After much consideration, Malta-based Binance has listed Dogecoin on its platform. The exchange will be adding DOGE/BNB, DOGE/BTC, DOGE/USDT, DOGE/PAX and DOGE/USDC trading pairs starting today at 12:00 PM (UTC).
Many of the major exchanges have been late to list Dogecoin, it took Binance two years after its launch to list the coin. Coinbase wallet recently added DOGE to its wallet service but has not listed on its exchange platform yet. But most exchanges including Binance list Dogecoin voluntarily without any company paying them unlike most other tokens.
While Bitcoin dropped more than 6% in the past day, Dogecoin pumped over 25% within 20 minutes of the announcement. At the time of writing, Dogecoin is trading at $0.003994, It was trading in the range of $0.0031 and $0.0033 before pumping to $0.003994. In satoshi terms, Dogecoin has pumped from 29 satoshis to 37 satoshis.
According to Coinmarketcap, Dogecoin is the 27th largest Cryptocurrency with a market cap of $479.3 Million and $74 Million in daily trading volume.
Image Source: Coinmarketcap
Liquidity is the most important aspect of any Cryptocurrency, as more exchanges list the coin the liquidity of the asset also increases. Binance is the liquidity honeypot for any Crypto asset as it has the most active traders and the highest volume. The liquidity of Dogecoin will definitely increase as it is listed on Binance.
Blockmanity reported back in March about Dogecoin and Litecoin “being abandoned by developers”. The development on the technological front has not progressed like other Crypto projects as there are few developers actively working on it.
That being said Dogecoin is used extensively for tipping online and has one of the most engaged communities in Crypto. This is evident in the number of on-chain transactions on the Dogecoin network which exceeds major Cryptocurrencies like Bitcoin Cash, Litecoin and Dash.
Changpeng Zhao, CEO of Binance recognizes this and tweets:
“This one is an exception, as there isn’t much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous “ex-CEO” (cough @elonmusk) helps! Enjoy!”
Some of the major exchanges that have listed Dogecoin include Bittrex, Poloniex, Huobi, etc. Coinbase will also likely list DOGE as it has taken the first step by listing it on Coinbase Wallet. Elon Musk’s favorite Cryptocurrency is slowly getting traction and has the best community in Crypto, Dogecoin is here to stay!
And Always remember 1 DOGE = 1 DOGE.
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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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