High-volume futures exchange BitMEX has not bypassed the community’s demand for the Dogecoin cryptocurrency.
Traders and high-volume crypto speculators said in a statement this morning that they will soon be able to speculate on the future price of Dogecoin (DOGE) on the crypto exchange BitMEX starting February 5th.
The Hong Kong-based exchange was the first to offer futures trading (financial contracts that allow traders to buy or sell assets at a predetermined price in the future) to crypto markets by trading billions of dollars a day. However, its appeal (and volume of trade) has weakened over the past few years due to newer competitors and even legal issues against its founding team.
But Dogecoin is a way to stay up to date. Looking back, this move was inevitable. As interest in Dogecoin continues to grow, launching a DOGEUSDT permanent swap contract with up to 20x leverage.
As a quanto contract, the Dogecoin product will be traded on other crypto exchanges based on the base Bitcoin equivalent of the DOGE / Tether price match.
This means that traders can take a long or short position by betting on rising or falling prices, respectively, without holding DOGE or Tether.