Binance Futures Extends Support To DOGE/USDT Perpetual Contract

After a price change close to 90 percent, Dogecoin [DOGE] was welcomed into several cryptocurrency platforms. The price of the coin, on the other hand, has been continuing its uphill journey. 

Dogecoin Finds Shelter At Numerous Crypto Exchanges

Previously, catastrophes, partnerships, and even the price movement of Bitcoin have influenced the price of altcoins. However, price surge through a mere video is a first. Dogecoin [DOGE], a coin created based on the famous doge meme endured a price rally through social media itself.

A viral video shared on the Chinese application, TikTok gave the price of DOGE a significant push. As the price of DOGE kept increasing, the coin found shelter at numerous cryptocurrency exchanges. Malta-based cryptocurrency exchange, Binance went a step ahead and revealed that it would launch DOGE/USDT perpetual contract. The exchange took to Twitter to announce the same. The tweet read,

#Binance Futures Will Launch @Dogecoin $DOGE/USDT Perpetual Contract With Up to 50x Leverage.

🐶 #Dogecoin

— Binance (@binance) July 9, 2020

Furthermore, the exchange elaborated in its blog post that Binance Futures would enable trading for DOGE/USDT perpetual contract starting from 9:00 AM [UTC] on 10 June 2020. The leverage set for this pair was 1 to 50x.

Binance wasn’t the only one to display support for the coin post its significant price surge. Prominent cryptocurrency exchange, Bitfinex also announced that it would list Dogecoin as MDOGE [MegaDogecoin] starting 10 July 2020. While deposits will commence from 7:30 AM [UTC], trading would start post  8:30 AM [UTC]. Since the exchange would be listing MDOGE, the value of this would sum up to 1000000 Dogecoin.

Indian cryptocurrency exchange, WazirX followed suit and went on to list the altcoin. The platform tweeted,

Surprise, surprise 🎉

⚡ @dogecoin is listing on #WazirX ⚡$DOGE/USDT trading starts at 4 PM IST today.

We’re giving away 1517 DOGE each to 3 lucky people who:

1. Retweet this tweet
2. Reply to this tweet & mention 3 friends in the reply

Valid for 24 hours! pic.twitter.com/hfiFJtLDMA

— WazirX (@WazirXIndia) July 9, 2020

Dogecoin’s Uphill Journey

Tesla CEO, Elon Musk’s favorite cryptocurrency, Dogecoin, took the crypto market by storm after witnessing a whopping 89.5 percent surge in its price over the last seven days.  Following a video on TikTok posted by James Galante which suggested that everyone could get rich by investing a mere $25 in DOGE. Half a million views later, the coin started an upward trajectory.

Source – CoinGecko

As seen in the chart, the price of the altcoin had been trading for a very flimsy price throughout the year, however, the latest spike pushed its price to a high of  $0.00522. At the time of writing, the coin was trading at $0.00448 with an 11 percent increase in its price over the last 24-hours.

While some believe that DOGE could be prey to TikTok’s pump and dump, a few others speculate that the coin’s price is destined to go uphill.

Source: Binance Futures Extends Support To DOGE/USDT Perpetual Contract

About Author

Luke Bailey

Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at [email protected]