Crypto exchange WOO X has made headlines in the digital currency sphere today by unveiling a pioneering set of index perpetual contracts, marking a significant shift in the landscape of cryptocurrency trading. Teaming up with renowned market maker Wintermute and indices provider GMCI, WOO X now offers traders access to a diverse array of indices, including those tied to meme coins, top cryptocurrencies and tokens of layer-2 networks.
Among the notable additions is the GMCI MEME index, which showcases the most prominent meme coins, such as Shiba Inu (SHIB), Dogwifhat (WIF) and Dogecoin (DOGE). SHIB, with its staggering $16.22 billion market capitalization, has surged to become the 12th largest cryptocurrency overall. Notably, SHIB commands a substantial 27% share of the meme coin segment, valued at approximately $59.89 billion.
WOO X's strategic move marks the first instance of a centralized exchange (CEX), introducing index perpetual contracts, offering traders a novel way to diversify risk and speculate on broader market trends. The exchange's collaboration with GMCI and Wintermute has resulted in the launch of three distinct index perps: GMCI 30, GMCI Meme and GMCI L2.
Of particular interest is the GMCI MEME index, which caters to traders seeking exposure to the burgeoning meme token market. With the inclusion of the Shiba Inu token in this index, its ascent to the upper echelons of the crypto market has been solidified, reflecting the growing influence of meme coins in the digital asset space.
Tomiwabold Olajide
Godfrey Benjamin
