The meme coin sector has seen one other sharp transfer, with SPX6900 (SPX) leaping 16% previously 24 hours.
Buying and selling volumes for the favored token soared after its much-anticipated Coinbase itemizing.
In the meantime, Meme Index (MEMEX) can also be gaining traction – closing in on $4 million in its presale section.
SPX6900 Surges as Coinbase Launches Perpetual Futures Buying and selling
SPX6900 spiked after Coinbase Worldwide Trade launched perpetual futures buying and selling for the meme coin earlier right this moment.
The token spiked to $0.72 as merchants rushed to make the most of leveraged positions.
These new futures contracts, providing as much as 20x leverage with USDC settlement, have opened the door for non-US retail merchants to invest on SPX’s value actions.
Not like normal futures, perpetual contracts don’t expire.
This lets merchants maintain positions indefinitely – so long as they keep sufficient margin.
The response to Coinbase’s itemizing has been explosive.
SPX’s spot buying and selling quantity has climbed to $27 million previously 24 hours, and sentiment on crypto Twitter is bullish.
For longtime SPX holders, this second appears like validation for a challenge that has struggled for momentum within the final month.
Nonetheless, some consultants suppose right this moment’s rally will fizzle out quick.
They suppose the preliminary euphoria will die down, leaving SPX weak to a pointy correction.
Meme Coin Market Stalls Whereas SPX6900 Defies the Pattern
SPX6900’s rally stands out in opposition to a meme coin sector that has principally stalled in February.
Market leaders DOGE and SHIB have posted slight beneficial properties previously day, whereas most of their opponents commerce sideways or slip decrease.
FLOKI, for example, has dropped 4% since yesterday.
The full meme coin market cap stays under $70 billion, nonetheless nicely off January’s peak when it hit $117 billion.
This flat efficiency displays broader uncertainty round crypto as buyers navigate some conflicting alerts.
Regulatory issues are one in all them.
In Europe, stablecoin laws are tightening, whereas the U.S. is contemplating stricter reporting necessities for DeFi platforms.
On prime of that, cussed inflation figures are retaining the Federal Reserve from chopping charges, additional dampening investor enthusiasm.
The market appears to be in “wait and see” mode.
The truth that Bitcoin remains to be buying and selling under $100,000 hasn’t helped issues, with the Crypto Concern & Greed Index now caught at 49 – bordering on “Concern” territory.
Meme Index Goes Viral with ETF-Fashion Method to Meme Cash and Raises $3.7M
Whereas SPX advantages from Coinbase-fueled hype, one other challenge is stirring up some critical buzz.
Meme Index has raised $3.7 million in its presale, with early buyers securing MEMEX tokens for simply $0.0163585.
Consider Meme Index as an ETF for meme cash.
Not like most of those cash, which rely solely on hype, Meme Index has a real use case.
It’s obtained 4 completely different indexes of cash – Titan, Moonshot, Midcap, and Frenzy – tailor-made to completely different threat ranges.
These indexes give diversified publicity to the meme coin market with out the effort of researching dozens of particular person tokens.
The staff is out to resolve the most important downside with meme cash – choosing winners.
And YouTuber ClayBro, who has over 136,000 subscribers, mentioned that’s why Meme Index might be a “10x gainer” as soon as it goes dwell later this 12 months.
ClayBro additionally famous that MEMEX holders have a say in how every index is structured.
MEMEX holders can vote on which cash ought to be included in every index, guaranteeing the portfolios evolve with the market.
Meme Index even has a staking program providing APYs of 603%.
Some early backers at the moment are drawing comparisons between Meme Index’s presale momentum and SPX6900’s early run, hinting at related upside potential when MEMEX hits exchanges.
Given the rising want for construction within the meme coin house, they may be proper.
Go to Meme Index Presale
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