1X Short Shitcoin Index Token price is $70.36
As of the latest data, 1X Short Shitcoin Index Token (HEDGESHIT) has increased by +0.00% in the last 24 hours, with its current price standing at approximately $ 70.36.
1X Short Shitcoin Index Token (HEDGESHIT) is an innovative financial instrument known as an ERC20 token, primarily hosted on the Ethereum blockchain. It is designed to provide traders with an investment vehicle that offers exposure to a variety of lesser-known and higher-risk cryptocurrencies, commonly referred to as 'shitcoins'. The token aims to produce the inverse performance of the Shitcoin Index - essentially, it seeks to achieve a return that corresponds to negative one times the daily return of this index.
The creators of the 1X Short Shitcoin Index Token are not stated explicitly, but as with many such financial instruments, it is likely developed by a team with strong experience in finance, blockchain technology, and smart contract development. The token is associated with the FTX exchange, an influential player in the cryptocurrency trading space known for offering a range of complex trading products.
The 1X Short Shitcoin Index Token functions by using a combination of derivatives, collateral, and other financial mechanisms to simulate the inverse daily performance of an index that tracks a basket of lower market cap cryptocurrencies. When the index falls in value, HEDGESHIT is designed to rise correspondingly, and vice versa. This inverse relationship allows traders to hedge against the decline of these high-volatility assets without having to short the assets directly.
Traders use 1X Short Shitcoin Index Token as a hedging tool or for speculative purposes. They benefit from it when the collective value of the shitcoins, as measured by the Shitcoin Index, decreases. In a bearish market for these assets, HEDGESHIT should ideally increase in value, offering traders a form of protection against downward movements in the market.
The Shitcoin Index is an index that tracks a basket of cryptocurrencies with relatively low market capitalization and higher risk profiles than more established crypto assets. The composition of the Shitcoin Index varies, including various 'shitcoins'. The purpose of the index is to represent the performance of these riskier assets in the crypto market.
As an ERC20 token, 1X Short Shitcoin Index Token is built on the Ethereum blockchain, allowing it to benefit from Ethereum's security and smart contract capabilities. The complexities of its function, such as mirroring the inverse of the Shitcoin Index's performance, are managed through advanced financial engineering and the use of smart contracts to automate its operations.
The value of the 1X Short Shitcoin Index Token (HEDGESHIT) is calculated by analyzing the daily returns of the Shitcoin Index and applying an inverse multiplier of -1. Based on this calculation, if the index experiences a loss on a given day, the token's value should increase by a similar percentage, and if the index gains, the token's value should decrease by a similar percentage.
1X Short Shitcoin Index Token's market capitalization is derived from its current price multiplied by the circulating supply. At the time of writing, the market capitalization of HEDGESHIT is $ , placing it at rank #1 in the market.
The trading volume for 1X Short Shitcoin Index Token within the last 24 hours has been 0.2M. This figure reflects the total value of all transactions involving HEDGESHIT across various exchanges where it is listed within the specified timeframe.
1X Short Shitcoin Index Token (HEDGESHIT) can be purchased on , among other cryptocurrency exchanges that support derivative or index-based tokens. Remember to always conduct your own due diligence when trading complex financial instruments.
Ensuring the safety of your HEDGESHIT tokens involves using secure wallets that support ERC20 tokens, such as hardware wallets or reputable software wallets with robust security features. Additionally, it's important to follow best practices such as keeping your private keys confidential, using two-factor authentication for exchange accounts, and being cautious of phishing attempts.
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