Dogecoin Dying? BitMEX’s MEMEMEX Could Be the Meme Coin Lifeline You Need
- Dogecoin’s price drops to $0.1149 amid market fluctuations.
- BitMEX introduces MEMEMEXTUSDT, akin to the S&P500 for memecoins.
- The new index aims to simplify trading and enhance liquidity.
Dogecoin, a long-standing emblem of meme-driven crypto trading, faces a bearish trend that contrasts with recent market innovations, notably BitMEX’s launch of the MEMEMEX Basket Index.
Source: Tradingview
Despite its historic gains, Dogecoin is currently trading at approximately $0.1149, down 5.29% in the past 24 hours. Its market cap stands at $16.66 billion, positioning it as the ninth-largest cryptocurrency, even with a notable 27.37% decline over the past month. Technical indicators offer mixed signals, with most moving averages suggesting continued decline, while the MACD hints at a buy signal.
Even as Dogecoin struggles, BitMEX unveiled the MEMEMEX Basket Index on June 27, 2024. Touted as the S&P 500 for meme coins, this perpetual swap contract allows trading of leading meme coins like Dogecoin, SHIB, and PEPE, consolidated into a single USDT-margined contract with up to 25x leverage.
BitMEX’s…
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