Shiba Inu (SHIB) Soars to Top Ranks with New Index Inclusion

Shiba Inu (SHIB)
Shiba Inu (SHIB): WOO X, a crypto exchange, has made waves in the digital currency world with the introduction of a groundbreaking set of index perpetual contracts. This move signifies a significant change in the landscape of cryptocurrency trading.

Collaborating with respected market maker Wintermute and indices provider GMCI, WOO X now offers traders access to a wide range of indices, including those linked to meme coins, major cryptocurrencies, and tokens of layer-2 networks.

One of the standout additions is the GMCI MEME index, which highlights prominent meme coins like Shiba Inu (SHIB), Dogwifhat (WIF), and Dogecoin (DOGE). SHIB, boasting a market capitalization of $16.22 billion, has surged to become the 12th largest cryptocurrency overall. Notably, SHIB commands a substantial 27% share of the meme coin market, valued at around $59.89 billion.

WOO X’s strategic move represents the first instance of a centralized exchange (CEX) introducing index perpetual contracts, providing traders with a fresh approach to diversifying risk and speculating on broader market trends. Through collaboration with GMCI and Wintermute, the exchange has introduced three distinct index perpetual contracts: GMCI 30, GMCI Meme, and GMCI L2.

Of particular interest is the GMCI MEME index, catering to traders seeking exposure to the growing meme token market. With the inclusion of Shiba Inu in this index, its rise to prominence in the crypto market has been solidified, underscoring the increasing influence of meme coins in the digital asset realm.

Also Read: Hong Kong Set to Launch First Spot Bitcoin ETFs

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