According to U.Today, cryptocurrency exchange WOO X has announced the launch of a unique set of index perpetual contracts, marking a significant change in the cryptocurrency trading landscape. The exchange has partnered with well-known market maker Wintermute and indices provider GMCI to offer traders a wide range of indices. These include indices related to meme coins, top cryptocurrencies, and tokens of layer-2 networks.
Among the notable additions is the GMCI MEME index, which features prominent meme coins such as Shiba Inu (SHIB), Dogwifhat (WIF), and Dogecoin (DOGE). SHIB, with a remarkable market capitalization of $16.22 billion, has risen to become the 12th largest cryptocurrency overall. It holds a significant 27% share of the meme coin segment, valued at approximately $59.89 billion.
WOO X's strategic move is the first instance of a centralized exchange (CEX) introducing index perpetual contracts. This provides traders with a new way to diversify risk and speculate on broader market trends. The collaboration between the exchange, GMCI, and Wintermute has resulted in the launch of three unique index perps: GMCI 30, GMCI Meme, and GMCI L2.
The GMCI MEME index is of particular interest as it caters to traders seeking exposure to the rapidly growing meme token market. The inclusion of the Shiba Inu token in this index solidifies its rise to the top tiers of the crypto market, reflecting the increasing influence of meme coins in the digital asset space.