiency to broader sector traits, doubtlessly diminishing the person influence of Dogecoin’s market fluctuations.