BitMEX to launch Dogecoin perpetual swap contract

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TL;DR Breakdown:

  • BitMEX will launch a Dogecoin perpetual swap contact tomorrow.
  • The product is coming on the exchange amid the recent spike in interest.

Following the recent market trend with Dogecoin (DOGE), the 12th-largest cryptocurrency, the leading US-based cryptocurrency derivative, BitMEX will launch a Dogecoin perpetual swap contract on Friday (5th of February), according to a recent announcement. The DOGEUSDT product will be listed on the exchange as a Quanto contract and will enable crypto traders on the platform to either short or long the DOGE/USDT exchange rate without having to touch their DOGE or USDT.

Dogecoin perpetual swap contract to list on BitMEX

As reported by BitMEX, the soon-to-be-launched Dogecoin perpetual swap contract will debut with a 20x leverage as the maximum for trading the product. As a Quanto contract, the DOGEUSDT product will be listed on the exchange with a fixed Bitcoin multiplier (0.001 XBT or 100,000 Satoshis) regardless of the market price of USDT and the Dogecoin. As at the 3rd of February, the Dogecoin perpetual swap contract was listed on the exchange under testnet. However, trading is expected to begin by the 5th of February.

The development today follows the recent spike in the interest and market price of Dogecoin, as BitMEX noted. Over the past week, the value of the cryptocurrency increased significantly (more than 1,300 percent), amid the collective effort of traders on Reddit. Not just BitMEX, some other exchanges moved on to support DOGE trading on their platform due to the massive interest in the meme coin.

DOGE price update

At the time of writing, the cryptocurrency is trading at  $0.054 on Coinmarketcap, with a 24-hour price change of 74 percent. On a weekly count, the cryptocurrency is up by over 420 percent, with a market valuation of $7 billion. The CEO of Tesla and SpaceX, Elon Musk, is one prominent figure who’s interested in Dogecoin. While he occasionally tweets about the crypto, he does influence a spike for the coin unintentionally via his tweets.

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Ibiam Wayas

Written by Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.