- Market volatility has seen Dogecoin worth drop to as little as $0.1149.
- BitMEX has launched MEMEMEXTUSDT, a meme coin S&P500-like.
- The brand new index goals to simplify buying and selling and improve liquidity.
Dogecoin, a longtime icon of meme-based cryptocurrency buying and selling, has been dealing with a bearish pattern in distinction to latest market improvements resembling BitMEX’s launch of the MEMEMEX Basket Index.
Supply: Tradingview
Regardless of the historic rally, Dogecoin is at the moment buying and selling at round $0.1149, down 5.29% over the previous 24 hours. With a market cap of $16.66 billion, it’s the ninth largest cryptocurrency regardless of a notable 27.37% drop over the previous month. Technical indicators are displaying combined alerts, with most shifting averages suggesting a continuation of the decline, whereas the MACD is suggesting a purchase sign.
As Dogecoin struggles, BitMEX has launched the MEMEMEX Basket Index on June 27, 2024. Touted because the S&P 500 for meme cash, this perpetual swap contract permits main meme cash resembling Dogecoin, SHIB, and PEPE to be mixed and traded right into a single USDT margin contract with as much as 25x leverage.
BitMEX's new instruments are designed to simplify and enhance liquidity for meme coin buying and selling, enabling extra environment friendly commerce execution. This strategic transfer capitalizes on the rising curiosity in meme cash and supplies merchants with a various set of threat administration instruments.
BitMEX CEO Stefan Lutz mentioned the method permits merchants to “simply diversify their publicity to high meme cash and benefit from the newest market traits,” suggesting a extra steady buying and selling atmosphere for a unstable asset like Dogecoin.
Supply: BitMEX
Dogecoin's inclusion within the MEMEMEX Index with a 20% market cap share highlights its continued significance within the memecoin sector, nonetheless this collective buying and selling method shifts the main focus from particular person coin efficiency to broader sector traits, probably lowering the person impression of Dogecoin's market fluctuations.
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