Gushiken Yona
The Shiba Inu Army’s aspirations for a Shiba Inu Exchange Traded Fund (SHIB ETF) have received a significant boost with SHIB’s recent inclusion in BitMEX’s innovative MEMEMEXTUSDT index, a basket of top-performing meme coins.
BitMEX, the Seychelles-headquartered cryptocurrency exchange and derivatives trading platform co-founded by Arthur Hayes, unveiled the BitMEX Meme Basket Index Perp on Thursday. It is a groundbreaking financial instrument designed to track the performance of the top 10 meme coins, which it described as “the S&P500 for crypto memecoins.”
BitMEX explained, “With Basket Index perps, traders can speculate on the overall performance of a segment of the crypto industry (e.g., meme coins) rather than individual tokens, as well as diversify risk. Basket Index perpetual contracts can be compared to the TradFi product S&P500.”
Moreover, the exchange explained, “MEMEMEXTUSDT is a linear perp – margined in $USDT with up to 25x leverage. The contract is based on the BitMEX Meme Basket Index (detailed in below thread). By trading the contract, you get exposure to the entire basket of meme coins in our Meme Basket Index, without having to hold any of the individual tokens.”
The inclusion of SHIB in this index is a major step towards legitimizing the meme coin in the eyes of institutional investors and regulators. The increased visibility and trading volume resulting from the index could demonstrate a strong demand for SHIB, a key factor considered by the U.S. Securities and Exchange Commission (SEC) in approving ETFs.
Historically, meme coins like SHIB have been popular due to their community-driven nature and viral marketing, but their volatility deterred institutional investors. The BitMEX Meme Basket Index, however, offers diversified and professionally managed exposure to the meme coin market, potentially attracting a broader range of investors.
Furthermore, the index’s performance could act as a barometer for overall sentiment towards meme coins. Strong index performance could draw further investment into SHIB, driving up its price and bolstering its potential as an investable asset.
This positive development follows Coinbase’s recent filing with the Commodity Futures Trading Commission (CFTC) for Shiba Inu futures contracts, signaling growing institutional interest in SHIB and potentially paving the way for broader mainstream adoption. If approved, the futures contracts could increase liquidity and trading volume, further supporting the case for a SHIB ETF.
While an ETF is not guaranteed, these recent developments signal a growing acceptance of SHIB as a legitimate investment and increase the likelihood of an ETF in the future.
Read More
- EXCLUSIVE: Shiba Inu Unleashes Documentation Overhaul, Hints at Major Upgrades Soon
- Shiba Inu’s Shytoshi Kusama Discloses Agenda for Japan Visit
- Coinbase Boosts SHIB ETF Prospects with Shiba Inu Futures Filing With CFTC
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
