Dogecoin (DOGE) perpetual contracts are coming on BitMEX
- Hong Kong-based crypto futures platform, BitMEX, just announced plans to add a new product for DOGE.
- The product, quanto perpetual contract, will use the underlying BTC equivalent of the DOGE/USDT price.
- The move comes after Dogecoin's recent price surge during which it saw over 400% gains.
Dogecoin (DOGE) — once a joke cryptocurrency based on a meme, and now one of the most highly-demanded coins in the crypto industry — is getting its perpetual contracts on BitMEX. The popular futures exchange decided to finally satisfy the public demand following Dogecoin’s explosion last week.
DOGE perpetual contracts to emerge on BitMEX
According to BitMEX’s recent press release, the company plans to launch Dogecoin (DOGE)-based product in two days, on February 5th. As soon as the product goes live, high-volume speculators and traders will be able to bet on the future price of DOGE and get another way to make a profit.
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The announcement also said that the new product will be a quanto perpetual contract, meaning that it will be traded based on the underlying BTC equivalent of DOGE’s price against Tether (USDT) on other exchanges.
In other words, traders will be able to profit by going long or short and they will earn or lose BTC, rather than DOGE or USDT. They will still earn or lose money based on Dogecoin’s price movement, but they will be paid in Bitcoin.
BitMEX will use DOGE to get back on top
Interestingly enough, BitMEX is the first platform to introduce crypto-based futures trading. But, the company, based in Hong Kong, started losing users and volume as new, advanced platforms dedicated to a similar goal started to emerge.
Legal issues that BitMEX went through against its own founding team did not help the matter, either. With the addition of Dogecoin, the company is once again making headlines and becoming relevant. It will even offer swap contracts with up to 20x leverage, according to the exchange’s post, which is bound to attract DOGE supporters.
It has been only a few days since DOGE price skyrocketed by over 400% in a single day, so the event is still fresh in everyone’s memory, and DOGE is currently more popular than ever.