BitMEX launched DOGE perpetual contracts as of late, catching up with the public demand for the currency as we can see more in our latest Dogecoin news.
The high-volume futures exchange BitMEX launched DOGE perpetual contracts and now traders and high volume crypto speculators can speculate on the future price of DOGE, the popular meme-coin starting on February 5th as per the press release that we have in our news today. The Hong Kong-based exchange was the first that introduced futures trading which is basically financial contracts that allow traders to purchase or sell assets at a predetermined price in the future to crypto markets, transacting billions of dollars each day. Its trading volume however dropped in the past few years because of the newer competitors and the legal issues around the founding team.
— BitMEX (@BitMEX) February 3, 2021
However, right now anything Doge-related is a way to stay on top of the market developments. The exchange said in a post about the clear reference to Elon Musk’s tweet:
“In retrospect, it was inevitable. As the surge in interest in Dogecoin continues, we are launching a DOGEUSDT perpetual swap contract with up to 20x leverage.”
Dogecoin’s product will be traded based on the underlying BTC equivalent of the DOGE/Tether price pairing on the exchanges. This means that the traders can either go long or short by betting on the prices or decreases of prices without holding either DOGE or Tether. Traders will be able to earn or lose BTC as the pair rate on other exchanges changes. For BitMEX, listing Doge will help it capture some of its $1.9 billion in cumulative trading volume that the coin sees every day. The listing came on the back of DOGE spiking between celebrities who touted their purchase on social media in the past few weeks.
As recently reported, Dogecoin started out as a “meme coin” that was meant to make fun of Bitcoin knockoffs but the coin became increasingly popular and its market capitalization even hit $9.3 billion, making it the 14th biggest cryptocurrency by market cap according to the CoinMarketCap metric site. Some became so infuriated with it that they lashed out to the co-creator Billy Marks, harassing him and telling him what to do with the project but he sold all of these coins back in 2015 and has no connection to the project.
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