BitMEX Joins the Meme Token Trend: 33x Leverage Available on Shiba Inu Perpetual Contracts

In a calculated move, the cryptocurrency trading platform BitMEX is entering the meme token craze by launching new perpetual contract listings for Shiba Inu (SHIB). This popular meme coin, which has captivated the crypto community, is now available for trading on BitMEX with leverage of up to 33x, enabling users to take long or short positions on SHIB.

Perpetual contracts, a unique type of futures contract that does not have an expiration date, have garnered significant attention. This new offering allows traders to hold positions indefinitely, marking a shift towards greater trading flexibility. However, it is crucial to understand that these contracts come with increased leverage and associated risks.

BitMEX’s decision to add SHIB perpetual contracts follows a recent announcement, highlighting the platform’s dedication to broadening its product range. The SHIB/USD contract functions as a quanto contract with a fixed Bitcoin multiplier. This arrangement allows traders to benefit from fluctuations in exchange rates without needing to own the underlying assets, as Bitcoin acts as the margin for potential profits or losses.

Although the SHIB price has shown a slight increase of 1.5% in the past 24 hours, according to CoinGecko data, caution is advised. The appeal of high leverage is accompanied by the potential for significant gains and losses, presenting considerable financial risks that traders must manage carefully.

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