Bitrue Eyes Asian Memecoin Market to Expand Futures Offerings

Summary: The crypto exchange platform on Tuesday launched the first batch of seven Asian memecoins with a plan for more to be added at regular intervals.

Quick take:

• Among the memecoins now listed on Bitrue is BiAnRenSheng, aka Binance Life, a coin inspired by the Binance co-founder Yi He and her interactions on social media.
• Launched on  October 4, it quickly became the most popular memecoin in the region, racing to a market cap of $236 million.
• Also included in the first list is Suolala, whose mascot is currently being used by Solana Foundation Chair Lily Liu as her Avatar on the X platform.

Bitrue is expanding its futures products offering with the listing of Asian memecoins. The crypto exchange platform announced on Tuesday the launch of the first batch of memecoins with plans to add more on a regular basis.

According to the announcement shared with Cryptopolitan, the initial list includes 币安人生 (BiAnRenSheng, aka Binance Life), a coin inspired by the Binance co-founder Yi He and her interactions on social media. Launched on October 4, BiAnRenSheng quickly became the most popular memecoin in the region, racing to a market cap of $236 million.

Also included in the initial list is Suolala, whose mascot is currently being used by Solana Foundation Chair Lily Liu as her Avatar on the X platform. The memecoin is now topping the list of Chinese memecoins by market cap with $11 million.

Commenting on the announcement, Adam O’Neill, Chief Marketing Officer at Bitrue, said in a statement: “Demand for our futures business is growing, and we’re thrilled to establish this new framework, which provides our users with a completely new dimension of investment opportunities. While the coins may be intimidating due to language and cultural barriers, the underlying ethos behind them is familiar – traders are looking to engage with community-focused projects and bring some levity to the trading experience.”

Although the memecoin craze seems to be dissipating in the West, data seems to suggest the opposite in the Asian market. The total market cap for Asian memecoins now stands at about $500 million, with 24-hour price changes of 50% or more still commonplace. 

All newly listed Asian memecoins on Bitrue are paired with the USDT stablecoin, the biggest stablecoin by market capitalization. Besides BiAnRenSheng and Suolala, other tradable Asian memecoins on Bitrue include 客服小何 (KeFuXiaoHe, aka Customer Service Xiao He), 哈基米 (HaJiMi), 同舟计划 (TongZhouJiHua), 世界和平 (ShiJieHePing, aka World Peace), and 恶俗企鹅 (ESuQiE).

According to O’Neill, the Asian expansion is not just about memecoins. It is part of the company’s strategy for community building in the region, where it already boasts a large user base in Korea and Japan. 

“By continuing to bring these localized memecoins to Bitrue, we are establishing a pipeline that will enable us to continue growing in these regions while also providing novel trading opportunities to Western traders who are willing to research these cultures,” added O’Neill.

Bitrue has also launched a new Futures Bootcamp initiative, designed to demystify barriers to entry like lack of knowledge or trepidation over a flash liquidation, which have been preventing users from trying futures trading. 

The company is offering various benefits to futures traders, including liquidation insurance, educational walkthroughs, and double-profit events through November 14th.