“Shitcoin Index” down forty percent a month after launch 

Color us surprised: Antigua-based crypto exchange FTX’s “Shitcoin Index Perpetual Futures,” or “SHIT-PERP,” a basket of coins that includes Grin, Nano and Waves, has experienced an impressive forty percent downslide since its launch in late July. 

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The index, which offers some 58 unloved tokens, sank from its high of roughly $1,000 to around $691 today in just over a month. 

But that’s good news, it turns out. According to Coindesk, the Shitcoin Index is primarily used for shorting shitcoins, not staking out longer positions. “If you want exposure to a particular initial coin offering, but not the general industry, you can short SHIT-PERP,” wrote Coindesk in August. “By shorting the greater alt market, you hedge your bets and limit your downside.”

FTX is incubated by Alameda Research, and has launched a bevy of other fun products. Just yesterday, for instance, it launched EXCH Futures, “an index of exchange tokens” that includes BNB, LEO, HT and OKB.

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