WOO X, a crypto exchange, has joined hands with indices provider GMCI and market maker Wintermute to introduce a pioneering range of index perpetual contracts, which is seen as a significant development in the cryptocurrency trading landscape. The exchange now offers traders access to a diverse range of indices, including those linked to meme coins, top cryptocurrencies, and tokens of layer-2 networks.
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The GMCI MEME index is among the notable additions, which showcases the most prominent meme coins, including Shiba Inu (SHIB), Dogwifhat (WIF) and Dogecoin (DOGE). SHIB, with its market capitalization of $16.22 billion, has surged to become the 12th largest cryptocurrency overall, commanding a substantial 27% share of the meme coin segment valued at around $59.89 billion.
Today, WOO X becomes the first CEX to launch L2 and Memes indices, along with @gmci_’s flagship GMCI 30 index.
Diversifying exposure towards various crypto sectors just got a lot simpler.
Introducing WOO X Index Perps – powered by @wintermute_t and @gmci_ (1/7) pic.twitter.com/EXGTqYr233
— WOO X (@_WOO_X) April 10, 2024
This strategic move by WOO X 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.
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The GMCI MEME index, in particular, caters to traders seeking exposure to the growing 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.