Cryptocurrency derivatives buying and selling platform BitMEX has introduced it’s launching Dogecoin (DOGE) perpetual swap contracts, permitting merchants and traders to invest on the worth of the cryptocurrency.
Dogecoin was created as a meme, and makes use of the Shiba Inu canine breed as its mascot. The cryptocurrency’s neighborhood is well-known for taking up philanthropic projects, which included serving to charitable organizations. The Dogecoin neighborhood made headlines in 2014 after elevating greater than $25,000 price of DOGE to let the Jamaican bobsleigh workforce attend the Winter Olympics in Sochi.
BitMEX is including the perpetual swap contracts after DOGE hit a brand new all-time excessive this 12 months due to a retail investor-fueled surge that was meant to assist one DOGE commerce at $1. The cryptocurrency briefly traded above $0.05 earlier than dropping. It’s now buying and selling at $0.032.
In its weblog submit, BitMEX wrote:
Looking back, it was inevitable. Because the surge in curiosity in Dogecoin continues, we’re launching a DOGEUSDT perpetual swap contract with as much as 20x leverage this Friday.
The submit’s opening references Elon Musk’s “it was inevitable” tweet, which is extensively believed to be referring to bitcoin because the CEO of Tesla modified his Twitter bio to “#Bitcoin” on the time the tweet was printed. Shortly after Musk revealed he is a bitcoin supporter.
BitMEX’s contracts might be primarily based on the underlying bitcoin equal of the DOGE/USDT buying and selling pairs on different cryptocurrency buying and selling platforms. On the derivatives trade, customers deposit BTC and might commerce a number of contracts utilizing the cryptocurrency, with earnings and loss being denominated in BTC.
The brand new contracts see BitMEX transfer in on buying and selling quantity different cryptocurrency exchanges have been seeing on Dogecoin derivatives, together with perpetual swaps-. BitMEX has been shedding buying and selling quantity for the reason that U.S Commodity Futures Buying and selling Fee (CFTC) introduced that it had brought charges against “5 entities and three people” that personal and function the crypto derivatives trade BitMEX” in October 2020.
Featured image by way of Pixabay.
