Dogecoin Gets New Swap Contract on BitMEX with up to 20x Leverage

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In Brief
  • The BitMEX cryptocurrency exchange announced plans to launch a Dogecoin (DOGE) derivative.

  • The perpetual swap contract will have up to 20x leverage.

  • Dogecoin is at the forefront of the top altcoin gainers in 2021.

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Cryptocurrency derivatives exchange BitMEX will launch a perpetual swap contract for Dogecoin (DOGE) this week on Feb. 5.

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The new Dogecoin swap will have up to 20x leverage and be denominated in USDT. DOGEUSDT will add to the exchange’s Quanto range of contract products which all have a fixed Bitcoin multiplier.

For now, DOGEUSDT is available on the exchange’s testnet before launch on the main platform.

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BitMEX is a cryptocurrency exchange that specializes in advanced cryptocurrency-based derivative products. The exchange offers leverage of up to 100x on certain cryptocurrency derivatives — one of the highest offered among trading platforms.

DOGE Has Its Day

The news will undoubtedly serve as fuel to the already fanning DOGE fire. The popular meme-coin surged over 1,300% last week following an effort by the WallStreetBets subreddit.

Even with its honorary CEO, Tesla’s Elon Musk, turning his attention towards Bitcoin (BTC), Dogecoin saw a number of new developments as a result of its Reddit fame.

OpenDAO and Ren partnered with Dogecoin developers last week to roll out a stablecoin built on DOGE, dubbed DOGEO. DOGE users will be able to use DOGEO to borrow against DOGE as collateral.

Moreover, cryptocurrency’s resident meme made its way into the healthcare industry a few days ago. Kronos Advanced Technologies, an air purification technology company, announced that it would start accepting DOGE for its equipment.

Leading the Altcoin Charge

All of these factors are not just bullish for the meme-coin but suggest it might be taking a leading role in pushing altcoins up.

Currently trading at $0.04, DOGE is up 760% since the start of 2021. It briefly held a position in the top-10 cryptocurrencies by market capitalization.

Since its inception, and because this was its intention, the cryptocurrency community always considered Dogecoin a meme.

However, with fresh developments and adoption, as well as historic performance and a totally new decentralized finance landscape, DOGE may be becoming serious.

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Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.

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