The listing of the much-hyped Pepe Coin on major cryptocurrency exchange BitMEX marked the start of a new era for meme tokens. This came as Arthur Hayes, a former CEO of the exchange, welcomed the addition of PEPE Coin futures in a recent tweet. As of May 3 2023, traders on BitMEX can long or short the token on two Futures contracts: PEPEUSD and PEPEUSDT.

The meme-inspired cryptocurrency has become popular in recent times due to some investors making millions of dollars out of a modest investment. Its hype has ushered in a wave of meme tokens, as major exchanges saw it as an opportunity to grow their userbase and increase market share.

As expected, the listing of PEPE token futures on BitMEX with a high leverage ratio could spell the end of the token's rising trend. The increased volatility and high leverage ratio add a layer of gamble to trading, as investors risk their money with each transaction and are the last ones to exit the market.

For Arthur Hayes, the coin's listing represented a new milestone for meme tokens and executed as an acknowledgment of their impact in the world of cryptocurrency. "In all stages of the market, there is a period like the current cycle, where absurdity happens — where, oddly enough, there is quite a bit of money and no correlation with fundamentals and deep technical parameters in the projects that are coming out," he tweeted.

Ultimately, the listing of PEPE on a major exchange is yet another example of the bizarre depths which the cryptocurrency world can traverse. From thought-provoking endeavors to meme investments, BitMEX’s inclusion of PEPE reflects the range of interests a quickly growing market can capture.



Other News from Today